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 calls for rates to remain between 6% and 7% for most of the year, while continuing to trend downward within that range as time goes on. And if the Federal Reserve cuts rates, there’s also the possibility mortgage rates could venture below that 6% threshold — a low we haven’t seen since September 2022.
Inflation has been moving in the right direction, but Fed officials have signaled that they’re not quite ready to make a cut — they want to be absolutely certain that they get the timing right. This abundance of caution may feel frustrating for potential homebuyers, but if the Fed cuts rates too soon we could see a huge backslide into increased inflation.
There are several factors determining mortgage rates that you can take control of today. Here are a few steps you can take 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 have a loan estimate in hand and you’ve identified a property you’d like to buy, you should request a mortgage rate lock. This ensures that your interest rate won’t go up before you can close on your loan.
Rhode Island Housing (RI Housing) offers a pair of first-time homebuyer programs that can cover 100% of the price of your new home. (And if you’re into house hacking, you’re in luck — you can purchase a multifamily property with up to 4 units.) Combine an RI Housing first mortgage loan with RI Housing’s down payment assistance, and you won’t have to contribute anything out of your own pocket. However, the assistance must be repaid and comes in the form of a second mortgage for up to $15,000 ($9,000 if you’re buying a three- or four-unit property, and those funds can only be used for closing costs).
Who qualifies?Borrowers must:
Be a first-time homebuyer
Have a minimum 620 credit score
Purchase a home for no more than $748,958
Work with a participating lender, rather than RI Housing’s own loan center, if they earn more than $120,934 (for a one- to two-person household) or $139,074 (for a household with three or more people)
Take a homebuyer education class
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
For those who need down payment and closing cost assistance, RI Housing also offers the 15kDPA program. Much like the standard down payment assistance covered above, you can access up to $15,000 that can be used toward either a down payment or closing costs. Unlike that program, however, the funds accessed through the 15kDPA program don’t come with monthly payments and there’s no interest. You won’t have to repay the money unless you move out of the home, sell it, refinance it or otherwise cease to own it.
Who qualifies?Borrowers must:
Have a minimum 660 credit score
Use the program in conjunction with an RI Housing first mortgage
If you’re a first-generation homebuyer in addition to a first-time homebuyer, this program can offer you even more down payment assistance funds than the programs we’ve covered so far — up to $25,000. The funds can be used for a down payment or closing costs, or both.
Who qualifies?Borrowers must:
Be a first-time homebuyer
Be a first-generation homebuyer
Have a 660 minimum credit score
Be a current resident of Central Falls, East Providence, Pawtucket, Woonsocket, Providence or Newport (certain areas in Providence and Newport counties are excluded)
Use the program in conjunction with an RI Housing first mortgage loan
Take a homebuyer education course
Who qualifies as a first-generation homebuyer? People whose parents did not own a home within their (the borrower’s) lifetime
People whose parents did own a home within their lifetime, but lost the home to foreclosure or a short sale and don’t own a home currently
People who were ever in foster care
Get the full details about each program at RI Housing’s website.
→ Rhode Island conventional loans. You may be familiar with conventional loans, as they’re a very common choice for borrowers with good credit. The minimum requirements set by Fannie Mae and Freddie Mac require at least a 620 credit score.
→ Rhode Island FHA loans. For those who can’t qualify for conventional loans, FHA loans are more accessible — you can qualify with a credit score as low as 500. However, you’ll need to make a larger, 10% down payment if your credit is on that lower end. If you’d prefer a smaller down payment, you can put down as little as 3.5% — but only if you have at least a 580 score.
→ Rhode Island VA loans. Qualified military borrowers will find VA loan requirements refreshing if they’re struggling to meet the minimum credit scores required by conventional and FHA loans. There’s no standard minimum credit score required for VA loans, so if you’re struggling with the credit component of getting a mortgage, you can shop VA lenders until you find one with requirements that better suit your needs.
→ Rhode Island streamline refinances only come into play if you’re looking at an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL). The “streamline” tag means these loans will require less paperwork and less hassle than other refinance types. You’ll need to refinance from an FHA loan into an FHA loan, or from a VA loan into a VA loan, to take advantage of the programs.
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