Market Update 10/14

 

 

Mortgage Rate Comparison: 10/14/2024 vs. 10/07/2024

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)

    • 10/14/2024:
      • 5.99% Rate → 6.05% APR, 0.31 Points
    • 10/07/2024:
      • 5.99% Rate → 6.04% APR, 0.2 Points

Comparison: The APR increased slightly from 6.04% to 6.05%, with points increasing from 0.2 to 0.31.

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

    • 10/14/2024:
      • 5.99% Rate → 6.08% APR, 0.62 Points
    • 10/07/2024:
      • 5.99% Rate → 6.07% APR, 0.54 Points

Comparison: The APR increased from 6.07% to 6.08%, with points rising from 0.54 to 0.62.

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

    • 10/14/2024:
      • 5.25% Rate → 6.09% APR, 1.159 Points
    • 10/07/2024:
      • 5.25% Rate → 6.06% APR, 0.8 Points

Comparison: The APR increased from 6.06% to 6.09%, with points rising significantly from 0.8 to 1.159.

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

    • 10/14/2024:
      • 5.25% Rate → 5.43% APR, 1.32 Points
    • 10/07/2024:
      • 5.25% Rate → 5.41% APR, 1.1 Points

Comparison: The APR for the 5.25% rate increased from 5.41% to 5.43%, with points rising from 1.1 to 1.32.

Purchase Rates

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

    • 10/14/2024:
      • 5.25% Rate → 6.15% APR, 2.3 Points
      • 5.75% Rate → 6.50% APR, 0.63 Points
    • 10/07/2024:
      • 5.25% Rate → 6.11% APR, 1.9 Points
      • 5.75% Rate → 6.47% APR, 0.37 Points

Comparison: The 5.25% rate APR increased from 6.11% to 6.15%, with points rising from 1.9 to 2.3. The 5.75% rate APR increased slightly, with points going from 0.37 to 0.63.

Conventional Purchase Loans ($400,000 Purchase Price, 25% Down, 780 Credit Score)

    • 10/14/2024:
      • 5.99% Rate → 6.16% APR, 1.46 Points
    • 10/07/2024:
      • 5.99% Rate → 6.16% APR, 1.4 Points

Comparison: The APR remained at 6.16%, while points increased slightly from 1.4 to 1.46.

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

    • 10/14/2024:
      • 5.25% Rate → 5.70% APR, 2.5 Points
      • 5.75% Rate → 6.05% APR, 0.8 Points
    • 10/07/2024:
      • 5.25% Rate → 5.66% APR, 2.1 Points
      • 5.75% Rate → 6.02% APR, 0.5 Points

Comparison: The 5.25% rate APR increased from 5.66% to 5.70%, with points rising from 2.1 to 2.5. The 5.75% rate APR increased slightly, with points rising from 0.5 to 0.8.

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

    • 10/14/2024:
      • CHFA SmartStep: 6.5% Rate → 7.39% APR
      • CHFA First Step/First Generation: 6.25% Rate → 7.14% APR
    • 10/07/2024:
      • CHFA SmartStep: 6.5% Rate → 7.39% APR
      • CHFA First Step/First Generation: 6.25% Rate → 7.14% APR

Comparison: Rates and APRs for CHFA programs remained unchanged.

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

    • 10/14/2024:
      • CHFA SmartStep: 7% Rate → 7.91% APR
    • 10/07/2024:
      • CHFA SmartStep: 7% Rate → 7.91% APR

Comparison: Rates and APRs for CHFA Grant programs remained unchanged.

 

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