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).
SC Housing offers homeownership assistance programs to help eligible South Carolina homebuyers afford a home. These programs offer down payment and closing cost loans, and reduced mortgage insurance on certain loan types.
- Available to: Eligible South Carolina homebuyers.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only? Yes, for nontargeted counties.
- Benefits: Low- to moderate-income borrowers may qualify for a competitive fixed-interest-rate mortgage
loan. Down payment and/or closing cost assistance of up to $8,000 may be available, in the form of a 10- or 20-year forgivable second mortgage with no monthly payments and a 0% interest rate.
- Available to: Eligible South Carolina homebuyers.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only? Yes, for nontargeted counties (see list of counties).
- Benefits: This federal tax credit may reduce your income tax liability each year by an amount equal to 50% of the mortgage interest paid or $2,000, whichever is less.
- Available to: Eligible South Carolina homebuyers.
- Income limits: Vary by county (see income limits). The maximum borrower income limit for a conventional loan is 80% of area median income as determined by Fannie Mae or Freddie Mac.
- First-time homebuyers only? No.
- Minimum credit score: 640.
- Benefits: The program offers conventional mortgage options with no sales price limits, forgivable down payment assistance of 3%, 4% or 5% of the loan amount, and reduced mortgage insurance coverage (18%).
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: