Daily Mortgage Rates for Kentucky: USDA, VA, Conventional, and FHA Loans
Welcome to our daily update on mortgage rates for Kentucky homebuyers. Whether you’re looking for USDA, VA, Conventional, or FHA loans, we’ve got you covered with the latest rates for 30-year and 15-year fixed-rate loans. Below you’ll find the current rates, Annual Percentage Rates (APRs), and monthly payments for a $300,000 loan amount, with options for no points, 1 point, and 1% lender credit.
Today’s Mortgage Rates (June 10, 2024)
30-Year Fixed-Rate Loans
| Loan Type | No Points | Rate / APR | 1 Point | Rate / APR | 1% Lender Credit | Rate / APR |
|---|---|---|---|---|---|---|
| USDA Loan | 6.625% / 6.780% | $1,918 | 6.375% / 6.520% | $1,874 | 6.875% / 7.020% | $1,956 |
| VA Loan | 6.625% / 6.780% | $1,918 | 6.375% / 6.520% | $1,874 | 6.875% / 7.020% | $1,956 |
| Conventional Loan | 6.625% / 6.780% | $1,918 | 6.375% / 6.520% | $1,874 | 6.875% / 7.020% | $1,956 |
| FHA Loan | 6.625% / 6.780% | $1,918 | 6.375% / 6.520% | $1,874 | 6.875% / 7.020% | $1,956 |
15-Year Fixed-Rate Loans
| Loan Type | No Points | Rate / APR | 1 Point | Rate / APR | 1% Lender Credit | Rate / APR |
|---|---|---|---|---|---|---|
| USDA Loan | 6.000% / 6.200% | $2,532 | 5.750% / 5.940% | $2,495 | 6.250% / 6.430% | $2,570 |
| VA Loan | 6.000% / 6.200% | $2,532 | 5.750% / 5.940% | $2,495 | 6.250% / 6.430% | $2,570 |
| Conventional Loan | 6.000% / 6.200% | $2,532 | 5.750% / 5.940% | $2,495 | 6.250% / 6.430% | $2,570 |
| FHA Loan | 6.000% / 6.200% | $2,532 | 5.750% / 5.940% | $2,495 | 6.250% / 6.430% | $2,570 |
Monthly Payment and Interest Breakdown for a 6.625% Rate (30-Year Fixed)
- Loan Amount: $300,000
- Monthly Payment: $1,918 (Principal and Interest)
- Total Interest Paid Over the Loan Term: $389,370
How Points and Lender Credits Affect Your Rate
No Points:
- You receive the standard rate with no additional cost or discount.
1 Point:
- Paying 1 point (1% of the loan amount) can lower your interest rate. For a $300,000 loan, this means paying $3,000 upfront to reduce your monthly payments.
1% Lender Credit:
- Opting for a 1% lender credit increases your interest rate slightly but provides $3,000 towards closing costs, reducing your upfront expenses.
Understanding APR
APR, or Annual Percentage Rate, includes the interest rate plus other loan fees, providing a more comprehensive view of the loan’s cost.
Summary
Keeping track of daily mortgage rates helps you make informed decisions when buying a home. For personalized advice and the best rates tailored to your needs, contact Joel Lobb at American Mortgage Solutions, Inc.
For the latest updates and more detailed information on mortgage options, reach out to Joel Lobb:
- Phone: (502) 905-3708
- Email: kentuckyloan@gmail.com
- Website: My Louisville Kentucky Mortgage
Note: Rates and APRs mentioned are subject to change. Please consult your mortgage lender for the most accurate and up-to-date information.