Market Update 9/3/2024

September 4, 2024
Matthew Wentz
Mortgage News

Mortgage Rate Comparison: 8/26/2024 vs. 9/3/2024

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

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

- 8/26/2024:
  - 5.25% Rate → 6.04% APR, 1.134 Points
  - 5.75% Rate → 6.44% APR, $369 Credit
- 9/3/2024:
  - 5.25% Rate → 6.07% APR, 1.43 Points
  - 5.75% Rate → 6.45% APR, 0.1 Points

Comparison: Slight increase in APR and points for 5.25% rate; 5.75% rate saw a minor increase in points.

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

- 8/26/2024:
  - 5.99% Rate → 6.11% APR, 0.874 Points
- 9/3/2024:
  - 5.99% Rate → 6.11% APR, 0.94 Points

Comparison: Points increased slightly, with the APR remaining the same.

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

- 8/26/2024:
  - 5.25% Rate → 5.58% APR, 1.292 Points
  - 5.75% Rate → 5.98% APR, 0.064 Points
- 9/3/2024:
  - 5.25% Rate → 5.61% APR, 1.6 Points
  - 5.75% Rate → 5.99% APR, 0.26 Points

Comparison: Small increase in APRs and points for both rates.

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

- 8/26/2024:
  - CHFA SmartStep: 6.625% Rate → 7.52% APR
  - CHFA First Step/First Generation: 6.375% Rate → 7.27% APR
- 9/3/2024:
  - CHFA SmartStep: 6.5% Rate → 7.39% APR
  - CHFA First Step/First Generation: 6.25% Rate → 7.14% APR

Comparison: Both programs experienced a decrease in rates and APRs.

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

- 8/26/2024:
  - CHFA SmartStep: 7.125% Rate → 8.04% APR
- 9/3/2024:
  - CHFA SmartStep: 7.0% Rate → 7.91% APR

Comparison: Decrease in both rate and APR.

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

- 8/26/2024:
  - 5.25% Rate → 5.98% APR, $1368 Credit
- 9/3/2024:
  - 5.25% Rate → 6.05% APR, 0.77 Points

Comparison: Slight increase in APR with a change from a credit to points.

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

- 8/26/2024:
  - 5.25% Rate → 5.34% APR, $652 Credit
- 9/3/2024:
  - 5.25% Rate → 5.40% APR, 0.93 Points

Comparison: Minor increase in APR and points.

Rates remain mostly steady, with slight adjustments in APRs and points reflecting current market changes. If you have any questions or need further insights, feel free to reach out!