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Market Update 10/07/2024

 

 

Mortgage Rate Comparison: 10/07/2024 vs. 9/30/2024

Note: All loan quotes are for 30-year fixed terms, and there are 0 lender fees on all programs except for CHFA loans.

Refinance Rates

Conventional Refinance (Under 80% AMI, $400,000 Loan Amount, 80% LTV)

    • 10/07/2024:
      • 5.99% Rate → 6.04% APR, 0.2 Points
    • 9/30/2024:
      • 5.375% Rate → 5.54% APR, 1.61 Points
      • 5.625% Rate → 5.69% APR, 0.44 Points

Comparison: The 5.99% rate with a 6.04% APR and 0.2 points replaced prior rates.

Conventional Refinance (80% LTV, 780+ Credit Score, $400,000 Loan Amount)

    • 10/07/2024:
      • 5.99% Rate → 6.07% APR, 0.54 Points
    • 9/30/2024:
      • 5.625% Rate → 5.71% APR, 0.74 Points

Comparison: APR increased slightly with fewer points.

FHA Streamline ($400,000 Loan Amount, 660+ Credit Score)

    • 10/07/2024:
      • 5.25% Rate → 6.06% APR, 0.8 Points
    • 9/30/2024:
      • 4.75% Rate → 5.60% APR, 1.36 Points
      • 5.25% Rate → 5.98% APR, 0.3 Credit

Comparison: The 5.25% rate APR increased from 5.98% to 6.06%, with points rising from 0.3 credit to 0.8 points.

VA IRRL ($400,000 Loan Amount, 660+ Credit Score)

    • 10/07/2024:
      • 5.25% Rate → 5.41% APR, 1.1 Points
    • 9/30/2024:
      • 4.75% Rate → 4.94% APR, 1.48 Points
      • 5.25% Rate → 5.31% APR, 0.17 Credit

Comparison: The 5.25% rate APR increased from 5.31% to 5.41%, with points increasing to 1.1 from 0.17 credit.

Purchase Rates

FHA Purchase Loans ($400,000 Purchase Price, 3.5% Down, 660 Credit Score)

    • 10/07/2024:
      • 5.25% Rate → 6.11% APR, 1.9 Points
      • 5.75% Rate → 6.47% APR, 0.37 Points
    • 9/30/2024:
      • 5.25% Rate → 6.01% APR, 0.80 Points
      • 5.75% Rate → 6.44% APR, 0.3 Credit

Comparison: The 5.25% rate APR increased from 6.01% to 6.11%, with points rising significantly. The 5.75% rate APR increased slightly, with points changing from 0.3 credit to 0.37 points.

Conventional Purchase Loans ($400,000 Purchase Price, 25% Down, 760 Credit Score)

    • 10/07/2024:
      • 5.99% Rate → 6.16% APR, 1.4 Points
    • 9/30/2024:
      • 5.99% Rate → 6.10% APR, 0.39 Points

Comparison: The APR increased from 6.10% to 6.16%, with points rising from 0.39 to 1.4.

VA Purchase Loans ($400,000 Purchase Price, 0% Down, First Use, 660 Credit Score)

    • 10/07/2024:
      • 5.25% Rate → 5.66% APR, 2.1 Points
      • 5.75% Rate → 6.02% APR, 0.5 Points
    • 9/30/2024:
      • 5.25% Rate → 5.55% APR, 0.95 Points
      • 5.75% Rate → 5.97% APR, 0.1 Credit

Comparison: The 5.25% rate APR increased from 5.55% to 5.66%, with points more than doubling. The 5.75% rate APR increased, and points rose from 0.1 credit to 0.5 points.

Down Payment Assistance (4% Silent Second, $400,000 Purchase Price, 620 Credit Score)

    • 10/07/2024:
      • CHFA SmartStep: 6.5% Rate → 7.39% APR
      • CHFA First Step/First Generation: 6.25% Rate → 7.14% APR
    • 9/30/2024:
      • CHFA SmartStep: 6.375% Rate → 7.27% APR
      • CHFA First Step/First Generation: 6.125% Rate → 7.01% APR

Comparison: Both programs saw a rate increase, raising their respective APRs slightly.

Down Payment Assistance (3% Grant, $400,000 Purchase Price, 620 Credit Score)

    • 10/07/2024:
      • CHFA SmartStep: 7% Rate → 7.91% APR
    • 9/30/2024:
      • CHFA SmartStep: 6.875% Rate → 7.78% APR

Comparison: The rate increased from 6.875% to 7%, with a corresponding rise in APR.

 

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