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 rates forecast is relatively optimistic: Our market expert Jacob Channel expects that 30-year rates will remain under 7% and could even dip below 6% by the end of the year.
That said, the affordability crisis continues to make entering the market tough — especially for first-time homebuyers. However, the Federal Reserve is expected to cut rates sometime this year. If rates go low enough to entice existing homeowners who want to sell their homes, the added supply of housing stock could help increase affordability.
Many factors determining mortgage rates are out of your control, but here are a few steps you can take on your own 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 receive a loan estimate, you can request that the lender give you a mortgage rate lock. The lock ensures that as you go through the closing process, you won’t be dealing with a moving target. Your quoted rate will be there waiting when you arrive at the closing table.
This program from The Connecticut Housing Finance Authority (CHFA) provides up to $50,000 in forgivable down payment assistance to borrowers who are using a CHFA mortgage to purchase a home. The assistance funds will be fully forgiven after 10 years.
Who qualifies?Borrowers must:
Be first-time homebuyers or buy in a targeted area
Be a current Connecticut resident who has lived in the state for at least three years
Purchase a home within the program’s sales price limits, which vary by location
Earn within the program’s income limits, which vary by location and household size
Who qualifies as a first-time homebuyer? People who have never owned a home
People who haven’t owned real estate in the last three years
Also from CHFA, the Home of Your Own program is designed to help first-time homebuyers with disabilities. The program offers low-interest loans and down payment assistance.
Who qualifies?Borrowers must:
Be a person with a disability or have a family member with a disability who will live in the home with you
Be first-time homebuyers or buy in a targeted area
Purchase within the program’s sales price limits
Have an annual income within the program’s income limits, which range from $119,500 (a one- or two-person household) to $137,425 (households with three or more people)
Take a homebuyer education course
Need to look up CHFA’s targeted areas on a map? Use this tool on CHFA’s website.
Borrowers looking to purchase a manufactured home as their first home can finance up to 80% of the home using this program. The mortgage loan will come with a below-market interest rate and low closing costs.
Who qualifies?Borrowers must:
Not own other real estate
Purchase a home in a state-licensed mobile home park
Purchase a home within the program’s price limits
Have a qualifying lot lease agreement
Complete a homebuyer education course
→ Connecticut conventional loans. Conventional loans are the standard choice for borrowers with solid credit and not too much debt. The minimum requirements require at least a 620 credit score and a maximum 45% DTI ratio.
→ Connecticut FHA loans. If conventional loans are out of reach, it’s wise to look into FHA loan requirements. They’re flexible enough to put homeownership within reach for borrowers with a credit score as low as 500. However, you’ll have to put at least 10% down unless you have at least a 580 score. And if your score is 580 or higher, you can get into a home with only 3.5% down.
→ Connecticut VA loans. VA loan requirements are the most flexible of the loan types we’ll cover here, but you must be a qualified military borrower to use them.
→ Connecticut streamline refinances include both FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs). “Streamline” means that you won’t have to deal with as much paperwork as you would with most refinances. However, you must refinance from an FHA loan into an FHA loan, or from a VA loan into a VA loan.
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