Market Update 9/9

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

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
- 5.65% Rate → 5.67% APR, 0.232 Points

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

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

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

- 9/3/2024:
  - 5.25% Rate → 6.05% APR, 0.77 Points
- 9/9/2024:
  - 4.75% Rate → 5.59% APR, 1.261 Points
  - 5.25% Rate → 5.98% APR, 0.6 Point Credit

Comparison: New rate added at 4.75% with 5.59% APR and 1.261 points. The existing 5.25% rate saw a shift in APR and points.

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

- 9/3/2024:
  - 5.25% Rate → 5.40% APR, 0.93 Points
- 9/9/2024:
  - 4.75% Rate → 4.95% APR, 1.56 Points
  - 5.25% Rate → 5.31% APR, 0.3 Point Credit

Comparison: A new 4.75% rate with 4.95% APR added with 1.56 points. The 5.25% rate’s APR decreased slightly, and points changed from 0.93 to a $0.3 credit.

Purchase Rates

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

- 9/3/2024:
  - 5.25% Rate → 6.07% APR, 1.43 Points
  - 5.75% Rate → 6.45% APR, 0.1 Points
- 9/9/2024:
  - 5.25% Rate → 5.98% APR, 0.5 Points
  - 5.75% Rate → 6.44% APR, 0.4 Point Credit

Comparison: The 5.25% rate APR decreased from 6.07% to 5.98%, and points dropped from 1.43 to 0.5. The 5.75% rate saw a slight drop in APR and moved from 0.1 points to a $0.4 credit.

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

- 9/3/2024:
  - 5.99% Rate → 6.11% APR, 0.94 Points
- 9/9/2024:
  - 5.99% Rate → 6.07% APR, 0.49 Points

Comparison: APR slightly decreased, and points dropped from 0.94 to 0.49, making the offer more favorable for buyers.

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

- 9/3/2024:
  - 5.25% Rate → 5.61% APR, 1.6 Points
  - 5.75% Rate → 5.99% APR, 0.26 Points
- 9/9/2024:
  - 5.25% Rate → 5.52% APR, 0.61 Points
  - 5.75% Rate → 5.97% APR, 0.236 Point Credit

Comparison: The 5.25% rate APR decreased from 5.61% to 5.52%, with points dropping from 1.6 to 0.61. The 5.75% rate also saw a decrease in APR and a shift to a credit.

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

9/3/2024:
- CHFA SmartStep: 6.5% Rate → 7.39% APR
- CHFA First Step/First Generation: 6.25% Rate → 7.14% APR
9/9/2024:
- Rates and APRs remained consistent.

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

9/3/2024:
- CHFA SmartStep: 7.0% Rate → 7.91% APR
9/9/2024:
- Rates and APRs remained consistent.

The 9/9/2024 report shows adjustments in both purchase and refinance rates, with some favorable shifts, particularly in lower APRs and decreased points. If you have any questions or need more details on