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Published: Jun 12, 2020 4 min read
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Two days after the Federal Reserve announced plans to keep short term interest rates near zero, mortgage rates continue hovering around all-time lows.

“The rebound in home-buyer demand continued this week, driven by mortgage rates that hover near record lows,” said Sam Khater, chief economist for Freddie Mac, in a statement Thursday. “This turnaround in demand, particularly by those who have higher incomes than the typical household, also reflects deferred sales from the spring.”

The news from the Federal Reserve signals that homeowners and buyers still have an opportunity to jump into the real estate market and take advantage of low interest rates for some time to come.

On Wednesday the Federal Reserve announced its intent to keep the federal fund target rate in the 0% to 0.25% range until the economy is well on its way to full recovery and maximum employment, with 15 of the 17 Federal Reserve officials predicting these rates will hold there until 2022, according to a report by the Wall Street Journal.

The central bank also reiterated its commitment to continue purchasing around $80 billion in Treasuries and $40 billion in mortgage-backed securities a month. That should bode well for maintaining low mortgage rates for the foreseeable future, as interest rates are traditionally pegged to the 10-Year Treasury yields.

Average Mortgage Rates Today

The average interest rate for a 30-year fixed-rate mortgage ticked up to 3.21% with 0.9 points paid for the week ending June 11, according to Freddie Mac. That is just 0.6 percentage points higher than the all-time low of 3.15% set May 28.

According to Freddie Mac the average rate for a 15-year fixed-rate mortgage was 2.62% with 0.8 points paid, unchanged from last week, while the average rate on a 5-year adjustable-rate mortgage also remained unchanged at 3.10% with 0.4 points paid.

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 $1,082 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.


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

Mortgage rates advertised for June 12:

30-year fixed: 3.511%

15-year-fixed: 3.069%

(Quicken doesn’t advertise a 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 June 12:

30-year fixed: 3.112%

15-year-fixed: 2.667%

5-year ARM: 2.909%

(Rates are APRs.)

JP Morgan Chase

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

Mortgage rates advertised for June 12:

30-year fixed: 2.967%

15-year-fixed: 2.588%

5-year ARM: 2.872%

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

Bottom Line:

If you have decent credit, you may be in a position to take advantage of mortgage rates near all time lows

View Money’s Best Mortgage Lenders of 2020

Compare Money's Best Mortgage Refinance Companies of 2020

Related: Why Right Now Is the Best Time to Refinance Your Mortgage, According to David Bach

Rates are subject to change. All information provided here is accurate as of the publish date.