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Mortgages

Mortgage Rates

Here Are Today's Best Mortgage & Refinance Rates for May 29, 2020

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Mortgage rates are at all-time lows, giving a boost to a real estate market that's shown surprising resilience in the face of the coronavirus pandemic.

On Thursday Freddie Mac reported that the average interest rate for a 30-year fixed-rate mortgage had fallen to a record low for the third time in 2020. At the same time, the National Association of Realtors said home list prices were 3.1% above their levels a year ago.

"The housing market is continuing its path to recovery as various states reopen, leading to more buyers resuming their home search," said Joel Kan, Associate Vice President of Economic and Industry Forecasting for the Mortgage Bankers Association. Even during the lockdown homeowners were finding creative ways to house-hunt, going so far as to bid on homes they haven’t seen in person.

Homeowners have also been rushing to refinance. Refinancings currently make up two-thirds of all mortgage applications, according to data from the Mortgage Bankers Association (MBA). Refinancing activity is more than double its pace a year ago.

Average Mortgage Rates

The national average interest rate for a 30-year fixed-rate mortgage was 3.15% with 0.8 points paid, for the week ending May 28, according to Freddie Mac.

That’s 0.08 percentage points below the previous all-time low of 3.23% set April 30.

A year ago the average rate was 3.99%. A homeowner with a $250,000 mortgage balance paying 3.99% on a 30-year loan could cut their monthly payment from $1,192 to $1,074 by financing at today’s lower rates. (It is important to note that refinancing involves closing fees and will reset the clock on your mortgage, meaning you will have to make payments longer.)

According to Freddie Mac the average rate for a 15-year fixed-rate mortgage was 2.62%, while the average rate on a 5-year adjustable-rate mortgage was 3.13%.

Today’s Mortgage Rates

Of course mortgage rates vary widely by location and personal factors like the type of home you plan to buy, your down payment and your credit score. Here are today’s advertised mortgage rates at some of mortgage industry’s largest lenders.