Compare current mortgage rates for today

Written by Jeff Ostrowski
Reviewed by Greg McBride, CFA

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Bankrate's rates for June 20, 2021

Today's national mortgage rate trends

For today, Sunday, June 20, 2021, the national average 30-year fixed mortgage APR is 3.380%, up compared to last week’s of 3.300%. If you're looking to refinance, the national average 30-year fixed refinance APR is 3.380%, up compared to last week’s of 3.300%. Meanwhile, the national average 15-year fixed refinance APR is 2.710%, up compared to last week’s of 2.610%. Whether you're buying or refinancing, Bankrate often has offers well below the national average to help you finance your home for less.

We’ve determined the national averages for mortgage and refinance rates from our most recent survey of the nation’s largest refinance lenders. Our own mortgage and refinance rates are calculated at the close of the business day, and include annual percentage rates and/or annual percentage yields. The rate averages tend to be volatile, and are intended to help consumers identify day-to-day movement.

Here's how it works:

We've helped millions find a mortgage

Founded in 1976, Bankrate has a long track record of helping people make smart financial decisions. Along your homebuying journey, we'll pinpoint your best mortgage offers and provide next steps — all while protecting your privacy, personal information and credit score.

The trusted name in personal finance

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.

Our editorial integrity

Our goal is to give you the best advice to help you make smart financial decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers, so while this post may contain references to products from our partners, our commitment to editorial integrity ensures you can trust that you’re getting credible and dependable information. Here's an explanation for how we make money.

Compare current mortgage rates for today

Written by Jeff Ostrowski
Reviewed by Greg McBride, CFA

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

By Jeff Ostrowski, Reviewed by Greg McBride, CFA

On , the national average 30-year fixed mortgage APR is 3.380%. The average 15-year fixed mortgage APR is 2.720%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

Today's national mortgage rate trends

For today, Sunday, June 20, 2021, the national average 30-year fixed mortgage APR is 3.380%, up compared to last week’s of 3.300%. If you're looking to refinance, the national average 30-year fixed refinance APR is 3.380%, up compared to last week’s of 3.300%. Meanwhile, the national average 15-year fixed refinance APR is 2.710%, up compared to last week’s of 2.610%. Whether you're buying or refinancing, Bankrate often has offers well below the national average to help you finance your home for less.

We’ve determined the national averages for mortgage and refinance rates from our most recent survey of the nation’s largest refinance lenders. Our own mortgage and refinance rates are calculated at the close of the business day, and include annual percentage rates and/or annual percentage yields. The rate averages tend to be volatile, and are intended to help consumers identify day-to-day movement.

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Today's national mortgage rate trends

For today, Sunday, June 20, 2021, the national average 30-year fixed mortgage APR is 3.380%, up compared to last week’s of 3.300%. If you're looking to refinance, the national average 30-year fixed refinance APR is 3.380%, up compared to last week’s of 3.300%. Meanwhile, the national average 15-year fixed refinance APR is 2.710%, up compared to last week’s of 2.610%. Whether you're buying or refinancing, Bankrate often has offers well below the national average to help you finance your home for less.

We’ve determined the national averages for mortgage and refinance rates from our most recent survey of the nation’s largest refinance lenders. Our own mortgage and refinance rates are calculated at the close of the business day, and include annual percentage rates and/or annual percentage yields. The rate averages tend to be volatile, and are intended to help consumers identify day-to-day movement.

Here's how it works:

We've helped millions find a mortgage

Founded in 1976, Bankrate has a long track record of helping people make smart financial decisions. Along your homebuying journey, we'll pinpoint your best mortgage offers and provide next steps — all while protecting your privacy, personal information and credit score.

The trusted name in personal finance

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.

Our editorial integrity

Our goal is to give you the best advice to help you make smart financial decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers, so while this post may contain references to products from our partners, our commitment to editorial integrity ensures you can trust that you’re getting credible and dependable information. Here's an explanation for how we make money.

Mortgage guide: What to know before getting a mortgage

The information below consists of information and tips that will be helpful in selecting the best mortgage for your financial situation.

Bankrate expert weekly mortgage rate insight

Mortgage rates rose during the week ending June 16, an uptick that reminds homeowners there’s still time to refinance their home loans before rates start moving up in earnest. The average cost of a 30-year fixed-rate mortgage rose to 3.16 percent from last week's 3.13 percent, according to Bankrate's national survey of lenders. Rates reached a record low of 2.93 percent in January.

The 15-year fixed-rate mortgage fell to 2.42 percent from 2.44 percent the previous week. The 30-year fixed-rate loans in this week's survey included an average total of 0.34 discount and origination points.

You might be able to find an even better deal: The mortgage offers advertised on Bankrate.com grew more generous during the week ending June 10. The average rate on mortgages clicked on by Bankrate readers was just 2.44 percent. This “clicked-on” rate reflects purchase mortgages and refinances with all terms, including 30- and 15-year loans. The rates may include discount points.

Current mortgage and refinance rates

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans. The interest rate table below is updated daily to give you the most current purchase rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single family residence. To learn more, see understanding Bankrate rate averages.

Product Interest Rate APR
30-Year Fixed Rate 3.170% 3.380%
20-Year Fixed Rate 3.040% 3.210%
15-Year Fixed Rate 2.430% 2.720%
7/1 ARM 3.420% 3.980%
5/1 ARM 3.200% 3.840%
10/1 ARM 3.340% 4.040%
30-Year Fixed-Rate FHA 2.770% 3.660%
30-Year Fixed-Rate VA 2.830% 3.020%
30-Year Fixed-Rate Jumbo 3.190% 3.310%
15-Year Fixed-Rate Jumbo 2.440% 2.520%
7/1 ARM Jumbo 3.660% 3.990%
5/1 ARM Jumbo 3.280% 3.670%

How mortgage rates work

Mortgage interest is basically how much you pay the bank to borrow its money. If you’re taking out a $100,000 mortgage, you’ll pay back more than $100,000 over time for the privilege. Generally speaking, shorter-term loans have lower interest rates than longer-term ones. With that lower interest rate and more-rapid payback, a 15-year mortgage, for example, will be a lot less expensive overall than a 30-year one. The flip side is, shorter-term loans mean higher monthly payments, so even though they save you money overall, they can squeeze your monthly budget unless you go for a cheaper home to offset the higher payment.

Why compare mortgage rates?

Shopping around for quotes from multiple lenders is one of Bankrate’s most important pieces of advice for every mortgage applicant. When you shop, it’s important to think about not just the interest rate you’re being quoted, but also all the other terms of the loan. Be sure to compare APRs, which include many additional costs of the mortgage not shown in the interest rate. Keep in mind that some institutions may have lower closing costs than others, or your current bank may extend you a special offer. There’s always some variability between lenders on both rates and terms, so make sure you understand the full picture of each offer, and think about what will suit your situation best.

June 2021 mortgage rate forecast

Rates stopped rising during a five-week period in April and May. However, that trend is unlikely to continue. Housing economists expect rates to resume their upward path. Greg McBride, Bankrate’s chief financial analyst, envisions mortgage rates hovering in the 3 percent to 3.5 percent range for most of 2021.

"We’ll see modestly higher rates in the weeks to come as the economy heats up," McBride says. "But much of this is already reflected as a result of the run-up in rates earlier this year."

Top 5 Bankrate Mortgage Lenders

  • Better Mortgage Corporation: Best online lender
  • Cardinal Financial Company: Best for low credit borrowers
  • AmeriSave Mortgage Corporation: Best for refinancing
  • Fairway Independent Mortgage Corporation: Best for first-time homebuyers
  • Chicago Mortgage Solutions LLC: Best non-bank lender

Methodology

Bankrate helps thousands of people find mortgage and refinance lenders every day. To determine the best mortgage lenders, we used proprietary data to see which mortgage lenders on our platform received the most leads within a three-month period. More than 150 lenders were included in the evaluation. We then used our editorial expertise and judgment to assign superlatives to each lender based on factors such as fees, products offered, convenience and other criteria. We update this list regularly.

Better Mortgage Company: Best online lender

Better.com is a 100 percent online lender that offers a range of low interest rate mortgage products for consumers across the United States. It holds the first spot on Bankrate’s June 2021 list of Best Mortgage Lenders.

Strengths: This digital lender can shave off time when it comes to your mortgage preapproval and closing process. Consumers experienced a three minute pre approval process and 21 day closing process on average. Better.com is available in 46 states along with Washington D.C.

If you’re a prospective borrower who receives a competitive rate elsewhere, you can take advantage of its Better Price Guarantee to match that rate quote. Alongside this guarantee, Better.com will give you $100 even if they can’t mirror that same offer.

For the home buyer who isn’t well-aquainted with digital mortgage lenders, Better.com does offer seven days a week support by phone as well as online if you have questions.

Weaknesses: There are limitations on the variety of mortgage products offered. If you’re looking for government insured loans such as those from the USDA or VA, you’ll have to search elsewhere.

It’s worth noting that you can only take advantage of the Better Price Guarantee, if you apply directly online at Better.com.

If you’re a borrower who isn’t tech-savy and rather would trust the in-person experience, this digital process may be an adjustment for you.

Read Bankrate's full Better Mortgage review

Cardinal Financial Company: Best for low credit borrowers

Cardinal Finance Company, also known as Sebonic Financial is a hybrid mortgage lender offering both an in person and online experience for potential borrowers.

It offers a wider range of mortgage products for the first-time homebuyer compared to its competitors.

Strengths: First time homebuyers have the opportunity to receive quotes on not just conventional loans but those insured by the FHA, USDA and VA as well. Both the FHA and USDA tend to have minimum credit score requirements of at least 580 while for VA insured loans that number inches lower to 550.

The lender also offers a speedy prequalification and preapproval process for those looking to save time. Cardinal Finance Company reports that some borrowers have been able to close their mortgage in as little as seven days.

The average time, the lender claims, hovers around 30 days.

Another strength is that homebuyers in all 50 states can access this lender.

Weaknesses: Not all the information regarding current mortgage rates and associated lender fees are listed on the website. You’ll need to seek out a representative via phone or physical branch.

Read Bankrate's full Cardinal Financial review

AmeriSave Mortgage Corporation: Best for refinancing

AmeriSave Mortgage Corporation is one of the nation’s largest mortgage lenders having licensed over 800 mortgage originators. It offers an array of mortgage products ranging from conventional and fixed mortgages to those insured by government agencies.

Strengths: The lender has a strong track record of lending mortgages with over $55 billion in loans funded year till date.

If you’re someone who is looking to save time in their loan process, AmeriSave’s timeline may fit with yours. The company has closed loans on an average of 25 days and offers prequalification along with custom mortgage rate quotes in as little as three minutes.

The company has greater transparency in regards to mortgage rates and fees compared to other lenders. Borrowers have the ability to view the full range of rates and products they can qualify for after they hand in a mortgage application.

The company also notes it does not charge loan origination fees for those looking to save some cash.

For the first-time homebuyer, AmeriSave also hosts a Knowledge Center, where you can familiarize yourself with mortgage jargon.

Weaknesses: You’ll still need to pay a flat $500 mortgage application fee, even if the origination fees are waived.

There also aren’t any unique perks for first time homebuyers besides the Knowledge Center.

Read Bankrate's full AmeriSave Mortgage Corporation review

Fairway Independent Mortgage Corporation: Best for first-time homebuyers

With more than 700 branches across the U.S., Fairway Independent Mortgage Corporation offers flexibility for both first-time and experienced homebuyers. It also offers a mobile app called FairwayNow where you can directly message your lender.

Strengths: If you’ve never taken out a mortgage before, you’re in luck. This lender offers an extensive glossary of mortgage terms you can read up on. You also can take advantage of loans that are insured by the FHA, VA and USDA. These have less strict credit score requirements and upfront down payments compared to conventional loans.

Weaknesses: You’ll have to talk to a representative to learn about lender fees as well as mortgage interest rates, as Fairway does not post these online.

If you live in Alaska or West Virginia you won’t be able to seek advantage of this lender as it’s available in all other 48 states. The same applies if you live in U.S. territories.

Read Bankrate's full Fairway Independent Mortgage Corporation review

Chicago Mortgage Solutions (Interfirst Mortgage Company): Best non-bank lender

Chicago Mortgage Solutions, also named Interfirst Mortgage Company acts as a retail lender, wholesaler and correspondent when it comes to mortgages.

Strengths: The company says in certain circumstances you can qualify for a mortgage in minutes.

Chicago Mortgage Solutions also received A+ rating from the Better Business Bureau, which is a good resource to determine a lender’s trustworthiness.

As a borrower, you have multiple options to apply for a mortgage. The company offers pathways through online, a broker or even a bank/credit union. This may come in handy if you aren’t tech-savvy or prefer talking in-person with a representative.

Weaknesses: It’s only licensed in 19 states so depending on where you live you may not have access to their products.

Another downside is if you’re trying to compare mortgage rates to other lenders, since Interfirst Mortgage doesn’t advertise daily rates on their website.

Read Bankrate's Interfirst Mortgage Company user reviews

Mortgage FAQs

 

Mortgage News

Bankrate survey: Young Americans plan to continue delaying the homebuying process

Many Americans are postponing at least one major life event because of the coronavirus pandemic, according to a new Bankrate survey. 39 percent of respondents say they’ve delayed buying or leasing a car, buying a home, getting married, having a child or taking another significant step.

Some 12 percent of respondents to Bankrate’s survey say they delayed buying a house, relieving some of the pressure on a booming housing market characterized by a sharp shortage of inventory. More than half of homebuyers who delayed real estate purchases anticipate waiting nine months or longer. Younger buyers were more likely to say they’re waiting.

By age group, homebuying delays are expected by 18 percent of those ages 18 to 34, 15 percent of Americans 35 to 54 and just 5 percent of those 55 and older.

The supply of existing homes for sale is near record lows, in part because homeowners decided not to sell during the coronavirus pandemic. Meanwhile, homebuilders haven’t ramped up to historical levels. While there’s a shortage of homes for sale, there’s a glut of buyers vying for homes. That has resulted in bidding wars and soaring prices.

Bankrate Survey identifies younger americans are delaying financial milestones due to coronavirus pandemic

How to navigate your finances in uncertain times

The economic outlook has brightened considerably in recent months, but the U.S. economy remains on shaky footing. Here’s what you can do to prepare your finances for the next crisis:

  • Make a plan. Get your financial life in shape. Determine how much you’ll spend, how much you’ll save and how you’ll tackle high-interest debt. If you plan to buy a home in the future, factor a down payment into your savings plan. Now can be a good time to shore up those funds while you wait for housing inventory to open up or decide where you want to live. Having a bigger down payment can help you get more favorable loan terms and afford more house for your money.
  • Build a rainy-day fund. You’ll sleep better once you’ve amassed an emergency fund equal to about six months’ worth of your expenses. Stash the cash in a liquid and accessible vehicle, such as a high-yield savings account. Shop around for the best rate, and for an account that fits your needs.
  • Consider refinancing debt. Mortgage rates have risen slightly from record lows, but millions of homeowners still could shave hundreds of dollars from monthly payments by refinancing. If you’re carrying high-cost credit card debt, check if a balance transfer card is right for you.

Do you already own a home and want to refinance?

Refinancing your mortgage can be a good financial move if you lock in a lower rate. However, there are upfront costs associated with refinancing, such as appraisals, underwriting fees and taxes, so you’ll want to be sure the savings outpace the refinance price tag in a reasonable amount of time, say 18 to 24 months.

While mortgage rates have risen from the record lows of late 2020 and early 2021, they remain at historically low levels. That means millions of homeowners still could save by refinancing. Reducing your rate isn’t the only reason to refinance. It’s also possible to tap into your home equity to pay for home renovations. Or, if you want to pay down your mortgage more quickly, you can shorten your term to 20, 15 or even 10 years. And because home values have risen sharply, it’s possible that a refinance could free you from paying for private mortgage insurance.

For more information, visit Bankrate’s mortgage refinancing hub. Learn more about refinance rates.

Check out Bankrate’s guide to paying for repairs and 203(k) mortgages for more information.

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride


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