Mortgage Rate Comparison: 9/16/2024 vs. 9/23/2024

Refinance Rates

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

• • 9/16/2024:
    • 5.375% Rate → 5.49% APR, 1.0 Points
    • 5.625% Rate → 5.65% APR, 0 Points
  • 9/23/2024:
    • 5.375% Rate → 5.54% APR, 1.59 Points
    • 5.625% Rate → 5.69% APR, 0.46 Points

Comparison: The 5.375% rate APR increased, with points rising. The 5.625% rate APR increased slightly, and points increased from 0 to 0.46.

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

• • 9/16/2024:
    • 5.625% Rate → 5.67% APR, 0.221 Points
  • 9/23/2024:
    • 5.625% Rate → 5.72% APR, 0.77 Points

Comparison: APR increased, and points rose, making the cost of the loan higher.

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

• • 9/16/2024:
    • 4.75% Rate → 5.56% APR, 0.98 Points
    • 5.25% Rate → 5.98% APR, 0.75 Credit
  • 9/23/2024:
    • 4.75% Rate → 5.61% APR, 1.5 Points
    • 5.25% Rate → 5.98% APR, 0.24 Credit

Comparison: The 4.75% rate APR increased, with points rising. The 5.25% rate credit decreased, making it less favorable.

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

• • 9/16/2024:
    • 4.75% Rate → 4.91% APR, 1.153 Points
    • 5.25% Rate → 5.31% APR, 0.584 Credit
  • 9/23/2024:
    • 4.75% Rate → 4.97% APR, 1.77 Points
    • 5.25% Rate → 5.31% APR, 0 Points

Comparison: The 4.75% rate APR increased, and points rose. The 5.25% rate changed from a credit to no points.

Purchase Rates

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

• • 9/16/2024:
    • 5.25% Rate → 5.96% APR, 0.26 Points
    • 5.75% Rate → 6.44% APR, 0.4 Credit
  • 9/23/2024:
    • 5.25% Rate → 6.01% APR, 0.82 Points
    • 5.75% Rate → 6.44% APR, 0.1 Credit

Comparison: The 5.25% rate APR increased, with points rising. The 5.75% rate saw a slight decrease in credit.

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

• • 9/16/2024:
    • 5.99% Rate → 6.06% APR, 0.363 Points
  • 9/23/2024:
    • 5.99% Rate → 6.10% APR, 0.82 Points

Comparison: APR increased, and points rose, making the loan costlier for buyers.

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

• • 9/16/2024:
    • 5.25% Rate → 5.50% APR, 0.42 Points
    • 5.75% Rate → 5.97% APR, 0.21 Credit
  • 9/23/2024:
    • 5.25% Rate → 5.55% APR, 1 Point
    • 5.75% Rate → 5.97% APR, 0 Points

Comparison: The 5.25% rate APR increased, with points rising significantly. The 5.75% rate changed from credit to no points.

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

• • 9/16/2024:
    • CHFA SmartStep: 6.375% Rate → 7.27% APR
    • CHFA First Step/First Generation: 6.125% Rate → 7.01% APR
  • 9/23/2024:
    • CHFA SmartStep: 6.25% Rate → 7.14% APR
    • CHFA First Step/First Generation: 6.0% Rate → 6.88% APR

Comparison: Both programs saw decreases in rates and APRs, making them more favorable for buyers.

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

• • 9/16/2024:
    • CHFA SmartStep: 6.875% Rate → 7.78% APR
  • 9/23/2024:
    • CHFA SmartStep: 6.75% Rate → 7.65% APR

Comparison: Both rate and APR decreased, offering a more attractive option for buyers.

The 9/23/2024 report shows some upward shifts in refinance and purchase APRs and points. However, down payment assistance programs have become more favorable with reduced rates and APRs. Reach out if you have any questions or need further information!