Mortgage rates in West Virginia vary from lender to lender. You can get a better rate by increasing your desirability as a borrower.
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Buying a home in West Virginia can be an exciting process. However, whether you decide on a midcentury modern in Charleston or a bungalow in Huntington, you won’t want to forget about mortgage rates. These play a crucial factor in determining the overall cost of your home. Mortgage rates reflect the amount of money, in addition to your home’s purchase price, that you’ll need to pay your lender back in exchange for granting you a home loan.
WEEKLY TRENDS AND INSIGHTS
On the week of September 5, 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.
In West Virginia, mortgage lenders have the power to set their rates. To make sure these rates are competitive and protect their investment, lenders consider factors such as:
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The West Virginia Housing Development Fund offers assistance to first-time homebuyers through the West Virginia Housing Development Fund’s homeownership program. In addition, qualifying West Virginians can access the Movin’ Up program, which is available to some first-time buyers or eligible homeowners who are looking for a new place.
Through West Virginia’s Homeownership Program, residents can apply for a 30-year fixed-rate mortgage for up to 100% of the home’s purchase price. This means that you can put as little as zero down on your new home if you qualify.
To qualify for this program, you’ll need to meet income and home price limits. These limits change from year to year and vary by county and family size.
The Movin’ Up program offers a step up for low- to moderate-income families looking to purchase a home. Although it isn’t designed specifically with first-time buyers in mind, it is available to first-time buyers who may not qualify for the homeownership program loan.
The Movin’ Up program has income limits of $130,560 for a one- to two-person family or $152,320 if there are three or more people in your household. Additionally, the home you purchase can’t exceed its home price limits, which vary by county.
Those making at least 80% below the area median income according to the census tract may also qualify for a lower APR.
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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 Sep 08, 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 Sep 08, 2024. These rates are based on the assumptions shown here. Actual rates may vary. |
To get the best mortgage rate in West Virginia, you’ll need to prove to lenders that you’re a trustworthy borrower. Consider the following tips:
West Virginia residents have access to many different types of mortgage loans. Each type comes with different requirements and terms that you’ll need to weigh carefully when deciding which loan is best for you:
Homeownership program loan
Movin’ Up program
Conventional loan
FHA loan
VA loan
Jumbo loan
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FINANCIAL EDUCATION
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