Mortgage Market Rate Update 8/26/2024

Mortgage Rate Comparison: 8/19/2024 vs. 8/26/2024

Welcome to our latest mortgage rate comparison. We are analyzing the shifts in mortgage rates from 8/19/2024 to 8/26/2024. This comparison helps you understand the changes in APR and points across different loan types.

Note: All loans discussed in this comparison are 30-year fixed terms. Except for CHFA loans, all loans have 0 lender fees.

FHA Purchase Loans

For a $400,000 purchase price with 3.5% down and a 660 credit score:

• 8/19/2024:
  • 5.25% Rate → 6.12% APR, 1.995 Points
  • 5.75% Rate → 6.50% APR, 0.601 Points
• 8/26/2024:
  • 5.25% Rate → 6.04% APR, 1.134 Points
  • 5.75% Rate → 6.44% APR, $369 Credit

Conventional Purchase Loans

For a $400,000 purchase price with 25% down and a 760 credit score:

• 8/19/2024:
  • 5.99% Rate → 6.16% APR, 1.448 Points
• 8/26/2024:
  • 5.99% Rate → 6.11% APR, 0.874 Points

VA Purchase Loans

For a $400,000 purchase price with 0% down, first use, and a 660 credit score:

• 8/19/2024:
  • 5.25% Rate → 5.66% APR, 2.153 Points
  • 5.75% Rate → 6.04% APR, 0.759 Points
• 8/26/2024:
  • 5.25% Rate → 5.58% APR, 1.292 Points
  • 5.75% Rate → 5.98% APR, 0.064 Points

Down Payment Assistance

For a $400,000 purchase price with a 620 credit score:

• CHFA SmartStep (4% Silent Second):
  • 8/19/2024: 6.75% Rate → 7.65% APR
  • 8/26/2024: 6.625% Rate → 7.52% APR
• CHFA First Step/First Generation (4% Silent Second):
  • 8/19/2024: 6.50% Rate → 7.39% APR
  • 8/26/2024: 6.375% Rate → 7.27% APR
• CHFA SmartStep (3% Grant):
  • 8/19/2024: 7.25% Rate → 8.16% APR
  • 8/26/2024: 7.125% Rate → 8.04% APR

Refinance

• FHA Streamline (For a $400,000 loan, 660+ credit score):
  • 8/19/2024: 5.25% Rate → 5.99% APR, 0.125 Points
  • 8/26/2024: 5.25% Rate → 5.98% APR, $1368 Credit
• VA IRRL (For a $400,000 loan, 660+ credit score):
  • 8/19/2024: 5.25% Rate → 5.34% APR, 0.298 Points
  • 8/26/2024: 5.25% Rate → 5.34% APR, $652 Credit

Conclusion

These updates show some shifts in mortgage rates and points. Staying informed can help you make better decisions for your mortgage needs.