What are current mortgage rates? – December 23, 2024 Matthew Wentz Speak Straight…
12/30/2024 | What Are Current Mortgage Rates
Market Report Comparison: 12/23/2024 vs. 12/30/2024
Matthew Wentz
Speak Straight Mortgage
NMLS #1852397
Note: All programs other than CHFA (Down Payment Assistance) have 0 lender fees.
Purchase Loans
| Loan Type | Purchase Price | % Down | Credit Score | Rate (12/23) | Rate (12/30) | Points (12/23) | Points (12/30) | APR (12/23) | APR (12/30) | P&I (12/23) | P&I (12/30) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FHA | $400,000 | 3.50% | 660+ | 6.25% | 6.25% | 0.43 | 0.136 | 6.99% | 6.96% | $2,579 | $2,579 |
| VA* | $400,000 | 0.00% | 660+ | 6.25% | 6.25% | 0.58 | 0.29 | 6.54% | 6.51% | $2,516 | $2,516 |
| Conventional | $400,000 | 25% | 780+ | 6.63% | 6.63% | 1.00 | 0.828 | 6.75% | 6.73% | $1,921 | $1,921 |
*First Use Non Exempt
Refinance Loans
| Loan Type | Base Loan Amount | LTV | Credit Score | Rate (12/23) | Rate (12/30) | Points (12/23) | Points (12/30) | APR (12/23) | APR (12/30) | P&I (12/23) | P&I (12/30) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FHA Streamline | $400,000 | >95% | 660+ | 5.75% | 5.75% | 1.4 | 1 | 6.65% | 6.61% | $2,558 | $2,558 |
| VA IRRL | $400,000 | 100% | 660+ | 5.75% | 5.75% | 1.6 | 1.2 | 5.97% | 5.93% | $2,334 | $2,334 |
| Conventional Refi | $400,000 | 80% | 780+ | 6.50% | 6.50% | 1.2 | 0.969 | 6.65% | 6.62% | $2,528 | $2,528 |
CHFA Down Payment Assistance
| Program (FHA) | Purchase Price | % Down | Credit Score | Rate (12/23) | Rate (12/30) | APR (12/23) | APR (12/30) | P&I (12/23) | P&I (12/30) |
|---|---|---|---|---|---|---|---|---|---|
| Smart Step 4% Silent Second FHA | $400,000 | 3.50% | 620+ | 7.125% | 7.125% | 8.04% | 8.04% | $2,823 | $2,823 |
| Smart Step 3% Grant FHA | $400,000 | 3.50% | 620+ | 7.625% | 7.625% | 8.55% | 8.55% | $2,957 | $2,957 |
| First Step / First Generation FHA | $400,000 | 3.50% | 620+ | 6.875% | 6.875% | 7.78% | 7.78% | $2,857 | $2,857 |
Summary
Overall, comparing 12/30/2024 to 12/23/2024, we see:
- FHA Purchase and VA Purchase rates remain the same (6.25%) but with changes in points.
- Conventional Purchase rate is still 6.63%, with slightly lower points than last week.
- Refinance sees small changes as well.
- Down Payment Assistance programs (CHFA) remain unchanged in rate and P&I Payment.
If you have questions about these changes or want to explore your best mortgage strategy, reach out anytime for personalized advice!
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