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The benchmark 30-year fixed-rate mortgage fell this week to 3.99 percent from 4.04 percent, according to Bankrate’s weekly survey of large lenders. The downward trend continues as rates slid from 4.70 percent a year ago and 4.27 percent from four weeks ago.

As 30-year fixed-rate mortgages dropped to their lowest since September 13, 2017, nearly 6 million mortgage borrowers can benefit from refinancing into a lower rate — including some 950,000 people who got their mortgage last year, according to analytics firm Black Knight. The average monthly savings is about $271 per person, totaling approximately $1.6 billion per month. This is also good news for current homebuyers who want to save money on mortgage costs and lock in rates during the peak homebuying season.

Nearly 6 million Americans can benefit from a refi as rates drop below 4 percent

Mortgage applications tumbled 3.4 percent this week, following last week’s 27 percent surge, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 14.

“Purchase applications decreased more than 3 percent last week, but were still up almost 4 percent from last year. Strong demand from first-time buyers and low unemployment continue to push this year’s purchase activity above a year ago,” said Joel Kan, associate vice president of economic and industry forecasting at MBA.

Mortgage rates this week

The benchmark 30-year fixed-rate mortgage fell this week to 3.99 percent from 4.04 percent, according to Bankrate’s weekly survey of large lenders. A year ago, it was 4.70 percent. Four weeks ago, the rate was 4.27 percent. The 30-year fixed-rate average for this week is 1.11 percentage points below the 52-week high of 5.10 percent, and is identical to the 52-week low of 3.99 percent.

The 30-year fixed mortgages in this week’s survey had an average total of 0.32 discount and origination points.

Over the past 52 weeks, the 30-year fixed has averaged 4.63 percent. This week’s rate is 0.64 percentage points lower than the 52-week average.

  • The 15-year fixed-rate mortgage fell to 3.34 percent from 3.38 percent.
  • The 5/1 adjustable-rate mortgage rose to 3.68 percent from 3.67 percent.
  • The 30-year fixed-rate jumbo mortgage fell to 4.07 percent from 4.11 percent.

At the current 30-year fixed rate, you’ll pay $476.84 each month for every $100,000 you borrow, down from $479.72 last week.

At the current 15-year fixed rate, you’ll pay $707.05 each month for every $100,000 you borrow, down from $709.00 last week.

At the current 5/1 ARM rate, you’ll pay $459.15 each month for every $100,000 you borrow, up from $458.59 last week.

Results of Bankrate.com’s weekly national survey of large lenders conducted June 19, 2019 and the effect on monthly payments for a $165,000 loan:

Weekly national mortgage survey
Breakdown 30-year fixed 15-year fixed 5-year ARM
This week’s rate: 3.99% 3.34% 3.68%
Change from last week: -0.05 -0.04 +0.01
Monthly payment: $786.78 $1,166.63 $757.60
Change from last week: -$4.76 -$3.23 +$0.93

The “Bankrate.com National Average,” or “national survey of large lenders,” is conducted weekly. The results of this survey are quoted in our weekly articles and national media outlets. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.