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.The current mortgage rates forecast calls for optimism with a dash of realism.
Our ray of sunshine is that interest rates aren’t expected to rise significantly in 2024. LendingTree market expert Jacob Channel predicts that 30-year rates will decline over the course of the year and end up near — or even below — 6%.
There are some clouds in the picture, however: We’re still in an affordability crisis and that’s unlikely to change any time soon. Demand continues to outstrip supply, and building enough new homes to change that is an expensive and logistically challenging undertaking. However, if rates go low enough we could see more existing homes come on the market — which could ease some of the burden.
There are many factors determining mortgage rates, and not all of them are in your control. Focus on what you can change with these tips for how to get the best mortgage rate:
When should I lock in my mortgage rate?Once you’ve chosen a loan offer, you should reach out to the lender to request a mortgage rate lock. That way, your interest rate won’t increase in the time it takes you to close on the house.
This program combines a purchase mortgage with a second mortgage offering down payment assistance of up to 3% of the loan amount. The assistance will be forgiven after 15 years, so you won’t have to make any payments as long as you don’t sell or refinance the home before those 15 years are up. NC Home Advantage mortgages are conventional, FHA, VA or USDA loans.
Borrowers must:
Purchase a home in North Carolina
Earn no more than $134,000 per year
Have a minimum 640 credit score
Move into the home within 60 days
First-time homebuyers and veterans can qualify for a special, more robust version of the NC Home Advantage Mortgage program described above. It’s a similar setup: a purchase loan combined with a second mortgage that offers down payment assistance. You’ll pay no interest on the assistance and the second mortgage will be forgiven after 15 years. However, first-time homebuyers and veterans can access even more money, up to a maximum of $15,000 in down payment funds.
Although the program is designed for first-time homebuyers, repeat buyers who are also civilians may be able to use the program if they purchase a home within special targeted areas.
All borrowers must:
Purchase in North Carolina
Have family income within the program’s income limits
Have a minimum 640 credit score
Move in within 60 days of purchasing the home
First-time homebuyers must:
Not have owned a home within the last three years
This program helps first-time homebuyers purchase a home in Wake County (excluding the cities of Cary and Raleigh). Borrowers can access up to $50,000 in forgivable funds to put toward a home purchase.
Borrowers must:
Be first-time homebuyers
Meet household income limits, which range from $63,500 for a one-person household to $90,650 for a four-person household
Have a minimum 640 credit score
→ North Carolina conventional loans. Conventional loans are a very common choice, but you’ll need at least a 620 credit score to qualify.
→ North Carolina FHA loans. FHA loan requirements allow borrowers to qualify with a credit score as low as 500 — however, you’ll have to make a 10% down payment. If you have at least a 580 credit score, though, you’ll only have to put down 3.5%.
→ North Carolina VA loans. Designed with the unique needs of veterans in mind, VA loan requirements offer a lot of flexibility. If you have full VA entitlement, you can purchase or refinance without making a down payment.
→ North Carolina streamline refinances are either FHA streamline refinances or VA interest rate reduction refinance loans (IRRRLs). They’re only for borrowers who want 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?Get Custom Mortgage Rates and Offers Today
