Welcome to our weekly mortgage rate comparison. In this post, we’ll take a look at how mortgage rates have changed between the week of 8/12/2024 and the week of 8/19/2024. We’ll highlight the differences in APR and points across various loan types, helping you make an informed decision about your mortgage options.
Note: All loans discussed in this comparison are 30-year fixed terms. Except for CHFA loans, all loans have 0 lender fees.
FHA Purchase Loans
For a $400,000 purchase price with 3.5% down and a 660 credit score:
Rate
8/12/2024 APR
8/19/2024 APR
8/12/2024 Points
8/19/2024 Points
5.25%
6.13%
6.12%
2.081
1.995
5.75%
6.64%
6.50%
0.61
0.601
Conventional Purchase Loans
For a $400,000 purchase price with 25% down and a 760 credit score:
Rate
8/12/2024 APR
8/19/2024 APR
8/12/2024 Points
8/19/2024 Points
5.99%
6.16%
6.16%
1.422
1.448
VA Purchase Loans
For a $400,000 purchase price with 0% down, first use, and a 660 credit score:
Rate
8/12/2024 APR
8/19/2024 APR
8/12/2024 Points
8/19/2024 Points
5.25%
5.67%
5.66%
2.239
2.153
5.75%
6.04%
6.04%
0.768
0.759
Down Payment Assistance
For a $400,000 purchase price 3.5% down with a 620 credit score:
Program
Rate
8/12/2024 APR
8/19/2024 APR
8/12/2024 Points
8/19/2024 Points
CHFA SmartStep (4% Silent Second)
6.75%
7.65%
6.75%
7.65%
CHFA First Step/First Generation (4% Silent Second)
6.50%
7.39%
6.50%
7.39%
CHFA SmartStep (3% Grant)
7.25%
8.16%
7.25%
8.16%
FHA Streamline Refinance
For a $400,000 loan with a 660+ credit score:
Rate
8/12/2024 APR
8/19/2024 APR
8/12/2024 Points
8/19/2024 Points
5.25%
6.03%
5.99%
0.545
0.125
VA IRRL Refinance
For a $400,000 loan with a 660+ credit score:
Rate
8/12/2024 APR
8/19/2024 APR
8/12/2024 Points
8/19/2024 Points
5.25%
5.39%
5.34%
0.784
0.298
Visual Comparison
To further illustrate these changes, here are two charts that compare the APR and points between 8/12/2024 and 8/19/2024:
APR Comparison
APR Comparison 8/12/-8/19
Points Comparison
Point Comparison 8/12-8/19
Point Comparison 8/12-8/19
Conclusion
Overall, the comparison shows minor decreases in APR and points across multiple loan types, with no changes in Down Payment Assistance programs. These subtle shifts could impact your mortgage decisions,
