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 West Virginia Housing Development Fund offers a few options to assist West Virginia homebuyers. Benefits of these programs include breaks on mortgage insurance and down payment and closing cost assistance.
- Available to: Income-eligible West Virginia homebuyers.
- Income limits: Vary by household size (see income limits).
- First-time homebuyers only? No.
- Benefits: Access to down payment and closing cost assistance of up to $5,000 or $8,000, depending on the loan-to-value-ratio, in the form of a 15-year fixed-rate loan with a 2% interest rate.
- Available to: Income-eligible West Virginia homebuyers.
- Income limits: Limited to 80% of area median income (see income limits).
- First-time homebuyers only? No.
- Benefits: Access to down payment and closing cost assistance of up to $5,000 or $8,000, depending on the loan-to-value-ratio, in the form of a 15-year fixed-rate loan with a 2% interest rate. This program has a reduced interest rate and lower private mortgage insurance compared to the regular Movin’ Up program.
- Available to: Eligible West Virginia homebuyers.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only? No.
- Benefits: Up to 100% financing and access to down payment and closing cost assistance of up to $7,500 or $10,000, depending on the loan-to-value-ratio, in the form of a 30-year fixed-rate mortgage.
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: