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).
Oregon homebuyers can get help with down payments and closing costs from these programs.
- Available to: Eligible homebuyers who have completed homebuyer education and the recommended coaching from a qualified organization. The program is geared toward low to moderate income families and individuals, communities of color, and Oregon veterans.
- Income limits: vary by county.
- First-time homebuyers only?: Yes.
- Down payment and closing cost assistance: Borrowers may qualify for up to $15,000 in down payment and/or closing cost assistance.
- Available to: First-time homebuyers or buyers who have not held ownership in a principal residence during the three-year period prior to the date of the new mortgage. This requirement is waived in targeted areas.
- Income limits: vary by county.
- First-time homebuyers only?: No.
- Down payment and closing cost assistance: Borrowers will get a low fixed interest rate on their home loan along with cash assistance equal to 3% of their loan amount to help reduce the total closing costs.
- Available to: First-time homebuyers or those who haven’t owned a principal residence in the previous three years. This requirement is waived for those purchasing in a targeted area.
- Income limits: vary by county.
- First-time homebuyers only?: No.
- Benefit: Eligible borrowers will get the lowest fixed rate possible.
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: