Vermont mortgage rates are influenced by a variety of factors, but there are things you can do to get a lower rate and make homeownership more attainable.
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Interest rates reflect the cost of borrowing. Not only do they help determine the cost of a monthly payment, but they also determine the overall cost of buying a home.
Each payment goes toward the loan principal, which is the amount borrowed, and interest, which is the amount paid to the lender. Unless paying by cash, homebuyers must account for both principal and interest to understand a home’s true cost.
You can prepare yourself for homeownership by learning about possible ways to lower your mortgage rate in Vermont, how rates are determined, and what homeownership assistance programs Vermont offers.
WEEKLY TRENDS AND INSIGHTS
On the week of October 4, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %.
For context, a 30-year fixed-rate mortgage was NaN basis points higher a year ago. As for a 15-year fixed-rate mortgage, it was NaN basis points higher a year ago.
Mortgage rates in Vermont are determined the same way as they are throughout the rest of the United States. The Federal Reserve plays a large role by controlling the federal funds rate, which is the rate it recommends banks lend to one another for overnight loans. This influences the prime rate, which is what the best-qualified borrowers receive. The prime rate is often about 3% higher than the federal funds rate.
One of the Federal Reserve’s jobs is to fight inflation, which is influenced by factors such as global economic conditions. However, local economic conditions can also influence mortgage rates. It’s possible for an area with a strong housing demand to have higher mortgage rates than one that doesn’t.
Also remember that borrowers’ personal credit histories and current financial situations play significant roles, too. Borrowers who pay their bills on time and have a low amount of debt often receive better rates than their peers.
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If you need financial assistance to buy your first home, Vermont has first-time homebuyer programs for qualified applicants who may be struggling to save enough money for a down payment:
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Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.
Product | Interest rate | APR | ||||
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General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Oct 07, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Oct 07, 2024. These rates are based on the assumptions shown here. Actual rates may vary. |
To get the best mortgage rate in Vermont, consider the following strategies:
There are five types of mortgages you may want to consider: conventional, FHA, VA, USDA, and jumbo loans.
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