10/30/2024
Heads up, homebuyers! Mortgage rates are on the move, and now might be a great time to explore your options.
Here’s a quick rundown of the latest rates:
FHA Loan (~6.22%)
Great for first-time buyers, FHA loans offer low down payments and flexible credit requirements.
FHA 203(k) Loan (~6.2–6.5%)
Perfect for those looking to buy and renovate, this loan covers both the purchase price and home repairs.
5/1 ARM (~6.74% APR ~7.75%)
A lower rate for the first five years, with adjustments afterward—ideal if you plan to move before the rate changes.
7/1 ARM (~6.90% APR ~7.68%)
This loan offers a stable rate for seven years before adjusting, providing flexibility for medium-term plans.
Jumbo Loan (~6.85% APR ~7.15%)
For high-value properties, this loan covers amounts above conventional limits, with stricter requirements.
Balloon Mortgage (Rates vary)
Low initial payments, but a large lump sum payment is due at the end. Higher risk, but lower monthly costs upfront.
VA Loan (~6.42% APR ~6.70%)
Available to veterans and active military, VA loans offer competitive rates and no down payment options.
30-Year Fixed (~7.13% APR ~7.20%)
The go-to loan for long-term homeowners, offering stable payments over 30 years.
15-Year Fixed (~6.28% APR ~6.40%)
Pay off your mortgage faster and save on interest with this shorter-term loan, ideal for those wanting to build equity quickly.
These rates may change based on your qualifications.
Not sure which option works best for you?
Inbox us today to see if you can get prequalified for a mortgage 📨.
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📍Serving clients in Georgia, California, Texas, Florida, & South Carolina.
🏡 Mortgage Broker: Benjamin Kelly
🪪 NMLS # 1422144
