Mortgage rates were mostly down compared to a week ago. Rates for 30-year fixed, 15-year fixed and jumbo loans receded, while rates for adjustable rate mortgages rose.
|Loan type||Interest rate||A week ago||Change|
|30-year fixed rate||3.08%||3.10%||-0.02|
|15-year fixed rate||2.36%||2.37%||-0.01|
|5/1 ARM rate||3.24%||3.15%||+0.09|
|30-year fixed jumbo rate||3.09%||3.12%||-0.03|
Rates last updated on June 10, 2021.
The rates listed here are marketplace averages based on the assumptions here. Actual rates displayed across the site may vary. This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Thursday, June 10th, 2021 at 7:30am.
Mortgage interest rates
30-year mortgage drops, -0.02%
The average rate you’ll pay for a 30-year fixed mortgage is 3.08 percent, down 2 basis points over the last week. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 3.05 percent.
At the current average rate, you’ll pay a combined $425.93 per month in principal and interest for every $100,000 you borrow. That’s down $1.09 from what it would have been last week.
Use our mortgage calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll fork up over the life of your loan.
15-year fixed mortgage rate trends down,-0.01%
The average rate for a 15-year fixed mortgage is 2.36 percent, down 1 basis point since the same time last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost $660 per $100k borrowed. That may squeeze 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 ARM trends higher, +0.09%
The average rate on a 5/1 adjustable rate mortgageis 3.24 percent, adding 9 basis points since the same time last week.
Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. In other words, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for people who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.24 percent would cost about $435 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo loan interest rate slides, -0.03%
The average rate you’ll pay for a jumbo mortgage is 3.09 percent, down 3 basis points over the last seven days. Last month on the 10th, the average rate was below that, at 3.07 percent.
At today’s average jumbo rate, you’ll pay $426.47 per month in principal and interest for every $100k you borrow. That’s lower by $1.63 than it would have been last week.
Recap: How mortgage interest rates have changed this week
- 30-year fixed mortgage rate: 3.08%, down from 3.10% last week, -0.02
- 15-year fixed mortgage rate: 2.36%, down from 2.37% last week, -0.01
- 5/1 ARM mortgage rate: 3.24%, up from 3.15% last week, +0.09
- Jumbo mortgage rate: 3.09%, down from 3.12% last week, -0.03
Interested in refinancing? See mortgage refinance rates
30-year fixed-rate refinance slides, –0.02%
The average 30-year fixed-refinance rate is 3.14 percent, down 2 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.10 percent.
At the current average rate, you’ll pay $429.19 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $1.09 lower.
Use Bankrate’s mortgage rate calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll pay over the life of the loan.