Current 30 year-fixed mortgage refinance rates are averaging: 7.21% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
The current average rate for a 15-year fixed mortgage refinance is: 6.72% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast for 2024?The current mortgage interest rates forecast is for average 30-year rates to remain between 6% and 7% for most of 2024. LendingTree senior economist Jacob Channel expects to see rates reach the lower end of that range during the latter half of the year. This tracks with the Federal Reserve’s intention to implement three rate cuts sometime this year — so far, though, it has held rates steady all year. If rate cuts do materialize, we can expect mortgage rates to dip in response.
While it’s true that there are many factors determining mortgage rates that are out of your hands, there are also several others you can control — and it can pay to take action on them.
Here are a few steps you can take right now to get the best mortgage rate:
Read more about our picks for the best mortgage lenders.
When should I lock in my mortgage rate?Once you’ve applied for a mortgage and received a loan offer you want to take advantage of, you’re ready to shop. And as soon as you find a house you want to pounce on, it’s time to request a mortgage rate lock. “Locking in” your rate means that what you saw in your loan estimate is what you get, no matter what the broader market does. Without a rate lock, your interest rate could increase before you make it to the closing table.
Who wouldn’t love to take out a home loan with a below-market interest rate? First-time homebuyers and qualified veterans can do just that with a mortgage from the West Virginia Housing Development Fund (WVHDF). Less interest means more affordable monthly payments and lower overall loan costs.
Who qualifies?Borrowers must:
Be a first-time homebuyer* or qualified veteran
Earn within the program’s income limits, which vary depending on your county and household size
Purchase a home within the program’s price limits, which range from $349,525 to $806,598 depending on the house’s location
Purchase a home on no more than five acres
Complete a homebuyer education course
* Repeat buyers purchasing in a targeted county — those counties not listed on the program page — are also eligible
Who qualifies as a first-time homebuyer? People who have never owned a home
People who haven’t owned a principal residence in the last three years
Qualified veterans, regardless of their real estate ownership history
This down payment assistance program offers up to $8,000 to borrowers who need a little help with the upfront costs of their mortgage. The funds come through a 15-year loan with a low, 2% interest rate.
Who qualifies?Borrowers must:
Use the program in conjunction with a WVHDF Homeownership program loan
This is WVHDF’s loan program for everyone — first-time and repeat buyers alike. Unlike the Homeownership program covered above, this program has no first-time homebuyer requirement and no acreage limit. It also offers more generous income limits, which helps widen the swath of West Virginians it can benefit. That said, borrowers whose income falls under 80% of the area median income can receive special discounts, including lower interest rates and reduced private mortgage insurance premiums.
Who qualifies?Borrowers must:
Earn within the program’s income limits, which are $130,560 for a one- to two-person household and $152,320 for households of three or more
Purchase a home within the program’s price limits, which range from $349,525 to $806,598 depending on the house’s location
Complete a homebuyer education course
Get the full details about each program at the WVHDF’s website.→ West Virginia conventional loans. Many consider conventional loans the industry standard, and they’re a popular choice. However, they come with relatively strict minimum requirements, so they’re not always in reach — especially for borrowers with lower credit scores.
→ West Virginia FHA loans. FHA loans can put homebuying in reach for more borrowers, in large part because they have more forgiving credit requirements. If you make at least a 10% down payment, you can qualify with a credit score as low as 500. And if you have at least a 580 score, you can put down as little as 3.5%.
→ West Virginia VA loans. VA loans offer a lot of flexibility and value to military borrowers. Those with full VA entitlement can purchase or refinance without making a down payment or paying for mortgage insurance.
→ West Virginia streamline refinances make sense for those who want to refinance from an FHA loan into an FHA loan, or from a VA loan into another VA loan. To do this, you’ll need to utilize an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL). They’re called “streamline” loans because they require less paperwork and time to complete than rate-and-term refinances.
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