Current 30-year fixed mortgage refinance rates are averaging: 7.71%
The current average rate for a 15-year fixed mortgage refinance is: 7.12%
See whether refinancing makes sense for you using our mortgage refinance calculator.After a long slog through 2023 — which served up an unrelenting nine months of rising interest rates — potential homebuyers may finally get a break in 2024. The current mortgage rates forecast is for 30-year rates to remain between 6% and 7%, with some potential for a drop below the 6% threshold once the Federal Reserve begins cutting its benchmark rate. That’s expected to happen later in the year, though there are of course no guarantees.
If you’re unclear on which factors determining mortgage rates are in your control, it’s time to study up so you can get the best mortgage rate possible in 2024. Below are some of the best steps you can take to pull those levers and push your rate down.
When should I lock in my mortgage rate?Once you’ve identified your best loan offer, it’s smart to request a mortgage rate lock. Your lender will essentially freeze the rate that you were quoted in your loan estimate. That way, as you head toward closing, you’ll have assurance that even as the market inevitably continues to fluctuate, your rate won’t.
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) runs several programs for first-time homebuyers who are purchasing property anywhere in the state of New Jersey.
People who have never owned a home
People who haven’t owned real estate in the last three years
This program offers fixed-rate, 30-year loans with reasonable interest rates. You’ll have to work with an approved lender, but you can choose from several loan types — conventional, FHA and VA loans are all available. The best part? Once you have an NJHMFA loan, you may be able to qualify for the agency’s additional down payment assistance programs. Read on to find out more.
Borrowers must:
Be first-time homebuyers
Purchase in the state of New Jersey
Earn no more than NJHMFA’s income limits, which vary by county*
Purchase a property within NJHMFA’s price limits, which vary by the number of units and location*
*Homebuyers who purchase in special target areas can enjoy slightly higher income and price limits
This program gives New Jersey buyers up to $15,000 in funds that can be used toward a down payment or closing costs. The money comes as an interest-free loan that doesn’t require any monthly payments, and it won’t have to be repaid as long as you stay in the home for five years.
Borrowers must:
Use an NJHMFA mortgage loan to purchase a home
Be first-time homebuyers
Purchase in the state of New Jersey
Earn no more than income limits, which vary by county*
Purchase a property within price limits, which vary by the number of units and location*
*Homebuyers who purchase in special target areas can enjoy slightly higher income and price limits
This program provides up to $7,000 of assistance for a down payment or closing costs, and the funds can be used on top of standard NJHMFA down payment assistance. Together, these programs can offer first-generation New Jersey buyers up to $22,000, and it won’t have to be repaid.
Borrowers must:
Be a first-generation homebuyer, which means that everyone in the household as well as the borrower’s parents must currently qualify as first-time homebuyers (people who have been placed in New Jersey foster care are also eligible)
Use an NJHMFA mortgage loan to purchase a home
Purchase in the state of New Jersey
Earn no more than the program’s income limits, which vary by county*
Purchase a property within price limits, which vary by the number of units and location*
*Homebuyers who purchase in special target areas can enjoy slightly higher income and price limits
→ New Jersey conventional loans. You’re probably familiar with conventional loans, as they’re a very common home loan choice. However, conventional borrowers have to meet minimum requirements, which in most cases are set by Fannie Mae and Freddie Mac.
→ New Jersey FHA loans. If conventional loan requirements are a difficult bar to reach, you may want to look into FHA loan requirements instead. FHA guidelines are more flexible, allowing you to qualify with a credit score as low as 500 with a 10% down payment or a 580 score with a 3.5% down payment.
→ New Jersey VA loans. VA loan requirements are the most flexible of all and are designed to put homeownership in reach for military borrowers. If you qualify, VA loans offer exceptional loan terms and you can get into one without making a down payment or paying for mortgage insurance.
→ New Jersey streamline refinances are available as FHA streamline refinance loans or VA interest rate reduction refinance loans (IRRRLs). They’re called “streamline” because you won’t have to file as much paperwork or wait as long to close as you do with other refinance programs. However, you’ll have to refinance from an FHA loan into an FHA loan, or from a VA loan into a VA loan.
Ready to compare top mortgage lenders with LendingTree?