Market Update 9/30/2024

Mortgage Rate Comparison: 9/30/2024 vs. 9/23/2024

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)

- 9/30/2024:
  - 5.375% Rate → 5.54% APR, 1.61 Points
  - 5.625% Rate → 5.69% APR, 0.44 Points
- 9/23/2024:
  - 5.375% Rate → 5.54% APR, 1.59 Points
  - 5.625% Rate → 5.69% APR, 0.46 Points

Comparison: The APRs stayed the same, with small adjustments in points for both rates.

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

- 9/30/2024:
  - 5.625% Rate → 5.71% APR, 0.74 Points
- 9/23/2024:
  - 5.625% Rate → 5.72% APR, 0.77 Points

Comparison: A slight decrease in both APR and points.

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

- 9/30/2024:
  - 4.75% Rate → 5.60% APR, 1.36 Points
  - 5.25% Rate → 5.98% APR, 0.3 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 saw a decrease in points, while the 5.25% rate credit increased.

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

- 9/30/2024:
  - 4.75% Rate → 4.94% APR, 1.48 Points
  - 5.25% Rate → 5.31% APR, 0.17 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 saw a decrease in both APR and points, while the 5.25% rate added a small credit.

Purchase Rates

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

- 9/30/2024:
  - 5.25% Rate → 6.01% APR, 0.80 Points
  - 5.75% Rate → 6.44% APR, 0.3 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 saw a small decrease in points, while the 5.75% rate improved its credit.

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

- 9/30/2024:
  - 5.99% Rate → 6.10% APR, 0.39 Points
- 9/23/2024:
  - 5.99% Rate → 6.10% APR, 0.82 Points

Comparison: Points decreased significantly, with the APR remaining unchanged.

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

- 9/30/2024:
  - 5.25% Rate → 5.55% APR, 0.95 Points
  - 5.75% Rate → 5.97% APR, 0.1 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 saw a decrease in points, and the 5.75% rate added a small credit.

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

- 9/30/2024:
  - 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: Rates increased slightly for both programs, but APRs remained stable.

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

- 9/30/2024:
  - CHFA SmartStep: 6.875% Rate → 7.78% APR
- 9/23/2024:
  - CHFA SmartStep: 6.75% Rate → 7.65% APR

Comparison: The rate increased from 6.75% to 6.875%, with a slight rise in APR.

Matthew Wentz