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Mortgage Insurance: The monthly cost for a policy that protects the lender in case you're unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
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Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
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Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
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FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
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Compare VA Mortgage Rates and Lenders

Review current va mortgage rates for June 23, 2018 and get personalized mortgage quotes from top lenders

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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
 

Mortgage Rates by Loan Product

Loan
Current Rate
Last Week
Trend
4.375%
4.500%
3.875%
3.875%
3.875%
3.875%
3.750%
3.875%
3.875%
3.875%
4.500%
4.500%
4.625%
4.750%

Mortgage Rate Report

Saturday, June 23, 2018

Mortgage rates dipped slightly this week after rising in response to the Federal Reserve's decision to raise interest rates at its June meeting last week.  In its statement, the Fed pointed to a robust labor market, improving household spending, sustained business investment and accelerating inflation to support a 0.250% increase in the target Fed Funds rate to 1.750% to 2.000%.  The Fed's removal of measured language from its statement as well as highly positive comments on the economy by Fed Chair Jerome Powell also improved the probability of two more increases rate moves this year and in 2019 as well.

Although June's quarter point rate surprised few, there were mixed opinions prior to the meeting over the number of increases to expect for the remainder of 2018, with moderate wage growth, lower than targeted inflation and potential international trade wars providing rationale for the Fed to pause or slow future rate hikes.  Following meeting, however, there is greater certainty regarding the Fed's apporach for the second half of 2018.

While the increase in interest rates and the Fed's more hawkish outlook drove mortgage rates higher across the board last week, in good news for borrowers, we saw rates pullback for several programs this week.  It appears that by effectively telegraphing its intentions, the Fed brought increased stability to the mortgage market, which positively impacted rates for certain programs.

The mortgage rate for a 30 year fixed rate loan slid 0.125% higher to 4.375% while the rate for a 15 year fixed rate mortgage remained at 3.875%.  The interest rate on a 5/1 adjustable rate mortgage (ARM) was also steady at 3.875%.  FHA mortgage rates stayed put at 3.875%, matching VA mortgage rates which held at 3.875%, with both programs remaining attractive to borrowers focused on low or no down payment programs, especially first time home buyers.  Jumbo mortgage rates were stable 4.500% while non-owner occupied mortgage rates moved 0.125% lower to 4.625%.

Although the Fed's move to raise rates was widely expected, the mortgage market reaction to the news was better than expected.  Rates increased less than expected initially and dropped slightly this week.  We have seen rates gradually move higher this year in response to the Fed's forecast and expectations for future rate hikes were reinforced this week.  While interest rates are impossible to predict, prospective borrowers looking to buy a home or refinance their mortgage may be able to lock in a lower rate by acting sooner rather than later.  As lenders react differently to shifting market conditions, we have also seen the variation in mortgage rate pricing grow recently, which means borrowers benefit more by shopping multiple lenders.

Because rates fluctuate constantly, we continue to actively monitor the market for new developments.  Borrowers should check the FREEandCLEAR mortgage rate tables regularly to review personalized, 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

1

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.

2

Low Interest Rate.

VA mortgage rates are typically .250% - .500% lower than the current interest rate on a conventional loan or other no or low 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, the VA loan program requires borrowers to pay a one-time, upfront 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.  Lower VA mortgage rates are one of the main benefits of the program. 

3

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.

4

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 VA Mortgage Rates on FREEandCLEAR

Save Money
Save Money.

Comparing VA mortgage rates can save you thousands. Use our rate tables to find the lender offering the lowest rates and fees

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Top Lenders.

Review VA mortgage rates from leading lenders. Our lenders offer highly competitive terms to win your mortgage business

More FREEandCLEAR Mortgage Resources

Mortgage Calculators

VA Mortgage Qualification Calculator

Determine what size VA mortgage you qualify for and the amount of the required up-front VA funding fee

Programs

VA Mortgage Overview

Review our in-depth overview of of the VA home loan program including borrower qualification guidelines and loan limits

Mortgage Guides

Low / No Down Mortgage Program Comparison

Review our detailed comparison of low and no down payment mortgage programs including key program attributes and eligibility requirements

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