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.The current mortgage rates forecast is for rates to hold relatively steady, hovering between 6% and 7% for most of the year. The Federal Reserve isn’t expected to begin cutting rates until later in the year — but when they do, rates could dip closer to that 6% cutoff.
LendingTree senior economist Jacob Channel emphasizes that even if rates do move down to around 6%, the overall affordability of housing isn’t likely to change significantly. The housing market is still in desperate need of additional supply and, until it can rise to meet the current demand, housing is going to remain expensive.
There are many factors determining mortgage rates, and you can harness some of them to your advantage. Here are a few steps you can take today to get the best mortgage rate:
When should I lock in my mortgage rate?If you’ve landed on a home and a lender has approved you, you’re ready to ask for a mortgage rate lock. This will “lock in” your interest rate for a window of time, so you can go through the closing process without having to worry about your rate rising.
The Wyoming Community Development Authority (WCDA) offers 30-year fixed rate loans with low interest rates to first-time homebuyers. Borrowers can choose an FHA, VA or USDA loan.
Borrowers must:
Be first-time homebuyers
Earn within the program’s income limits, which range from $94,000 to $178,780 depending on your location and family size
Purchase a home within the program’s price limits, which range from $481,176 to $1,110,406 depending on the location of the home you purchase
Purchase a single-family home on no more than 10 acres
Complete a homebuyer education course
People who have never owned a home
People who haven’t owned a primary residence in the last three years
Another WCDA offering, this program is open to both first-time homebuyers and repeat buyers. It provides a little bit more flexibility than the program covered above, since it has no purchase price limits, but it does come with slightly lower income limits.
Borrowers must:
Have a minimum 620 credit score
Earn within the program’s income limits, which range from $73,280 to $102,160 depending on your location
Purchase a home on no more than 10 acres
Take a homebuyer education course (first-time homebuyers only)
Borrowers can utilize WCDA down payment assistance with any of WCDA’s home loans, but the structure of that assistance may vary depending on your loan type. In all cases, you can access up to $15,000 in funds that can be put toward your down payment, closing costs or prepaids (like homeowners insurance or property taxes).
Borrowers must:
Have at least a 620 credit score
Contribute at least $1,500
Get the full details about each program at WCDA’s website.→ Wyoming conventional loans. If you have good credit, you’ll likely want to consider a conventional loan. However, make sure that you meet the other minimum requirements set by Fannie Mae and Freddie Mac.
→ Wyoming FHA loans. If conventional loan requirements could be tough to reach, you can also consider an FHA loan. FHA loan requirements are more accessible for many borrowers, since they allow you to qualify with a credit score as low as 500. You’ll have to make a 10% down payment if you have a score between 500 and 579, but you can put down as little as 3.5% if your score is 580 or higher.
→ Wyoming VA loans. VA loan requirements are designed to put homeownership in reach for as many military borrowers as possible, so they’re very forgiving and come with some unique benefits. For instance, qualified borrowers can purchase or refinance without making a down payment or paying for mortgage insurance.
→ Wyoming streamline refinances can help borrowers who want to refinance their FHA or VA loan, as long as they’re willing to refinance into that same loan type. If you’re refinancing an FHA loan, you’ll use an FHA streamline refinance loan; you’ll use a VA interest rate reduction refinance loan (IRRRL) if your current loan is a VA loan. Because you’re staying in the same loan program you used to buy your home, you can get through the refinance process with less paperwork and hassle.
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