Today's 30-year mortgage rate in Nebraska averages 5.98%, lower than the national average of 6.40%. Homebuyers can tap into beneficial programs such as the First Home Program and the Military Home Program to help reduce mortgage expenses.
Mortgage
Today's Mortgage Rates in Nebraska (October 2024)
Updated: October 16, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Nebraska. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated on October 2024.
Current Mortgage Rates in Nebraska
The current mortgage rate in Nebraska for a 30-year fixed-rate mortgage is 6.0% as of October 2024 — up from 5.9% the previous month. On a $250,000 loan with a 20% down payment, that increase could cost you an additional $4,569 over the life of the loan, excluding other costs like property taxes and HOA fees.
Even small changes in mortgage rates can significantly impact your finances. Understanding the current mortgage rate in Nebraska can help you budget effectively for your home purchase.
Who Needs to Know Current Mortgage Rates in Nebraska?
Today's mortgage interest rates in Nebraska offer valuable insight for both first-time homebuyers and homeowners to refinance:
First-time homebuyers
Knowing Nebraska's current mortgage rates helps first-time homebuyers understand lender offers and assess rate competitiveness.
Homeowners with mortgages
Current homeowners can look at Nebraska's mortgage rates to decide if they should refinance their mortgage for a better rate.
Purchase and refinance rates for mortgages aren't the same. In Nebraska, the current mortgage rate for a new 30-year fixed-rate loan is around 5.98%, while the refinance rate for the same loan type is a bit lower at about 5.73%.
Current Mortgage Rates in Nebraska by Loan Type
A 30-year fixed-rate mortgage generally has a higher interest rate than a 15-year fixed-rate mortgage. A longer term adds more risk for lenders due to potential market changes and the extended period for missed payments.
When exploring mortgage types in Nebraska, you'll see that rates vary by loan type. Use a mortgage calculator to estimate your monthly payments and understand how different rates affect your budget.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 4.68% | 4.82% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate represents the annual borrowing cost for a mortgage. In Nebraska, the average mortgage interest rate for a 30-year fixed mortgage is 5.92%.
The APR (annual percentage rate) reflects the interest rate, mortgage points and other fees. Nebraska's average APR for a 30-year fixed mortgage is 5.98%, showing the total annual cost of the loan.
Current Mortgage Rates in Nebraska by Credit Score
In Nebraska, if your credit score is 740 or higher and you make a 5% to 20% down payment, the average APR for a 30-year fixed mortgage is 6.17%. A credit score below 680 raises the rate to an average of 6.91%.
Your credit score directly impacts the mortgage rates you might see in Nebraska. To give you a clear picture, we've created an interactive table: investigate the rates you could access based on your credit score and down payment.
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
| 10-year Fixed | 6.49% |
| 15-year Fixed | 5.17% |
| 20-year Fixed | 5.97% |
| 30-year Fixed | 6.26% |
| 5-year ARM | 7.63% |
| 7-year ARM | 7.36% |
Mortgage Types in Nebraska
In October 2024, fixed conventional and fixed VA loans have the lowest average APR for 30-year fixed-rate mortgages in Nebraska at 5.98%. Knowing your options can influence your decision and budgeting process, empowering you to make a smarter choice for your financial future. Below you'll find a straightforward breakdown of mortgage loan types available in Nebraska:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Nebraska |
|---|---|---|---|
Conventional Loans | A conventional loan is a mortgage not guaranteed by the government in Nebraska. | Rates may range widely based on credit score and down payment in Nebraska. | 5.98% |
FHA Loans | FHA loans are insured by the Federal Housing Administration for Nebraska borrowers. | Generally offers lower rates due to government backing, attracting Nebraska buyers. | 8.00% |
VA Loans | VA loans are backed by the Department of Veterans Affairs, for qualified Nebraska veterans. | Offers competitive rates with no down payment for Nebraska veterans. | 5.98% |
USDA Loans | USDA loans support rural homebuyers with financing in eligible Nebraska areas. | Typically offers low rates with no down payment in rural Nebraska areas. | currently unavailable |
Jumbo Loans | Jumbo loans exceed the conforming loan limits set by Fannie Mae and Freddie Mac in Nebraska. | Carries potentially higher rates due to the larger loan amounts in Nebraska. | 6.64% |
MORTGAGE RATE STRUCTURES IN NEBRASKA
Mortgage rates come in two types: fixed and adjustable.
- Fixed-rate mortgages offer stability, as your monthly mortgage payments remain unchanged throughout the loan. This helps with better budgeting.
- Adjustable-rate mortgages (ARM) begin with a lower interest rate that can adjust over time, potentially lowering your payments when interest rates drop.
As of October 2024, Nebraska's average APR for a 30-year fixed-rate loan is 5.98% and 7.37% for a seven-year ARM.
Mortgage Lenders in Nebraska
Lower, Bank of America and New American are reliable mortgage options in Nebraska due to their state presence, Better Business Bureau (BBB) accreditation and homeowner assistance programs. This list is not exhaustive; other lenders may also meet your needs.
The mortgage rate you receive can vary by lender. Since lenders offer different options and terms, comparing several offers will help you find the best rate.
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Lower operates exclusively online and is a top HELOC lender in most states. Conventional loans typically require a credit score of at least 620, while FHA loans can be obtained with a score starting at 580.
Customer service is available by phone and text Monday through Friday from 9 a.m. to 5 p.m. ET. Missouri homeowners may benefit from Lower's Buy Before You Sell program, which helps transition between homes.
Pros
- Allows online prequalification
- BBB-accredited, A+ rated
- Buy Before You Sell program
Cons
- Limited mortgage product uniqueness
- In-person support unavailable
- Full online application not possible
- New American
- 8Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours
New American offers a range of loans, including conventional and FHA options. You can qualify for an FHA loan with a minimum credit score of 580 or a jumbo loan with at least 680. Down payment options start at 3% for conventional loans and range from 3.5% to 10% for FHA loans. It provides phone and email support with flexible hours, including Saturdays, and offers loan assistance solutions.
Pros
- Wide range of mortgage options
- Mortgage management mobile app
- 14-day close guarantee on purchases
Cons
- No comprehensive FAQ section
- Cannot prequalify or check rates online
- No physical branches in 11 states
- Bank of America
- 6Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours
Bank of America offers various mortgage options, including fixed-rate and adjustable-rate mortgages, jumbo loans, FHA loans, VA loans and doctor loans. It features a 3% downpayment for the Affordable Loan Solution and no downpayment for VA loans.
Bank of America provides online, phone and in-person support Monday through Friday, 8 a.m. to 10 p.m. ET, and Saturdays, 8 a.m. to 6:30 p.m. ET. Its assistance programs, such as America’s Home Grant® and Down Payment Grant, make homeownership more affordable.
Pros
- Extensive special mortgage options available
- Provides payment forbearance via Client Assistance Program
- Online calculators to assist with financial planning
Cons
- Must create an online profile to prequalify
- Undisclosed minimum credit score
Mortgage Programs in Nebraska
Owning a home brings hidden costs aside from your regular payments. Get support from the Nebraska Investment Finance Authority's mortgage programs for your homebuying process.
Program | Description |
|---|---|
Great for those who haven't owned a home in over three years or first-time buyers and borrowers who don't need down payment assistance. If you’re buying in Adams or Lancaster County, you may qualify for the First Home Targeted Program, which offers higher income and purchase price limits. | |
Helps borrowers who have trouble covering the down payment and closing costs with a minimum investment of just $1,000. It combines two loans: the first, with a higher rate, supports the down payment and closing costs, while the second loan, up to 5% of the home's value, has a low 1% interest rate. | |
Provides alternatives to VA loans, such as FHA or USDA loans, offering tailored solutions for veterans and military members. Veterans and their spouses may access various options, while active service members must be first-time homebuyers. | |
A great option for first-time and experienced homebuyers. It has income limits of $160,000 and home price limits of $470,000. First-time buyers must take a homebuyer education course. The program also offers help with down payments and closing costs. |
FAQ: Mortgage Rates in Nebraska
We’ve answered your pressing questions about today’s mortgage rates in Nebraska. Understanding these rates can help you make informed decisions during your homebuying process.
What are the current mortgage rates in Nebraska?
Current average APRs in Nebraska for October 2024 show 7.37% for a seven-year ARM, 5.98% for a 30-year fixed mortgage, 8.00% for a 30-year fixed-rate FHA government loan and 6.64% for a 30-year fixed-rate jumbo loan, though rates can vary depending on additional factors.
How do mortgage rates in Nebraska compare to national rates?
As of October 2024, Nebraska's mortgage rates are somewhat competitive compared to national averages. The current average APR for a 30-year fixed-rate mortgage in Nebraska is 5.98%, slightly lower than the national average of 6.40%. Additionally, a five-year adjustable-rate mortgage is 7.48%, compared to 7.92% nationally.
How does my credit score impact the mortgage rates I get in Nebraska?
Your credit score will significantly affect the low mortgage rates you can qualify for in Nebraska. A higher credit score typically unlocks lower interest rates, which equates to more affordable borrowing costs.
Are there any special mortgage programs in Nebraska to help homebuyers?
Yes, there are mortgage programs in Nebraska designed to assist homebuyers, such as the First Home Program, First Home: Assistance Program and the Military Home Program.
How can I get the best possible mortgage rate in Nebraska?
To secure the best possible mortgage rates in Nebraska, consider making a larger down payment, improving your credit score before applying and shopping around with various lenders to compare offers.
What are today's mortgage refinance rates in Nebraska?
On average, today's refinance rates in Nebraska for October 2024 are 5.10% for a 15-year fixed loan and 5.73% for a 30-year fixed loan.
How do I calculate my mortgage payments?
To calculate your mortgage payments, you can use a mortgage calculator for Nebraska which considers loan amount, interest rate, loan term and other factors to estimate your monthly payment.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Nebraska Investment Finance Authority. "First Home Program." Accessed October 8, 2024.
- Nebraska Investment Finance Authority. "First Home: Assistance Program." Accessed October 8, 2024.
- Nebraska Investment Finance Authority. "Military Home Program." Accessed October 8, 2024.
- Nebraska Investment Finance Authority. "Welcome Home." Accessed October 8, 2024.