Today's Mortgage Rates in Vermont (September 2024)
Updated: September 11, 2024
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Today's 30-year mortgage rate in Vermont is 6.23%, lower than the current average national rate of 6.46%. Vermont homebuyers can access programs such as MOVE and ASSIST Down Payment and Closing Cost Assistance, which aim to lessen mortgage costs.
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).
This data was last updated on September 2024.
As of September 2024, the current mortgage rate in Vermont for a 30-year fixed rate mortgage is 6.23%, down from 6.32% in August — a drop of 60 basis points. For a $250,000 loan with a 20% down payment, this rate change could save you around $31,385 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.
Understanding the current mortgage rates in Vermont can help you budget by giving you a clear picture of your potential monthly payments.
Knowledge of today's mortgage interest rates in Vermont benefits two particular sets of people within the dynamic housing market:
First-time homebuyers
First-time homebuyers in Vermont benefit from knowing current mortgage rates, allowing them to assess offers and find competitive rates.
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 6.23%. In contrast, opting to refinance with the same loan type lowers the current mortgage rate to 5.97%.
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.
| 5.25% | APR5.39% |
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 6.16%.
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 6.23%, giving you a better idea of the yearly cost of your mortgage.
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 6.43%. 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:
| 15-year Fixed | APR5.35% |
| 20-year Fixed | APR6.07% |
| 30-year Fixed | APR6.38% |
| 5-year ARM | APR7.62% |
| 7-year ARM | APR7.56% |
In September 2024, 30-year fixed rate VA loans have the lowest average APR for 30-year fixed rate mortgages in Vermont at 5.72%. 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 | In Vermont, a conventional loan is not backed by the government but by private lenders. | Rates for conventional loans fluctuate based on market conditions and credit scores. | 6.23% |
FHA Loans | FHA loans in Vermont are insured by the Federal Housing Administration, a government entity. | FHA loans come with competitive rates, though subject to borrower's financial profile. | 6.28% |
VA Loans | Vermont's VA loans are guaranteed by the Department of Veterans Affairs for eligible service members. | VA loans offer competitive rates in Vermont, limited by the borrower's eligibility. | 5.72% |
USDA Loans | USDA loans in Vermont are backed by the US Department of Agriculture for rural homebuyers. | USDA loans offer low mortgage rates due to government backing, contingent on location. | currently unavailable |
Jumbo Loans | Larger than conforming loans, jumbo loans in Vermont are not secured by government entities. | Jumbo loans may carry higher mortgage rates reflecting the larger loan amounts and risk. | 6.46% |
Mortgage rates in Vermont usually fall into two categories: fixed and adjustable.
As of September 2024, a typical borrower in Vermont might see a 6.23% APR for a 30-year fixed rate mortgage. A five-year adjustable rate mortgage average is currently available at 7.59% for 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 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
Cons
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
Cons
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
Cons
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. |
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.
Current average APRs in Vermont can vary depending on the loan type and other factors. For example, as of September 2024, the APR for a 30-year fixed conforming loan is 6.23%, while a government loan FHA 30-year fixed has an APR of 6.63%.
In Vermont, the average APR for a 15-year fixed rate mortgage is currently listed at 5.39%, whereas the national average is slightly higher at 5.60% as of September 2024. For a 30-year fixed rate mortgage, Vermont's average APR is 6.23%, compared to the national average of 6.46%.
Your credit score in Vermont can significantly influence the low mortgage rates you are eligible for. Higher credit scores typically secure lower interest rates, while lower scores may lead to higher rates.
Yes, there are several mortgage programs in Vermont aimed at assisting homebuyers, including MOVE, MOVE MCC and the ASSIST Down Payment and Closing Cost Assistance program.
To secure the best mortgage rates in Vermont, consider a larger down payment, maintaining a strong credit score and shopping around to compare offers from different lenders.
Today's refinance rates in Vermont for a 15-year fixed rate loan is 5.43%, while the 30-year fixed rate is at 5.97%, as of September 2024.
To calculate your mortgage payments, you can use a mortgage calculator for Vermont which will help you estimate your monthly payments, taking into account interest rates and loan terms.
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.
