If you’re looking to refinance your mortgage in Pennsylvania, your options include:
Current 30-year fixed mortgage refinance rates are averaging: 7.38%
The current average rate for a 15-year fixed mortgage refinance is: 7.02%
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 invites cautious optimism, as rates are expected to remain under 7% and could even drop below 6% by the end of the year.
Although many Americans are concerned about a potential downturn in the housing market, our senior economist Jacob Channel isn’t worried about a housing market crash in 2024. Wage growth is outpacing inflation and there’s a low mortgage delinquency rate, so homeowners in 2024 are better equipped to handle some turbulence in the market than they were in 2008.
Many factors determining mortgage rates are out of your control, but here are a few steps you can take to get the best mortgage rate today:
Read more about our picks for the best mortgage lenders.
When should I lock in my mortgage rate?Once you’ve found a home you love and put the property under contract, it’s time to request a mortgage rate lock from your lender. The lock gives you a set amount of time to complete your home purchase and, as long as you close within that time frame, your interest rate won’t increase.
This program from the Arkansas Development Finance Authority (ADFA) gives homebuyers access to conventional, FHA, VA, or USDA mortgages with affordable rates. Eligible borrowers can also receive funds — up to $15,000 — to help cover their down payment and closing costs.
Who qualifies?Borrowers must:
Purchase a house for no more than $424,100 (if using a conventional loan)
Complete a homebuyer education course
Borrowers who purchase a home using an ADFA Move-Up loan can also apply for a mortgage credit certificate worth up to $2,000. Qualified homeowners can claim this credit every year when they file their taxes, as long as they’re still living in the home. And while the program is geared toward first-time homebuyers, repeat buyers purchasing in targeted areas and veterans can also apply.
Who qualifies?Borrowers must:
Earn within the program’s income limits
Purchase a home for $300,000 or less
Pay an issuance fee of 0.5% of their loan amount
Be one of the following:
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
First-time homebuyers who want to purchase a home in Little Rock can qualify for up to $10,000 in funds to help cover their down payment. The money doesn’t have to be repaid as long as you remain in the home for five years.
Who qualifies?Borrowers must:
Earn no more than $83,000 annually
Complete a homebuyer education course
Have a first mortgage loan provided by a lender with a brick-and-mortar presence in Arkansas
→ Arkansas conventional loans. You’re probably most familiar with conventional loans, since they’re a traditional and popular choice among borrowers with good credit. They typically offer a good value, but you’ll have to meet minimum requirements set by Fannie Mae and Freddie Mac to qualify.
→ Arkansas FHA loans. FHA loans give borrowers who can’t meet conventional loan requirements an alternative option. FHA loan requirements allow you to qualify with a credit score as low as 500, although you’ll need to make a 10% down payment. If your credit is even stronger, you can qualify with only a 3.5% down payment — but only if you have at least a 580 score.
→ Arkansas VA loans. VA loan requirements are even more accessible and flexible than FHA loan requirements, but you’ll have to be a qualified military borrower to use one.
→ Arkansas streamline refinances are a quicker option for borrowers who want to refinance from an FHA loan into an FHA loan, or from a VA loan into another VA loan. The “streamline” name refers to the fact that these loans — FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs) — require less paperwork than other common refinance types.
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