Mortgage interest rates increased this week, according to the Mortgage Bankers Association. Mortgage application activity decreased in turn, showing that today’s buyers remain sensitive to minor fluctuations in rates.
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 June 5:
- 30-year fixed: 7.07% with 0.65 points (previous week: 7.05% with 0.63 points).
- 15-year fixed: 6.75% with 0.63 points (previous week: 6.66% with 0.69 points).
- 5/1 ARM: 6.37% with 0.63 points (previous week: 6.64% with 0.77 points).
- 3-year jumbo loans: 7.21% with 0.41 points (previous week: 7.22% with 0.43 points).
- 30-year FHA loans: 6.87% with 0.96 points (previous week: 6.85% with 0.95 points).
Mississippi homebuyers can get help with down payments and closing costs from these Mississippi Home Corporation (MHC) programs.
- Available to: Borrowers with a minimum 640 credit score.
- Income limits: Household annual income of $95,000 or less.
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Benefit: Lower mortgage insurance premiums and competitive interest rates.
- Down payment and closing cost assistance: Borrowers may be eligible for Smart Solution Second, a 10-year second mortgage with the same rate as the first that covers a 3.5% down payment.
- Available to: First-time homebuyers or buyers who have not owned a principal interest in a residence in the past three years, or buyers in target areas.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only?: No.
- Benefit: Claim 40% of your mortgage interest (up to $2,000 per year) as credit on federal income taxes, and the remaining 60% of interest as a deduction.
- Available to: Applicants who agree to live and teach in specific counties with critical teacher shortages for a period of three years.
- Income limits: None, unless using with another MHC loan product.
- First-time homebuyers only?: No.
- Loan options: 25- or 30-year fixed-rate Fannie Mae conventional loans.
- Down payment and closing cost assistance: Mississippi Department of Education assistance will cover closing costs up to $6,000. Assistance can also be used to cover the required down payment (less borrower’s 1% required contribution).
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: