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.The mortgage rates forecast for 2024 is for rates to remain relatively high, compared to pre-pandemic levels, but not rise significantly from where they are. Right now rates have been resting between 6% and 7% for six weeks, and our market expert predicts they’ll remain there for most of 2024. They may even dip below 6% sometime this year, per his forecast, although there are, of course, no guarantees.
The first step toward getting a lower rate is to learn which factors determining mortgage rates are in your control. Then, you can take action to influence the rates you’re being offered. Here are a few steps you can take today to get the best mortgage rate:
When should I lock in my mortgage rate?When you apply for a mortgage, you’ll receive a loan estimate (LE) back from the lender. If the terms in the loan estimate look good, you’ll want to ask the lender to give you a mortgage rate lock. That way, you’ll have access to the same interest rate you see in your LE when you arrive at closing.
Virginians who need assistance getting into a home have many good options, especially if they’re first-time homebuyers.
This program offers grants of up to 20% of your mortgage loan amount to cover a down payment, plus up to $2,500 toward closing costs. Eligible homebuyers must agree to remain in the home for five to 15 years, depending on the size of the grant. If they don’t, the grant will have to be repaid in full.
Borrowers must:
Be first-time homebuyers
Earn no more than 80% of the area median income
Go through homeownership counseling and a homebuyer education course
Have at least a 620 credit score
Contribute between $500 and 1% of the home’s sale price, depending on the borrower’s income level
This grant program provides up to 2% of the home’s purchase price in funds to help you cover closing costs. Buyers can use Rural Housing Service (RHS) or VA loans, so the grant money can also be used toward RHS guarantee fees and VA loan funding fees. Even better — the money doesn’t have to be paid back.
Borrowers must:
Be a first-time homebuyer, or a repeat buyer purchasing in an Economic Opportunity area
Purchase using a RHS or VA loan
Earn annual income that falls within the program’s income limits, which vary by location
Purchase a home within price limits, which range from $450,000 to $725,000
This program, which is only available in the city of Chesapeake, offers up to $25,000 in down payment and closing cost assistance. The funds come in the form of a grant, which doesn’t have to be repaid as long as you live in the home for five to 10 years. If you want to move, refinance or sell before that point, the grant must be repaid.
Borrowers must:
Be first-time homebuyers
Have an annual income within the program’s income limits, which range from $55,450 for a one-person household to $104,550 for an 8-person household
Take a first-time homebuyer education course
Contribute at least 1% of the total sales price with their own money
→ Virginia conventional loans. Conventional loans are one of the most commonly used loan types — and if you can qualify, they’re often a good choice. However, it can be a challenge to meet the minimum requirements, which require at least a 620 credit score.
→ Virginia FHA loans. If conventional loans aren’t in reach, you’ll be happy to know that FHA loan requirements set a more accessible bar. You can qualify with a credit score as low as 500, but to do so, you’ll need to make at least a 10% down payment. If your credit score is at least a 580, though, you can put down as little as 3.5%.
→ Virginia VA loans. VA loan requirements are even more flexible than conventional or FHA loan requirements, but you need to be a qualified military borrower to take advantage.
→ Virginia streamline refinances are for borrowers who want to refinance from an FHA loan into another FHA loan, or from a VA loan into another VA loan. The two options are FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs). They make it simpler and faster to refinance compared to conventional refinances.
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