Mortgage rates crept higher across the board this week, with the average 30-year fixed rate increasing, slightly to 6.81%, according to the Mortgage Bankers Association.
Mortgage interest rates are forecasted to decline somewhat throughout 2024, as the Federal Reserve projects rate cuts will begin sometime this year. Here are the current mortgage rates, as of Jan. 10:
- 30-year fixed: 6.81% with 0.61 points (previous week: 6.76% with 0.61 points).
- 15-year fixed: 6.41% with 0.55 points (previous week: 6.26% with 0.73 points).
- .5/1 ARM: 6.17% with 0.56 points (previous week: 5.71% with 0.59 points).
- 30-year jumbo loans: 6.98% with 0.43 points (previous week: 6.86% with 0.41 points).
- 30-year FHA loans: 6.56% with 0.84 points (previous week: 6.51% with 0.86 points).
The Hawaii Housing Finance & Development Corp. has a couple of programs to help potential Hawaii homebuyers purchase a home.
- Available to: Eligible Hawaii homebuyers.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only? No, but must not have had an ownership interest in a principal residence at any time in the last three years.
- Benefits: A federal income tax credit of up to 20% of your annual mortgage interest, resulting in a dollar-for-dollar reduction of your annual federal income tax liability.
- Available to: Eligible Hawaii homebuyers.
- Income limits: Vary by county and household size (see income limits).
- First-time homebuyers only? No.
- Benefits: The opportunity to purchase affordably priced housing in government-sponsored developments. Purchase prices range from $250,000 to $500,000 but are subject to change without notice.
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:
