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 Idaho Housing and Finance Association offers many programs to aid Idaho homebuyers. Programs include breaks on mortgage insurance, down payment assistance, closing cost assistance and federal tax credits.
- Available to: Eligible Idaho homebuyers.
- Income limits: Vary based on county and loan type (see income limits).
- First-time homebuyers only? No.
- Benefits: A Freddie Mac gift of up to 1% of the loan amount to be used for down payment or closing cost assistance, 97% maximum loan-to-value ratio and the potential for lower mortgage insurance depending on the loan type.
- Available to: Eligible Idaho homebuyers.
- Income limits: Vary based on county and loan type (see income limits).
- First-time homebuyers only? No.
- Benefits: Up to 97% loan-to-value ratio and possible lower mortgage insurance.
- Available to: Eligible Idaho homebuyers.
- Income limits: May apply up to $110,000.
- First-time homebuyers only? No.
- Benefits: A 10-year fixed-rate second mortgage to assist with closing costs or the down payment of up to 3.5% of the sales price.
- Available to: Eligible Idaho homebuyers.
- Income limits: May apply up to $110,000.
- First-time homebuyers only? No.
- Benefits: A 0% interest seven-year forgivable loan of up to 3.5% of the sales price for down payment and/or closing cost assistance.
- Available to: First-time homebuyers, targeted areas or someone who has not owned a primary residence in the last three years.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only? No.
- Benefits: A federal income tax credit of up to 35% of the interest paid with a cap of $2,000 per year.
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:
