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Mortgages

Mortgage Rates

Here Are Today's Best Mortgage & Refinance Rates for June 10, 2020

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The housing market remains on the rebound as home buyers and owners take advantage of historically low mortgage rates and better-than-expected employment news.

Mortgage loan applications increased by 9% from a week ago according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending June 5. It marks the eighth straight week for home purchase loan applications.

"Fueled again by low mortgage rates, pent-up demand from earlier this spring, and states reopening across the country, purchase mortgage applications and refinances both increased," said Joel Kan, the MBA's associate vice president of economic and industry forecasting, in a press release Wednesday. "The recovery in the purchase market continues to gain steam, with the seasonally adjusted index rising to its highest level since January."

Refinance loan applications increased 11% from the previous week, breaking a string of seven consecutive weeks of decreases. The refinance share of loan applications increased from 60% to 61%, and is 80% higher than the same week a year ago.

Coupled with a lower-than-expected unemployment rate, homebuyers appear ready to jump back into the market. "There are signs that the better than expected jobs situation is already having a positive effect on the housing market," said Danielle Hale, chief economist at Realtor.com, last week. "It's shaping up to be a hotter than expected summer."

The unemployment rate fell from 14.7% to 13.3% as the U.S. economy added 2.5 million jobs in May. "This points to an economy that is beginning to rebound from the impacts of the pandemic," according to a statement issued Friday by Mike Fratantoni, chief economist of the Mortgage Bankers Association.

Average Mortgage Rates Today

The average interest rate for a 30-year fixed-rate mortgage ticked up to 3.18% with 0.7 points paid for the week ending June 4, according to Freddie Mac. That is just 0.3 percentage points higher than the all-time low of 3.15% set last week.

According to Freddie Mac the average rate for a 15-year fixed-rate mortgage was 2.62%, unchanged from last week, while the average rate on a 5-year adjustable-rate mortgage dropped 0.3 percentage points to 3.10%.

Average Refinance Rates Today

A year ago the average rate was 3.82%. A homeowner with a $250,000 mortgage balance paying 3.82% on a 30-year loan could cut their monthly payment from $1,168 to $1,078 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.)

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 the mortgage industry’s largest lenders.