The average mortgage rate in Vermont is currently 7.18% for the 30-year fixed loan term.
Here are the interest rates offered to Vermont residents looking to buy or refinance a home as of 03/07/2023:
- 30-year fixed purchase: 7.18%
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The average fixed rate on a 30-year mortgage fell slightly for the second consecutive week on the heels of high-profile bank failures that resulted in a more moderate rate hike by the Federal Reserve. Mortgage rates are highly volatile ahead of the busy spring homebuying season.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. Mortgage rates are still widely expected to fall throughout the course of 2023 but have stayed stubbornly high in the first quarter of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 23:
- 30-year fixed: 7% (down from 7.04% a week ago).
- 20-year fixed: 6.78% (down from 6.85% a week ago).
- 15-year fixed: 6.2% (down from 6.27% a week ago).
- 10-year fixed: 6.25% (up from 6.2% a week ago).
- 5/1 ARM: 5.71% (down from 5.78% a week ago).
- 7/1 ARM: 5.86% (down from 5.91% a week ago).
- 10/1 ARM: 6.14% (down from 6.16% a week ago).
- 30-year jumbo loans: 7.06% (down from 7.09% a week ago).
- 30-year FHA loans: 6% with 0.06 point (down from 6.15% a week ago).
- VA purchase loans: 6.21% with 0.05 point (down from 6.37% a week ago).
Vermont homebuyers can get assistance with down payments and closing costs or receive a federal tax credit from these Vermont Housing Finance Agency (VHFA) programs.
- Available to: Eligible Vermont homebuyers for the purchase of a primary residence.
- Income limits: Vary by county and household size (see income limits).
- First-time homebuyers only?: No.
- Benefits: Low down payment options, lower mortgage insurance when using a conventional loan, VHFA ASSIST eligible. Buyers save up to $825 on Vermont property transfer tax at closing.
- Available to: Eligible Vermont homebuyers for the purchase of a primary residence. Certain locations cannot use this program unless buyers have no ownership within the 36 months prior to application.
- Income limits: Vary by county and household size (see income limits).
- First-time homebuyers only?: No.
- Benefits: Low down payment options, lower mortgage insurance when using a conventional loan, VHFA ASSIST eligible. Buyers save up to $825 on Vermont property transfer tax at closing.
- Available to: Eligible Vermont homebuyers for the purchase of a primary residence. Certain locations cannot use this program unless buyers have no ownership within the 36 months prior to application.
- Income limits: Vary by county and household size (see income limits).
- First-time homebuyers only?: No.
- Benefits: Low down payment options, lower mortgage insurance when using a conventional loan, VHFA ASSIST eligible. Buyers save up to $825 on Vermont property transfer tax at closing and get up to a $2,000 federal tax credit each year you pay interest on your mortgage.
- Available to: Eligible Vermont first-time homebuyers with combined savings and non-retirement assets of no more than $30,000 who are using the VHFA Advantage, Move or Move MCC programs.
- Income limits: Vary by county and household size (see income limits).
- First-time homebuyers only?: Yes.
- Benefits: Up to $5,000 to use for down payment or closing costs in the form of a 0% interest loan with no monthly payments that is repaid when you sell, refinance or pay off your mortgage in full.
- Available to: Eligible Vermont homebuyers purchasing a primary residence. Certain locations require no ownership within 36 months prior to application.
- Income limits: Vary by county and household size (see income limits).
- First-time homebuyers only?: No.
- Benefits: A federal tax credit of up to $2,000 each year you pay interest on your mortgage.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
