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Review current va mortgage rates for April 30, 2017 and get personalized mortgage quotes from top lenders
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Mortgage Rate ReportSunday, April 30, 2017
After holding steady for the past two weeks, mortgage rates inched higher on the week although rates remain highly attractive for borrowers. Despite the Fed's decision to raise interest rates in March and its more hawkish forecast for 2017, mortgage rates had actually dropped significantly since the Fed's announcement and hit their low point for the year last week before moving slightly higher.
Mortgage rates jumped .250% to .375% in advance of the Federal Reserve's meeting as most lenders factored the rate hike into their mortgage rate pricing before the Fed's official announcement. In the weeks following the Fed's decision, the mortgage market settled down with mortgage rates falling .375% to .500% across all mortgage programs. Enhanced clarity into the Fed's decision-making process and a rebound in the bond market amidst global geopolitical uncertainty helped push mortgage rates lower and stabilized the market after after weeks of turbulence.
Mortgage rates climbed moderately on the week with the interest rate for a 30 year fixed rate mortgage up .125% to 3.875% while the interest rate for a 15 year mortgage moved to 3.000%. The interest rate on a 5/1 adjustable rate mortgage (ARM) also increased .125% to 2.875%. VA and FHA mortgage rates also moved higher but continue to be highly appealing for home buyers seeking low down payment options with FHA and VA mortgage rates both sitting at an attractive 3.375%. Non-owner occupied mortgage rates were not exempt from the market's gravity and rose .125% to 4.125%. Jumbo mortgage rates bucked the trend for the week and remained at 3.875%, consistent with the interest rate for a conforming 30 year fixed rate loan.
After touching their low for the year, mortgage rates moved higher but remain relatively stable this week despite signs of growing economic momentum that appear to be influencing the Federal Reserve's decision making. The positive domestic economic news has recently been offset by increasing global turmoil which pushed bond prices higher while moving mortgage rates lower. Positive signs from the housing market over the past week, however, may have provided the catalyst for the increase in rates.
Although the past several weeks prove that interest rates are impossible to predict, the Fed’s decision to raise the federal funds rate and its more aggressive forecast signal that mortgage rates are likely to rise over the course of 2017, potentially at an increased pace. Prospective borrowers looking to buy a home or refinance may be able to lock in a lower interest rate by acting sooner rather than later, before mortgage rates go up again.
Because interest rates are unpredictable we continue to actively monitor the mortgage marketplace for changes. Borrowers should check the FREEandCLEAR mortgage rate tables regularly to review customized, updated mortgage rates for lenders in their area. Our rate tables are free to use and require no personal information.
Why Select an VA Mortgage
No Down Payment.
The VA home loan program enables eligible borrowers to buy a home with no down payment which means they can get a mortgage for 100% of the property purchase price. Most mortgage programs require borrowers to make a down payment of 3% - 20%. Active and retired military personnel, including individuals in the reserves and national guard are eligible for the VA home loan program.
Low Interest Rate.
The interest rate for a VA mortgage is typically .250% - .500% lower than the current interest rate on a conventional loan or other low / no down payment mortgage programs. This is because military personnel are considered credit-worthy borrowers and because the government guarantees 25% of the loan amount, which protects the lender against default. To help pay for the guarantee, VA loan program requires borrowers to pay a one-time, up-front VA funding fee. The funding fee ranges from 1.25% - 2.15% of the loan amount depending on your down payment, type of military service and if this your first time using a VA mortgage program.
No Ongoing Mortgage Insurance.
Unlike the FHA program and most other low or no down payment mortgage programs, the VA program does not require borrowers to pay an ongoing mortgage insurance premium. Not requiring ongoing mortgage insurance reduces your total monthly housing expense and makes owning a home more affordable.
For Home Purchases and Refinancings.
Borrowers can use the VA home loan program to buy a home or to refinance their existing mortgage. The VA offers a special refinance program, also known as a VA Streamline or IRRRL Refinance, that requires less paperwork than a regular refinance, making the process more efficient for borrowers. The VA also offers the the VA Energy Efficient Mortgages (EEM) Program that enables borrowers to include up to $6,000 in energy efficiency home improvements in their VA loan amount.
Why Borrowers Compare Mortgage Rates on FREEandCLEAR
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More FREEandCLEAR Mortgage Resources
Determine what size VA mortgage you qualify for and the amount of the required up-front VA funding fee
Review our in-depth overview of of the VA home loan program including borrower qualification guidelines and loan limits
Review our detailed comparison of low and no down payment mortgage programs including key program attributes and eligibility requirements
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