Mortgage rates continue to moderate at the start of 2024, according to the Mortgage Bankers Association. The average 30-year fixed rate is 6.76% – a full percentage point lower than just two months ago. Adjustable mortgage rates dipped under 6% for the first time since June 2023.
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. 3:
- 30-year fixed: 6.76% with 0.61 points (previous week: 6.71% with 0.55 points).
- 15-year fixed: 6.26% with 0.73 points (previous week: 6.41% with 0.5 points).
- 5/1 ARM: 5.71% with 0.59 points (previous week: 6.26% with 0.59 points).
- 30-year jumbo loans: 6.86% with 0.41 points (previous week: 6.85% with 0.34 points).
- 30-year FHA loans: 6.51% with 0.86 points (previous week: 6.5% with 0.73 points).
Kansas homebuyers can get help buying new homes through a program from Kansas Housing Resources Corporation.
- Available to: First-time homebuyers or buyers who have not owned a home for three years; buyers must make an investment of 2% of the sale price from their own funds.
- Income limits: A median income at or below 80% of their area.
- First-time homebuyers only?: No.
- Down payment and closing cost assistance: Homebuyers can apply for a 0% interest loan in the amount of 15% or 20% of the purchase price of the home. The loan is forgiven if the buyer remains in the home for 10 years.
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:
