Current Mortgage Refinance Rates in Vermont (December 2024)

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Updated: January 13, 2025

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The current mortgage refinance rates in Vermont for a 15-year fixed mortgage are 6.33%, while the 30-year fixed option is 6.85%. The national averages are slightly different, with the 15-year fixed rate at 5.38% and the 30-year fixed rate at 6.45%. This data provides a snapshot of the current refinancing landscape, allowing you to make informed comparisons. 

Our comprehensive guide empowers you with the latest insights on refinancing in Vermont. We cover everything from today's rates by credit score to understanding when and how to refinance effectively. Dive into our detailed sections to find the information you need to navigate your refinancing journey with confidence.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Florida. 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 noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Vermont

The current 30-year refinance rate in Vermont is 6.16%. According to Experian, the average mortgage debt in Vermont is $171,339 as of September 2023. By refinancing your mortgage, you could potentially lower your monthly payments and reduce the total interest paid over the life of your loan.

If your current mortgage rate is higher than the current refinance rates in Vermont, refinancing could be a smart move. This could lead to significant savings, especially if you're paying a higher interest rate. Below are the current refinance rates in Vermont to explore your options.

15-Year Fixed6.17%6.33%
30-Year Fixed6.78%6.85%

Mortgage Refinance Rate Trends in Vermont

In the latest month, refinance rate trends in Vermont showed a mixed pattern for 15-year refinance rates and 30-year refinance rates. The 15-year fixed rates experienced a slight decrease, indicating a potential opportunity for those considering refinancing.
Meanwhile, the 30-year fixed rates in Vermont remained relatively stable compared to the previous month, suggesting a steady market environment for longer-term refinancing options.

Vermont Mortgage Refinance Rate Trends 2024
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WHY DO INTEREST RATES GO UP?

Interest rates rise due to decisions by the US Federal Reserve, economic growth and global events. These factors also affect refinance rate trends in Vermont, making it important to stay informed about both national and local economic conditions.

How to Refinance a Mortgage in Vermont

Refinancing your mortgage in Vermont can open doors to better rates and lower payments. By following a few straightforward steps, you can navigate this process with confidence.

  1. 1

    Check Your Credit Score

    Credit scores affect the rates you qualify for; higher scores often mean better rates. If your score is less than ideal, pay down debts and dispute inaccuracies. Vermont's average credit score is 737.

  2. 2

    Determine When to Refinance a Mortgage

    Compare your current mortgage terms with market rates: 6.85% for 30-year and 6.33% for 15-year in Vermont. If these are lower than your rate, consider refinancing, especially if you plan to stay in your home long-term.

  3. 3

    Gather Necessary Documents

    Collect essential documents like tax returns, pay stubs, and bank statements for your original mortgage. Having these ready speeds up the refinancing process and ensures accuracy.

  4. 4

    Shop Around for Lenders

    Compare lenders for refinancing. Look for competitive interest rates, favorable terms, and good customer service. Shopping around can help you find the best deal and save money over the life of the loan.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs like appraisal fees and title insurance. In Vermont, average closing costs are $4,763 according to the National Association of Realtors.

  6. 6

    Apply for the Loan

    Submit your application with the chosen lender. Ensure all documents are accurate and complete to avoid delays. Consider setting up automatic payments to streamline the process and prevent missed payments.

  7. 7

    Lock in Your Interest Rate

    Secure your rate with a mortgage rate lock to protect against market fluctuations. Confirm the lock period aligns with your closing timeline to avoid potential rate increases.

  8. 8

    Close on Your New Loan

    Finalize your refinance by signing the necessary paperwork. Review all terms and conditions carefully. Scheduling your closing at a convenient time can reduce stress and ensure you have ample time to address any last-minute issues.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments as per the new loan schedule. Setting up reminders or automatic payments can help maintain consistent payments and protect your credit score.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Continuously assess market conditions and your financial situation to determine if refinancing again could be beneficial. Staying informed about rate changes and personal financial goals can help you decide the best time to refinance.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Vermont, how soon you can refinance a mortgage depends on the type of loan. Conventional loans can be refinanced immediately, but a cash-out refinance typically requires a six-month seasoning period. USDA loans, on the other hand, usually necessitate a 12-month waiting period before you can refinance a mortgage.

Refinancing can come with additional closing costs, which may take years to recover, so it's often not worth it unless there is a significant reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Vermont can reduce your monthly payments through lower interest rates. But, beware of closing costs that might negate these savings. Knowing when to refinance a mortgage in Vermont is key to reaping benefits. Let's look at scenarios where refinancing could be advantageous.

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    Lower Interest Rates

    Refinancing when interest rates drop can save money over time. Consult local banks or credit unions for competitive rates, as they often offer personalized advice and deals not found elsewhere. This approach ensures you secure the best possible rate for your situation.

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    Increased Home Value

    Refinancing is smart when your home's value rises, boosting home equity. Simple upgrades like landscaping can increase value. Vermont's average home value is $402,217, making it a good time to consider refinancing.

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    Improved Credit Score

    A better credit score can lead to favorable refinancing terms. Paying bills on time and reducing debt are practical ways to improve your score, making refinancing more advantageous and potentially lowering your monthly payments.

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    Shorter Loan Term

    Refinancing to a shorter loan term can reduce the total interest paid and help you pay off your mortgage faster. This strategy can lead to significant long-term savings and financial freedom, making it an attractive option for many homeowners.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage offers stability. Fixed rates provide predictable payments, helping you manage your budget more effectively and avoid potential rate hikes.

Mortgage Refinancing in Vermont: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Vermont by Credit Score

Your credit score affects the rates you qualify for in Vermont. For example, the current average refinance rates in Vermont for a 30-year fixed rate loan with a loan-to-value ratio of 80% or lower are 6.95% for scores between 680 to 740 and 6.85% for scores above 740. Explore the table below for more details on APRs.

Data filtered by:Results filtered by:
Select
Loan Type:15-year Fixed
Select
Credit Score Range:680 - 740
Select
Loan-to-Value Ratio:80% - 95%
6.07%6.63%

Mortgage Refinance Rates in Vermont by Loan Type

Loan type is another factor affecting rates you qualify for in Vermont. For example, the current average refinance rates in Vermont for a 30-year fixed rate loan are 6.85%. The table below shows average APRs for different loan types in Vermont.

Data filtered by:Results filtered by:
Select
Loan Type:15-Year Fixed
6.17%6.33%

FAQ: Today's Mortgage Refinance Rates in Vermont

Vermont homeowners may have questions about today's refinance rates. These rates can significantly influence monthly payments and long-term financial commitments. In this section, we answer the most common questions that arise.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Burlington?

About Zachary Romeo, CBCA

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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.

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