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If you're thinking about buying a home in Vermont, shopping around for the best mortgage rates is crucial. There are several factors mortgage lenders consider when determining your rate, including credit score, debt-to-income ratio, and funds for down payment. Below, we’ve listed today’s mortgage rates in Vermont to help you get started.
For today, January 27th, 2022, the current average mortgage rate in Vermont for a 30-year fixed-rate mortgage is 3.717%, the average rate for a 15-year fixed-rate mortgage is 2.875%, and the average rate for a 5/1 adjustable-rate mortgage (ARM) is 2.625%. Rates are quoted as annual percentage rate (APR) .
Current Mortgage and Refinance Rates in Vermont
Rates As of Jan 27, 2022
| Product | Interest Rate | Average Points/Credits |
|---|---|---|
| Fixed 30 Year | 3.717% | 0.377 |
| Fixed 30 Year | 3.690% | 0.799 |
| Fixed 20 Year | 3.375% | 0.370 |
5 affordable places to live in Vermont
Known for its mountains, Vermont is a great place to call home. Here are some of the state’s most affordable areas.
1. Bennington
Just outside the Green Mountain National Forest, Bennington is loaded with charm. Its historic downtown features restaurants, cafes, and a host of unique shops. The median home value in Bennington is $165,500, according to Niche, well below the median home value statewide -- $261,265, according to Zillow. Meanwhile, property taxes in Bennington County average 1.6% of a home's assessed value as reported by Tax-Rates.org. That's in line with Vermont's average statewide -- 1.59% of a home's assessed value.
2. Rutland
About 30 minutes from the New York border, Rutland is loaded with eateries and shops, and draws in young professionals and retirees alike. The median home value in Rutland is $152,800, while the average property tax rate is 1.73% of a home's assessed value -- only a touch above the average statewide.
3. Milton
Known for its network of parks and trails, Milton is a draw for outdoor enthusiasts of all ages. Around 30 minutes from Burlington, it's also a good place for young professionals to call home. The median home value in Milton is $241,800, below the median property value statewide. Meanwhile, property taxes in Chittenden County average 1.61% of a home's assessed value.
4. Essex
A 15-minute drive from Burlington, Essex is loaded with parks and outdoor spaces. The area tends to attract families and young professionals alike. The median home value in Essex is $287,000, which means you may pay a slight premium for proximity to the jobs, shops, and eateries in Burlington. Property taxes in Chittenden County average 1.61% of a home's assessed value, in line with Vermont's average property tax rate.
5. Brattleboro
Right on the New Hampshire border and very near the Massachusetts border, Brattleboro is known for its arts community and walkable downtown. The median home value in Brattleboro is $199,400, and the average property tax rate in Windham County is 1.74% of a home's assessed value.
Though affordable housing may be fairly easy to come by in Vermont, keep your personal costs low by snagging the most competitive mortgage rate. Before you apply, make sure your credit score is solid, and if need be, pay off debt to bring down your debt-to-income ratio. These steps could help you snag a great deal on a mortgage, and that could make your life easier for years.
Mortgage Calculator: How Much House Can I Afford?
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The Ascent's best mortgage lenders
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
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