Below, you’ll find a breakdown of the most common refinance options.
Current 30 year-fixed mortgage refinance rates are averaging: 7.09% 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: 6.53% 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 mortgage rates forecast predicts rates will steadily drop for the rest of the year, reaching closer to 6% (and possibly even lower) by December 2024. Experts also believe 2024 will bring more housing supply.
In October 2023, mortgage rates peaked at 7.79%, leaving many wondering if and when rates would begin dropping. Shortly thereafter, rates began falling and have continued to do so ever since.
Securing the right interest rate on your mortgage allows you to have a monthly payment you can comfortably afford, versus one that stretches your budget.
These five strategies can help you get a better mortgage rate.
Read more about our picks for the best mortgage lenders.
When should I lock in my mortgage rate?Once you find and accept the mortgage offer that’s best for you, ask your lender for a mortgage rate lock. This ensures that your rate remains the same until closing, despite any market fluctuations.
This homebuying assistance program offered by the North Dakota Housing Finance Agency (NDHFA) is open to people in North Dakota who meet one of the three following criteria:
NDHFA HomeAccess can be used along with one of the agency’s down payment and closing cost assistance programs, DCA and Start.
Who qualifies?Borrowers must:
Contribute a $500 minimum toward their home purchase
Buy a single-family home priced no more than $481,176
Meet the program’s income requirements
Purchase a home — refinancing isn’t an option
Another program offered by the NDHFA, North Dakota Roots helps buyers secure a market or below-market interest rate. The program has no purchase price or income limits, and it also allows borrowers to refinance their mortgages. North Dakota Roots can be combined with NDHFA’s Start program, which helps homebuyers with their down payment and closing costs.
This program was initially designed to encourage transplants to put down “roots” in North Dakota and buy their first home in the state. Now, it’s open to all residents, regardless of how long they’ve lived in North Dakota.
Who qualifies?Borrowers must:
Meet their chosen loan program’s requirements
Borrow a maximum loan amount that complies with their loan program’s loan limits
Contribute a $500 minimum toward their home purchase or refinance
This program offered by the NDHFA helps low- to moderate-income first-time homebuyers purchase a house. FirstHome can also be paired with one of the agency’s down payment and closing cost assistance programs, DCA and Start.
Who qualifies?Borrowers must:
Have not owned a home as their principal residence in the past three years
Purchase a single-family home priced no more than $481,176
Meet the program’s income requirements
Contribute a $500 minimum toward their home purchase
The NDHFA provides reduced interest rate loans in “targeted areas” of North Dakota. You can determine whether a home is in a targeted area using the instructions on the NDHFA’s website. This program can also be paired with one of the agency’s down payment and closing cost assistance programs, DCA and Start.
Who qualifies?Borrowers must:
Meet the program’s income requirements
Buy a single-family home priced no more than $588,104 (higher limits available for multiunit homes)
As mentioned above, the NDHFA has two programs that can assist people with their down payment and closing costs: DCA and Start. Both programs offer 3% of the first mortgage loan amount for homebuyers to put toward their down payment, closing costs or prepaid items. The primary difference between the two programs is that DCA requires participants to take a homebuyer education course before closing. Notably, though, both programs can only be used with one- or two-unit properties — in the latter case, the borrower will have to occupy one of the units.
HomeAccess, FirstHome and Targeted Area Loan can all be used with either DCA or Start. However, North Dakota Roots can only be used with Start.
Who qualifies?Borrowers must:
Meet the program’s income requirements
Purchase a one- or two-unit property (owner occupied)
Not use any other down payment assistance programs
→ North Dakota conventional loans are often considered the industry standard for loan products. Conventional loans are the go-to choice for borrowers who have a good credit score and a sizable down payment. They typically come with favorable loan terms and competitive interest rates, and have a set of minimum requirements determined by Fannie Mae and Freddie Mac.
→ North Dakota FHA loans allow borrowers with a credit score of at least 580 to put down as little as 3.5% of the purchase price upfront. FHA loan borrowers with enough savings to put down 10% of the purchase price can qualify with a minimum 500 credit score.
→ North Dakota VA loans. VA loans are flexible and often have attractive terms, so they’re worth considering for qualified military borrowers. With a VA loan, you can purchase or refinance a home without a down payment — plus you won’t pay for mortgage insurance.
→ North Dakota USDA loans. Loans from the U.S. Department of Agriculture (USDA) are available in rural parts of North Dakota. Keep in mind, though, that USDA loans are for low- or very-low-income borrowers. They typically don’t require a down payment.
→ North Dakota streamline refinances can be done with a VA interest rate reduction refinance loan (IRRRL) or an FHA streamline refinance loan. Streamline refinances, as their name suggests, are designed to be simple and straightforward, with very little paperwork to complete. The refinance loan must be the same as your original loan — for example, you’ll need to refinance from an FHA loan into an FHA loan, or from a VA loan into another VA loan.
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