There are many home refinance options, and each comes with slightly different features and rates.
Current 30-year fixed mortgage refinance rates are averaging: 7.31%
The current average rate for a 15-year fixed mortgage refinance is: 6.76%
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 doesn’t expect rates to skyrocket or plummet this year. Instead, they’re likely to spend the majority of their time between 6% and 7%, with the potential to dip a little bit lower by the end of the year.
There are many factors determining mortgage rates, and only some of them are within your control. Here are a few steps you can take right now to get the best mortgage rate:
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 want to buy and applied for a mortgage, it’s time to request a mortgage rate lock. The lock will preserve the interest rate you were quoted in your loan estimate, so it won’t increase before you make it to the closing table.
This program from the Nebraska Investment Finance Authority (NIFA) gives first-time homebuyers the combined buying power of two loans: a purchase loan and a 10-year second mortgage to help cover closing costs or a down payment. The second loan provides up to 5% of the first mortgage amount and comes with a low 1% interest rate. It’s a great opportunity if you’re interested in house hacking, too — you can buy a single-family home or a two- to four-unit property.
The program is designed for first-time homebuyers, but it’s also open to veterans, people buying in targeted areas and those who have lost a home to specific hardships, including divorce and natural disasters.
Who qualifies?Borrowers must:
Have a minimum 640 credit score with a maximum 45% debt-to-income (DTI) ratio, or a minimum 660 credit score with a maximum 50% DTI ratio. Borrowers with no credit may still qualify.
Earn no more than the program’s household income limits, which vary by location and household size. If you buy a two- to four-unit property, future rental income will be included in your income calculation.
Purchase a home within the program’s price limits, which vary by the number of units at the property and its location.
Occupy the property within 60 days of closing.
Complete a homebuyer education course.
Contribute at least $1,000 of their own funds.
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
However, exceptions to the first-time homebuyer requirement will be made for:
Those purchasing in targeted areas in the counties of Adams, Douglas, Jefferson, Lancaster or Scotts Bluff
Veterans who don’t have a dishonorable discharge
People who lost a home in a divorce and didn’t receive any money from the house’s sale
People who lost a home in a natural disaster
People who lost a home because of job relocation
Repeat buyers who want to purchase in Nebraska can use this program to buy a home with a 30-year conventional, FHA, VA or USDA loan. It’s similar to the First Home program we covered above, but comes with higher income and purchase price limits. Borrowers can combine their purchase loan with a second mortgage loan to help boost down payment funds or cover closing costs. The second mortgage comes with a 10-year term and 1% interest rate.
Who qualifies?Borrowers must:
Have a minimum 640 credit score with a maximum 45% debt-to-income (DTI) ratio, or minimum 660 score with a maximum 50% DTI ratio. Borrowers with no credit may still qualify.
Earn no more than the program’s household income limit, which is $160,000.
Purchase a home within the program’s price limits, which are $470,000 for a one-unit home and $601,000 for two units.
Occupy the property within 60 days of closing.
Complete a homebuyer education course.
NIFA has a special version of the First Home program for military service members, which offers low-interest-rate VA, FHA or USDA loans. Both active military and qualified veterans and spouses can participate, but borrowers on active duty must meet first-time homebuyer requirements; veterans and military spouses don’t have to.
Who qualifies?Active-duty service members must:
Have never owned a home or not owned real estate in the last three years
Veterans and their spouses must:
Not have a dishonorable discharge listed on your DD214 form
→ Nebraska conventional loans. Borrowers with good credit scores often choose conventional loans, but their minimum requirements can be tough to reach for those with imperfections in their credit history. You must have a 620 credit score or higher to qualify.
→ Nebraska FHA loans. FHA loan requirements are much more forgiving than conventional loan requirements, especially when it comes to credit scores. You may qualify with a credit score as low as 500 if you make a 10% down payment. Those with at least a 580 score can put down as little as 3.5%.
→ Nebraska VA loans. VA loan requirements give military borrowers a great home loan option and come with very competitive rates. Borrowers with full VA entitlement can purchase or refinance without making a down payment or paying for mortgage insurance.
→ Nebraska streamline refinances are only for those who want to refinance an FHA loan or VA loan to another loan of the same type. FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs) allow you to do this with less paperwork and less hassle than other refinance types.
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