Refinance rates in New HampshireCurrent 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 calls for cautious optimism, as we enjoy an over eight-week stretch of rates under 7%. Our market expert, Jacob Channel, expects 30-year rates to remain between 6% and 7% for most of 2024, with the potential to go even lower by the end of the year.
With progress on inflation looking strong, investors and market-watchers are all hoping the Federal Reserve could start cutting interest rates soon. That said, a little patience is still needed, since a cut isn’t likely to come before mid-spring, at the earliest.
To get the best mortgage rates, you’ll need to understand which factors determining mortgage rates are within your control. Here are a few steps you can take to get more competitive offers today:
Read more about our picks for the best mortgage lenders.
When should I lock in my mortgage rate?Once you’re ready to move forward with a loan offer, you can request that your lender give you a mortgage rate lock. When your rate is locked in, it can’t increase for a set amount of time. This gives you a window of opportunity to make it to closing without having to worry about rising rates.
The New Hampshire Housing Finance Authority (NHH) offers purchase mortgages that come with up to $10,000 that can be used toward a down payment or closing costs, and these latter funds are fully forgivable. As long as you don’t sell, refinance or file for bankruptcy during the first five years of your loan, you won’t have to repay the money. NHH has the flexibility to work with buyers of many income levels, and you don’t have to be a first-time homebuyer to qualify.
Who qualifies?Borrowers must:
Choose an NHH program appropriate to their income level:
Purchase a home within the program’s price limits:
Complete a homebuyer education course
Have a minimum 620 credit score
This program, also from New Hampshire Housing, is exclusively for first-generation homebuyers. Like the programs covered above, it offers a forgivable second mortgage for up to $10,000. However, the big perk here is that 1stGenHome funds can be used in addition to any money you’ve acquired from other down payment assistance programs, including other NHH programs (including those listed above). That means that if you qualify for a 1stGenHomeNH loan, you have the potential to access $20,000 total in down payment and closing cost assistance from NHH.
Who qualifies?Borrowers must:
Use the funds in conjunction with a NHH first mortgage
Borrowers and their spouses must*:
Qualify as first-generation homebuyers, which means that you:
*Exceptions are granted for:
First-time homebuyers in Portsmouth, N.H., can access up to $65,000 in down payment and closing cost assistance through the Portsmouth Housing Endowment Trust Fund (PHEF). The funds come in the form of a repayable second mortgage and, in some cases, a third mortgage. Neither of these loans come with interest or monthly payments, but the second mortgages must be repaid after 10 years. Third mortgages don’t have to be repaid unless you sell or transfer ownership of the house.
Who qualifies?Borrowers must:
Have lived in Portsmouth for at least two years or previously lived in the city for 10 years and currently reside within 30 miles of it*
Be first-time homebuyers
Purchase a home in the city of Portsmouth
Make less than the program’s income limits
Contribute at least 1% of the purchase price from your own funds
Take a homebuyer education course
*An exception to this requirement will be made for full-time City of Portsmouth employees.
Who qualifies as a first-time homebuyer? People who have never owned a home
People who haven’t owned a principal residence in the last three years
→ New Hampshire conventional loans. You’re likely familiar with conventional loans, which many consider the industry standard. If you have at least a 620 credit score and can make a 3% down payment, they’re a great option.
→ New Hampshire FHA loans. For borrowers who can’t meet conventional loan requirements, FHA loans can be a better choice. FHA loan requirements are far more forgiving, allowing borrowers with a minimum 500 credit score to purchase a home with a 10% down payment. However, if your score is at least a 580, you can put down as little as 3.5%.
→ New Hampshire VA loans. VA loan requirements are even more flexible, since they’re designed to put homeownership in reach for as many military borrowers as possible. Those with qualifying service histories can purchase or refinance without making a down payment or paying for mortgage insurance.
→ New Hampshire streamline refinances are for borrowers looking to refinance from an FHA loan into another FHA loan or from a VA loan into a new VA loan. You can access these options through an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL). They’re known as “streamline” refinances because they require less time, paperwork and hassle than other refinances.
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