Mortgage rates increased again this week, according to the Mortgage Bankers Association. Interest rates are expected to remain higher for longer until the economy cools down and inflation shows signs of slowing.
Looking forward, mortgage interest rates are still forecasted to decline somewhat throughout 2024, as the Federal Reserve projects rate cuts will begin sometime later this year. Here are the current mortgage rates, as of April 24:
- 30-year fixed: 7.24% with 0.66 points (previous week: 7.13% with 0.65 points).
- 15-year fixed: 6.75% with 0.64 points (previous week: 6.64% with 0.64 points).
- 5/1 ARM: 6.64% with 0.87 points (previous week: 6.52% with 0.6 points).
- 30-year jumbo loans: 7.45% with 0.56 points (previous week: 7.4% with 0.46 points).
- 30-year FHA loans: 7.01% with 0.94 points (previous week: 6.9% with 0.99 points).
New Hampshire Housing Finance Authority provides multiple programs to help New Hampshire homebuyers purchase a home. These include tax credits, forgivable second mortgages for down payment or closing cost assistance, rehab loans and low mortgage insurance requirements.
- Available to: Eligible New Hampshire homebuyers.
- Income limits: Incomes up to $135,300.
- First-time homebuyers only? No.
- Benefits: Federal Housing Administration, Veterans Affairs or United States Department of Agriculture Rural Development mortgage with up to 3% of the loan amount in cash funds for down payment or closing cost assistance in the form of a forgivable four-year second mortgage.
- Available to: Eligible New Hampshire homebuyers.
- Income limits: Up to 80% area median income.
- First-time homebuyers only? No.
- Benefits: Conventional mortgage with up to 3% of the loan amount in cash funds for down payment or closing cost assistance in the form of a forgivable second mortgage.
- Available to: Eligible New Hampshire homebuyers buying a fixer-upper.
- Income limits: Incomes up to $135,300.
- First-time homebuyers only? No.
- Benefits: Allows you to add up to $35,000 to your purchase mortgage for repairs and upgrades; qualify with a down payment as low as 3.5%.
- Available to: Qualifying New Hampshire borrowers who finance their homes with a New Hampshire Housing first mortgage.
- Income limits: Vary by area and household size (see income limits).
- First-time homebuyers only? No.
- Benefits: A federal tax credit of up to $2,000 per year based on interest paid.
- Available to: Qualifying New Hampshire homebuyers in specific New Hampshire resident-owned communities.
- Income limits: Incomes up to 80% of the area median income.
- First-time homebuyers only? No.
- Benefits: Low conventional rates, down payment as low as 5% and low mortgage insurance requirements.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks: