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By Leslie Cook
May 29, 2020
Getty Images

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.

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“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.

Quicken

Quicken, a non-bank lender based in Detroit, is the nation’s leading mortgage lender by dollar origination volume.

Mortgage rates advertised for May 29:

30-year fixed: 3.744%

15-year-fixed: 3.178%

(Quicken doesn’t advertise an five-year adjustable rate. Rates are APRs.)

Wells Fargo

Based in San Francisco, Wells Fargo has more than 7,000 locations.

Mortgage rates advertised for May 29:

30-year fixed: 3.226%

15-year-fixed: 2.700%

5-year ARM: 2.908%

(Rates are APRs.)

JP Morgan Chase

Based in New York, JP Morgan Chase has nearly 5,000 U.S. branches.

Mortgage rates advertised for May 29:

30-year fixed: 3.089%

15-year-fixed: 2.630%

5-year ARM: 2.822%

(Rates based on New York City zip code 10006. Rates are APRs.)

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More from Money:

Best Mortgage Lenders of 2020

The Real Estate Market Is Hot Despite Coronavirus. Here’s How Homebuyers Can Still Get a Good Deal

Where Home Prices Are Heading in the Age of Coronavirus

Advertiser Disclosure

The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

Earning your trust is essential to our success, and we believe transparency is critical to creating that trust. To that end, you should know that many or all of the companies featured here are partners who advertise with us.

Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

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