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Mortgage rates in Vermont
Interest rates that don’t usually stray too far from the national average.
Mortgage rates during the coronavirus
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
The average mortgage rate for a 30-year conventional loan is 4.632% in Vermont. Interest rates don’t vary too far across loan types and should skim the 4% mark in 2020.
How much do Vermont rates vary?
Average 30-year mortgage rates came in from 4.417% to 4.832% in 2018. Several conditions go into setting your mortgage rate, such as your credit history, the type of loan and the length of the loan. In Vermont, mortgage rates vary little between loan types.
2018 average rates in Vermont by loan type
Loan type15-year average rate30-year average rate
Rates based on data from ffiec.cfpb.gov.
For example, if you borrow a $235,000 30-year FHA loan at 4.832%, you can expect to pay $1,240 a month.
But if you can afford to pay about $500 more each month, a 15-year FHA loan comes with lower rates at 4.125%. Your monthly payment would go up to $1,750, but you could save $129,960 in interest over the course of the loan.
Which way are rates trending in Vermont?
Mortgage rates in Vermont are expected to jump slightly over and under the 4% mark in 2020.
Historically, rates in Vermont will come in right around the national average. For example, average mortgage rates were an average 0.13% below the rest of the country between 2014 and 2016, and an average 0.12% higher in 2017 and 2018.
Bankrate chief financial analyst Greg McBride predicts US interest rates to stay steady at the 4% level in 2020.
Compare mortgage rates throughout Vermont
Depending on which county you’re in, mortgage rates, home values and loan amounts can differ in the Mountain State. For example homeowners in Chittenden County could pay almost $600 monthly more than residents in Essex County.
We sifted through data from the Home Mortgage Disclosure Act to figure out what you might pay for a 30-year fixed-rate mortgage within different counties in Vermont. These numbers don’t include any taxes, insurance, or fees that are unique to your loan.
CountyAverage mortgage rateMedian loan amountEstimated monthly cost
|Grand Isle County||4.592%||$225,000||$1,150|
Rates and amounts based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Vermont
Put these tips to work to qualify for a better rate on your next mortgage.
- Look at different loan programs. Lenders typically have a range of loans to choose from, all with slightly different interest rates. Look at all your options and see which programs you may qualify for.
- Polish your credit profile. Lenders are looking for borrowers with a solid credit history. Pay down any existing debts and increase your credit score to become a more attractive borrower, which may qualify you for a lower rate.
- Remember closing costs. Some lenders offer a low rate for your mortgage but have really high closing costs. Vermont lenders usually charge anywhere from 1.18% to 1.48% of the sale price of the home in closing costs. Weigh your interest rate and closing costs together to see the full cost of a loan.
Historical mortgage interest rates in Vermont
While interest rates in Vermont tend to be around the national average, lenders decide their own rates. To ensure you are getting the best deal possible, compare loan products and lenders.
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