Market Update 9/16

September 16, 2024
Matthew Wentz
Mortgage News

Mortgage Rate Comparison: 9/9/2024 vs. 9/16/2024

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)

- 9/9/2024:
  - 5.375% Rate → 5.52% APR, 1.426 Points
  - 5.625% Rate → 5.67% APR, 0.232 Points
- 9/16/2024:
  - 5.375% Rate → 5.49% APR, 1.0 Points
  - 5.625% Rate → 5.65% APR, 0 Points

Comparison: APR for 5.375% decreased slightly, with points reduced.

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

- 9/9/2024:
  - 5.625% Rate → 5.70% APR, 0.542 Points
- 9/16/2024:
  - 5.625% Rate → 5.67% APR, 0.221 Points

Comparison: APR decreased slightly, and points dropped.

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

- 9/9/2024:
  - 4.75% Rate → 5.59% APR, 1.261 Points
  - 5.25% Rate → 5.98% APR, 0.6 Credit
- 9/16/2024:
  - 4.75% Rate → 5.56% APR, 0.98 Points
  - 5.25% Rate → 5.98% APR, 0.75 Credit

Comparison: The 4.75% rate saw a slight decrease in APR, with points reduced. The 5.25% rate remained stable in APR with a slight increase in credit.

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

- 9/9/2024:
  - 4.75% Rate → 4.95% APR, 1.56 Points
  - 5.25% Rate → 5.31% APR, 0.3 Credit
- 9/16/2024:
  - 4.75% Rate → 4.91% APR, 1.153 Points
  - 5.25% Rate → 5.31% APR, 0.584 Credit

Comparison: The 4.75% rate APR decreased, with points dropping. The 5.25% rate saw an increase in credit.

Purchase Rates

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

- 9/9/2024:
  - 5.25% Rate → 5.98% APR, 0.5 Points
  - 5.75% Rate → 6.44% APR, 0.4 Credit
- 9/16/2024:
  - 5.25% Rate → 5.96% APR, 0.26 Points
  - 5.75% Rate → 6.44% APR, 0.4 Credit

Comparison: The 5.25% rate APR decreased slightly, with points reduced. The 5.75% rate remained consistent.

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

- 9/9/2024:
  - 5.99% Rate → 6.07% APR, 0.49 Points
- 9/16/2024:
  - 5.99% Rate → 6.06% APR, 0.363 Points

Comparison: APR decreased slightly, and points dropped, making the offer more favorable.

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

- 9/9/2024:
  - 5.25% Rate → 5.52% APR, 0.61 Points
  - 5.75% Rate → 5.97% APR, 0.236 Credit
- 9/16/2024:
  - 5.25% Rate → 5.50% APR, 0.42 Points
  - 5.75% Rate → 5.97% APR, 0.21 Credit

Comparison: The 5.25% rate APR decreased slightly, and points decreased. The 5.75% rate saw a minor reduction in credit.

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

- 9/9/2024:
  - CHFA SmartStep: 6.5% Rate → 7.39% APR
  - CHFA First Step/First Generation: 6.25% Rate → 7.14% APR
- 9/16/2024:
  - CHFA SmartStep: 6.375% Rate → 7.27% APR
  - CHFA First Step/First Generation: 6.125% Rate → 7.01% APR