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Published: Jun 17, 2020 4 min read
José Vélez / Money

The housing market continues on a path towards recovery, with homeowners and buyers taking advantage of historically low interest rates.

According to data released Wednesday by the Mortgage Bankers Association, mortgage applications for the week ending June 12 increased 8% from the previous week and were 21% higher than a year ago.

Refinance applications led the upswing, increasing 10% over the previous week and just about doubling the number of applications for the same week last year. Refinance loans made up 63% of all loan applications, up from 61% last week.

"Purchase applications increase to the highest level in over 11 years and for the ninth consecutive week," said Joel Kan, associate vice president of economic and industry forecasting for the MBA. "The housing market continues to experience the release of un-realized pent-up demand from earlier this spring, as well as a gradual improvement in consumer confidence."

On Wednesday the U.S. Census Bureau released the May data on new housing starts, building completions, and construction permits, indicating a slight increase in all three categories over the April numbers that could bode well for the housing market as homebuyer demand increases.

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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

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

Mortgage rates advertised for June 17:

30-year fixed: 3.5%

15-year-fixed: 3.069%

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

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Wells Fargo

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

Mortgage rates advertised for June 17:

30-year fixed: 3.228%

15-year-fixed: 2.703%

5-year ARM: 2.890%

(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 17:

30-year fixed: 3.060%

15-year-fixed: 2.609%

5-year ARM: 2.870%

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

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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