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).
The Nebraska Investment Finance Authority provides several programs to help Nebraska homebuyers afford a home. They include 30-year fixed-rate mortgages and second mortgages to help with closing cost or down payment assistance.
- Available to: Eligible Nebraska active military homebuyers or qualified veterans.
- Income limits: Vary by household size and county (see income limits).
- First-time homebuyers only? No.
- Benefits: 30-year fixed-rate loan.
- Available to: Eligible Nebraska homebuyers.
- Income limits: Vary by household size and county (see income limits).
- First-time homebuyers only? No.
- Benefits: A 10-year fixed-rate second mortgage of up to 5% of the home’s purchase price for down payment or closing cost assistance.
- Available to: First-time homebuyers or those who have not owned and lived in a home as their primary residence in the past three years and who don’t need down payment and closing cost assistance.
- Income limits: Vary by household size and county (see income limits).
- First-time homebuyers only? No.
- Benefits: 30-year fixed-rate loan.
- Available to: Eligible Nebraska homebuyers purchasing a home in a federal target area.
- Income limits: Vary by household size and county (see income limits).
- First-time homebuyers only? No.
- Benefits: 30-year fixed-rate loan.
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: