Average mortgage rates were mostly down compared to a week ago. Rates for 30-year fixed, 15-year fixed and jumbo loans moved lower, while rates for adjustable rate mortgages rose.
|30-year fixed jumbo||3.10%||3.12%||-0.02|
Rates as of June 11, 2021.
The rates listed here are averages based on the assumptions indicated here. Actual rates displayed across the site may vary. This story has been reviewed by Bill McGuire. All rate data accurate as of Friday, June 11th, 2021 at 7:30am.
Current 30 year mortgage rate moves down, -0.01%
The average rate for the benchmark 30-year fixed mortgage is 3.09 percent, a decrease of 1 basis point 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 $426.47 per month in principal and interest for every $100k you borrow. That’s down $0.55 from what it would have been last week.
15-year fixed mortgage rate retreats,-0.01%
The average rate for the benchmark 15-year fixed mortgage is 2.36 percent, down 1 basis point over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $660 per $100k 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 save thousands of dollars over the life of the loan in total interest paid and build equity much faster.
5/1 adjustable rate mortgage trends higher, +0.08%
The average rate on a 5/1 adjustable rate mortgageis 3.24 percent, rising 8 basis points over the last week.
Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. To put it another way, the interest rate can change from time to time throughout the life of the loan, unlike fixed-rate loans. These loan types 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 3.24 percent would cost about $435 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.
Current jumbo mortgage rate eases, -0.02%
is 3.10 percent, down 2 basis points over the last seven days. Last month on the 11th, jumbo mortgages’ average rate was below that, at 3.07 percent.
At today’s average rate, you’ll pay a combined $427.02 per month in principal and interest for every $100k you borrow. Compared with last week, that’s $1.08 lower.
In summary: How mortgage interest rates have changed this week
- 30-year fixed mortgage rate: 3.09%, down from 3.10% last week, -0.01
- 15-year fixed mortgage rate: 2.36%, down from 2.37% last week, -0.01
- 5/1 ARM mortgage rate: 3.24%, up from 3.16% last week, +0.08
- Jumbo mortgage rate: 3.10%, down from 3.12% last week, -0.02
Interested in refinancing? See mortgage refinance rates
Current 30 year mortgage refinance rate moves down, –0.01%
The average 30-year fixed-refinance rate is 3.15 percent, down 1 basis point compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.09 percent.
At the current average rate, you’ll pay $429.74 per month in principal and interest for every $100,000 you borrow. That’s down $0.54 from what it would have been last week.
How to score the best deal on a mortgage:
- Shop around. Closing costs and rates vary by lender, so get three bids.
- Understand the breakeven point. That’s the moment at which the savings in monthly payments offset the amount of the closing costs. This refinance calculator can help you decide.
- Don’t chase the lowest rate. Yes, a low rate and paltry payment are good, but make sure those benefits aren’t overwhelmed by closing costs.
- How to buy a house in 2021
- Steps in the mortgage underwriting process
- How much will you pay in closing costs?