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Mortgage rates showed no clear direction today, but one key rate ticked up. The average for a 30-year fixed-rate mortgage trended upward, but the average rate on a 15-year fixed ticked downwards. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages tapered off.

Rates for mortgages are constantly changing, but overall, they are very low by historical standards. If you’re in the market for a mortgage, it could make sense to go ahead and lock if you see a rate you like. Just make sure you’ve looked around for the best rate first.

Compare mortgage interest rates from lenders across the nation.

30-year fixed mortgages

The average rate you’ll pay for a 30-year fixed mortgage is 3.49 percent, an increase of 4 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 3.57 percent.

At the current average rate, you’ll pay a combined $448.49 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $2.23 higher.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and see the effect of adding extra payments. It will also help you determinehow much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 2.81 percent, down 2 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $681 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.

5/1 ARMs

The average rate on a 5/1 ARM is 3.18 percent, ticking down 1 basis point over the last 7 days.

These types of loans are best for those who expect to refinance or sell before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 3.18 percent would cost about $431 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.

Where rates are headed

To see where Bankrate’s panel of experts expect rates to go from here, check out our Mortgage rate predictions for this week.

Want to see where rates are currently? Lenders nationwide respond to Bankrate’s weekday mortgage rates 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:

Average mortgage interest rates
Product Rate Last week Change
30-year fixed 3.49% 3.45% +0.04
15-year fixed 2.81% 2.83% -0.02
30-year fixed jumbo 3.58% 3.53% +0.05
30-year fixed refinance 3.58% 3.54% +0.04

Rates as of June 10, 2020.

Rate lock advice and recommendations

A rate lock guarantees your interest rate for a specified period of time. Lenders often offer 30-day rate locks for a nominal fee or roll the price of the lock into your loan. Some lenders will lock rates for longer periods, even exceeding 60 days, but those locks can be costly. In today’s volatile market, some lenders will lock an interest rate for only two weeks to avoid unnecessary risk.

With a rate lock, if interest rates rise, you’re locked into the guaranteed rate. Some lenders have a floating-rate lock option, which allows you to get a lower rate if interest rates fall before you close your loan. In a falling rate environment, a float-down lock could be worth the cost. Because mortgage rates are not predictable, there’s no guarantee that rates will stay where they are from week to week or even day to day. So, if you can lock in a low rate, then you should do so rather than gamble on interest rates falling even lower.

Keep in mind that during the pandemic, all aspects of real estate and mortgage closings are taking much longer than usual. Expect the closing on a new mortgage to take at least 60 days, and expect refinancing to take at least a month..

What causes mortgage rates to change

Mortgage rates are influenced by a range of economic factors, from inflation to unemployment numbers. Typically, higher inflation means higher interest rates and vice versa. As inflation rises, the dollar loses value, which in turn drives off investors for mortgage-backed securities, causing the prices to fall and yields to climb. When yields climb, rates get more expensive for borrowers.

A strong economy usually means more people buying homes, which drives demand for mortgages. This increased demand can push rates higher. The opposite is also true; less demand can trigger a drop in rates.

What are current mortgage rates?

Mortgage rates have been volatile because of the COVID-19 pandemic. Generally, though, rates have been low. Mortgage rates are rising and falling from week to week, as lenders are inundated with forbearance and refinance requests. In general, however, rates are consistently below 4 percent and even dipping into the mid to low 3s. This is an especially good time for people with good to excellent credit to lock in a low rate for a purchase loan. However, lenders are also raising credit standards for borrowers and demanding higher down payments as they try to dampen their risks.

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s on-site rate averages.”

Searching for a mortgage lender? Check out reviews of top lenders.

Compare mortgage rates for various loan types
Loan term Purchase Rates Refinance Rates
The chart above links out to loan-specific pages to help our readers learn more about rates by product type.
30-Year Loan 30-Year Mortgage Rates Current 30 Year Refinance Rates
20-Year Loan 20-Year Mortgage Interest Rates 20-Year Refi Rates
15-Year Loan Today’s 15-Year Mortgage Rates 15-Year Mortgage Refinance Rates
10-Year Loan Current 10 Year Mortgage Rates 10-Year Refi Interest Rates
FHA Loan FHA Mortgage Loan Rates FHA Refinance Rates
VA Loan Current VA Mortgage Rates VA Refinance Loan Rates
ARM Loan ARM Interest Rates ARM Refinance Rates
Jumbo Loan Jumbo Mortgage Rates Jumbo Refinance Rates