Today's Mortgage Rates in Vermont

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Updated: July 19, 2024

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Today's 30-year mortgage rate in Vermont is 6.87%, lower than the national average rate of 6.90% for similar mortgages. Vermont homebuyers can access programs such as MOVE and ASSIST Down Payment and Closing Cost Assistance, which aim to lessen mortgage costs.

We'll help you navigate the nuances of the current average rate for 30-year mortgages in Vermont and how different mortgage types affect these rates. Learn how interest rates and APRs differ and how credit scores influence mortgage rates. Details on Vermont-specific mortgage methods, rate structures, lenders and beneficial mortgage programs will equip you with the tools for a wise home financing decision.

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 Vermont. 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).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in Vermont

As of July 2024, the current mortgage rate in Vermont for a 30-year fixed-rate mortgage is 6.87%, up from 6.68% in June. For a $250,000 loan with a 20% down payment, this rate movement means you could pay an additional $9,099 in total interest over the life of the loan, not including other costs like property taxes or HOA fees.

Rates fluctuate due to economic events and Federal Reserve policy changes, affecting monthly costs. Our line chart displays the trend of mortgage rates over recent months, displaying the shifts that could impact your financial planning.

Current Mortgage Rates in Vermont (Jan to May)

Understanding the current mortgage rates in Vermont can help you budget by giving you a clear picture of your potential monthly payments.

Who Needs to Know Current Mortgage Rates in Vermont?

Knowledge of today's mortgage interest rates in Vermont benefits two particular sets of people within the dynamic housing market:

    coupleG icon

    First-time homebuyers

    First-time homebuyers in Vermont benefit from knowing current mortgage rates, allowing them to assess offers and find competitive rates.

    homeowner icon

    Homeowners with mortgages

    Homeowners in Vermont can compare current rates to their own, potentially saving money through a mortgage refinance.

Purchase rates and refinance rates differ. If you're looking to buy a home in Vermont with a 30-year fixed mortgage, you'd see an average APR of 6.87%. In contrast, opting to refinance with the same loan type raises the current mortgage rate to 8.13%.

Current Mortgage Rates in Vermont by Loan Type

A 30-year fixed-rate mortgage in Vermont usually has a higher rate than a 15-year fixed-rate mortgage. This is because lenders risk their money for a longer period, with more time for rate changes and loan defaults.

When you're seeking out mortgage loan types in Vermont, the rates you come across can impact your monthly payments. Consider using a mortgage calculator to understand how changing rates affect your loan. It can clarify how much you'll be spending over time.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:15-Year Fixed
6.13%APR6.28%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

An interest rate on a mortgage represents the extra percentage you pay yearly on the money you borrow. In Vermont, the average mortgage interest rate for a 30-year fixed mortgage is 6.78%.

APR, or annual percentage rate, includes the interest rate plus additional fees like mortgage points and lending fees. The average APR for a 30-year fixed mortgage in Vermont is 6.87%, giving you a better idea of the yearly cost of your mortgage.

Current Mortgage Rates in Vermont by Credit Score

In Vermont, with a credit score of 740 or higher and a down payment between 5% and 20%, you'll find the average APR for a 30-year fixed mortgage is 7.13%. Should your score drop below 680, the average APR climbs to 8.33%.

Your credit score affects the mortgage rates you might qualify for in Vermont. Take a look at our interactive table to see the specific rates applicable to you 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
15-year FixedAPR6.23%
20-year FixedAPR6.91%
30-year FixedAPR7.16%
5-year ARMAPR7.82%
7-year ARMAPR7.65%

Mortgage Types in Vermont

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages at 6.18%. Understanding your options can help you make a smart choice for your future home financing needs:

Mortgage Type
Definition
Impact on Rates
30-Year Rates in Vermont

Conventional Loans

A conventional loan is not insured by the government and adheres to Fannie Mae and Freddie Mac guidelines.

Market conditions primarily influence conventional loan rates more than government-backed options.

6.87%

FHA Loans

An FHA loan is insured by the Federal Housing Administration and allows for lower credit scores.

FHA loans typically offer lower rates to compensate for their relaxed borrowing criteria.

6.93%

VA Loans

A VA loan is backed by the Department of Veterans Affairs for veterans, active military and their families.

VA loan rates are often lower due to government backing and no requirement for mortgage insurance.

6.18%

USDA Loans

USDA loans support rural homebuyers, requiring no down payment and issued through the USDA loan program.

USDA loans aim to help rural homebuyers and can offer lower rates due to government backing.

currently unavailable

Jumbo Loans

A jumbo loan exceeds the conforming loan limits set by the Federal Housing Finance Agency for more expensive properties.

Jumbo loans may carry higher rates due to the higher risk associated with larger loan amounts.

6.83%

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MORTGAGE RATE STRUCTURES IN VERMONT

Mortgage rates in Vermont usually fall into two categories: fixed and adjustable.

  • Fixed mortgage rates lock in your rate, making monthly mortgage payments stable. You'll enjoy a predictable budget over time.
  • Adjustable mortgage rates can shift up or down, potentially lowering your initial payments compared to fixed rates.

As of July 2024, a typical borrower in Vermont might see a 6.87% APR for a 30-year fixed-rate mortgage. A 7-year adjustable-rate mortgage average is currently not available for Vermont.

Mortgage Lenders in Vermont

U.S. Bank, Better and Rocket are solid options for securing a mortgage in Vermont. These lenders are accessible in the state, have Better Business Bureau accreditation and offer homeowner assistance programs. While these are reliable choices, remember there are other lenders in Vermont you might consider.

The mortgage rate you get in Vermont can differ based on the lender you choose. Lenders provide various mortgage options and terms, influencing the rates they offer. By comparing rates from several mortgage lenders in Vermont, you ensure you find the best deal for your situation.


  • U.S. Bank
    • 6Number of Mortgage Options
    • YesOnline Application
    • NRBBB Rating
    • Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours

    U.S. Bank serves borrowers in Vermont, offering a suite of mortgage options to suit different needs. It provides conventional and FHA loans, with a minimum credit score requirement of 640 for FHA loans. The minimum down payment starts at 3% for conventional loans and 3.5% for FHA loans, which allows flexibility for borrowers with varying financial capabilities. It stands out in customer service availability, ready to assist clients from Monday to Friday, 7 a.m. to 8 p.m. CT, and even on Saturdays from 8 a.m. to 2 p.m. CT. Accessible support channels include video, phone and in-person meetings.

    U.S. Bank also helps homeowners through various assistance programs, including forbearance and loan modification options. As a mark of its extended offerings, U.S. Bank is the top HELOC lender for individuals with bad credit in most states, as analyzed by MoneyGeek.

    Pros

    • Online prequalification available
    • Mortgage assistance options provided
    • Client credits with qualifying accounts

    Cons

    • BBB rating not assigned yet
    • Limited branch availability
    • Physical presence in just 27 states
    U.S. Bank

  • Better
    • 4Number of Mortgage Options
    • YesOnline Application
    • B+BBB Rating
    • Monday to Friday, 8 am to 9 pm ET Saturday and Sunday, 9 am to 9 pm ETCustomer Service Hours

    Better offers various mortgage options accessible purely through its online platform. Fixed-rate and adjustable-rate mortgages stand out among its offerings, with fixed rates providing stability in your monthly payments. In contrast, adjustable rates may offer lower initial rates that could change over time. For these mortgages, a minimum credit score of 620 is the threshold for conventional loans and at least 580 for FHA loans. Down payment requirements range from 3% to 5% unless the FHA loan requires 3.5% or a lower credit score nudges it to 10%.

    Customer service is available when needed, with Better offering support from 8 a.m. to 9 p.m. ET on weekdays and consistent hours over the weekend from 9 a.m. to 9 p.m. ET. You can reach out via phone or email for assistance. Vermont residents might also be interested in the Better Real Estate discount, a homeowners assistance program designed to support your journey to homeownership.

    Pros

    • Loan consultants don't earn a commission
    • Offers fast loan commitment letters
    • Sunday customer support available

    Cons

    • No physical branches, only online service
    • Loan advisor call necessary
    • B+ rating with BBB
    Better

  • Rocket
    • 4Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 8:30 am to 9:00 pm ET Saturday, 9:00 am to 4:00 pm ETCustomer Service Hours

    Rocket provides various mortgage options to borrowers in Vermont. It offers conventional and FHA loans, catering to various credit profiles and down payment possibilities. The minimum credit score required for a conventional mortgage is 620, while an FHA loan requires a minimum of 580. With the FHA option, prospective homeowners can make a down payment of as low as 3.5%, while the conventional loan terms include down payments starting from 3%.

    Rocket ensures that help is on hand with customer service hours from Monday to Friday from 8:30 a.m. to 9:00 p.m. ET and Saturdays from 9 a.m. to 4 p.m. ET. You can reach its customer service through phone or chat. Rocket also offers homeowners assistance programs, such as HomeReady and HomePossible, as well as Freddie Mac's BorrowSmart Access, supporting a range of borrowers in achieving their homeownership goals.

    Pros

    • Online prequalification available
    • Homebuyer programs with major agencies
    • Downpayment assistance with ONE+

    Cons

    • No physical locations for buyers to visit
    • Does not offer USDA loans
    Rocket

Mortgage Programs in Vermont

Owning a home means you'll encounter hidden costs of homeownership beyond the monthly payments. In Vermont, you can get help from the Vermont Housing Finance Agency, which provides mortgage programs designed to ease the financial burden of buying a home.

Program
Content

MOVE

The MOVE program provides low-rate fixed mortgages for 30 years with down payment options as low as 0%. Assistance with down payments, closing costs and up to $825 in savings on Vermont Property Transfer Tax could be available. A minimum 640 credit score is required. Borrowers must also adhere to income and pricing limits. Restrictions apply to previous homeowners in certain counties.

MOVE MCC

The MOVE MCC program builds on MOVE with similar benefits, including low down payments and assistance programs. It features an added perk of a yearly federal tax credit of up to $2,000, making a lasting financial impact. Requirements include a 640 credit score limit, income and price restrictions and specific rules for previous homeowners in certain areas.

ADVANTAGE

The ADVANTAGE program streamlines homeownership with a 30-year fixed-rate mortgage and minimal down payment requirements. Support for down payments and closing costs and savings on the Property Transfer Tax simplify the buying process. The program excludes the annual tax credit for a direct approach, subject to eligibility based on income and credit.

ASSIST Down Payment and Closing Cost Assistance

First-time buyers might consider the ASSIST Down Payment and Closing Cost Assistance program, offering a 0% interest loan with no monthly payments and repayable when the house is sold. The borrowable amount depends on income, ranging from $10,000 to $15,000. The program is not suitable for those considering a VA loan.

Mortgage Credit Certificate (MCC)

The Mortgage Credit Certificate (MCC) rewards homebuyers with a federal tax credit of up to $2,000 annually. This continuous benefit applies as long as interest is paid on the mortgage, working with MOVE MCC or VHFA participating lender mortgages. Buyers must meet certain requirements to qualify.

FAQ: Mortgage Rates in Vermont

Understanding today's mortgage rates in Vermont can be confusing for homebuyers. We've answered common questions about the current rates to make the process easier for you.

What are the current mortgage rates in Vermont?
How do mortgage rates in Vermont compare to national rates?
How does my credit score impact the mortgage rates I get in Vermont?
Are there any special mortgage programs in Vermont to help homebuyers?
How can I get the best possible mortgage rate in Vermont?
What are today's mortgage refinance rates in Vermont?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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