--- title: Here Are Today's Best Mortgage & Refinance Rates for June 18, 2020 description: Mortgage rates just hit a new all-time low. authors: - name: Leslie Cook role: Editor, Real Estate url: https://money.com/author/leslie-cook/ bio: Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips. education: Bryn Mawr College, BA History certifications: Certified Personal Finance Counselor at_money_since: 2019 articles: 797 covers: - Mortgages - Banking - Credit - Economy and Politics - Housing - Identity Theft - Insurance - Loans - Personal Finance - Professional Services - Retirement - Taxes social: - https://twitter.com/LeslieLCook - https://www.linkedin.com/in/leslie-cook-9829b9198/ published: '2020-06-18T15:12:33.000Z' modified: '2024-02-18T13:35:19.000Z' section: Mortgages tags: - Apex39 - Apex41 - Guides - rates word_count: 555 canonical: https://money.com/todays-mortgage-rates-6-18-2020/ type: Article source: structured-blocks --- > **Disclosure:** We may earn a fee if you click on the links below. Compensation does not determine ranking. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Mortgage-Rate-14](https://img.money.com/2020/06/gettyimages-170068807.jpg) Mortgage rates dropped to a new all-time low last week, providing homeowners new reason to consider refinancing and buyers even more incentive to start shopping. "Purchase demand activity is up over 20% from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood," said Sam Khater, chief economist for Freddie Mac. Mortgage applications for the week ending June 12 increased 8% from the previous week and were 21% higher than a year ago, according to data released Wednesday by the [Mortgage Bankers Association.](https://www.mba.org/2020-press-releases/june/mortgage-applications-increase-in-latest-mba-weekly-survey-x264417 "(opens new window)") Refinance applications led the upswing, increasing 10% over the previous week and just about doubling the number of applications filed in the same week last year. [Refinance](https://money.com/is-now-a-good-time-to-refinance/) loans made up 63% of all loan applications, up from 61% last week. On Wednesday, the [U.S. Census Bureau](https://www.census.gov/construction/nrc/pdf/newresconst.pdf "(opens new window)") also released data on new housing starts, building completions, and construction permits for May. The report indicated a slight increase in all three categories compared to April, which could be a sign that pressure from historically low supply may ease somewhat in the coming months. ## Average Mortgage Rates Today The average interest rate for a 30-year fixed-rate mortgage dropped to 3.13% with 0.8 points paid for the week ending June 18, according to [Freddie Mac](http://www.freddiemac.com/pmms/ "(opens new window)"). That's 0.02 percentage points below the previous all-time low of 3.15% set May 28. According to Freddie Mac, the average rate for a 15-year fixed-rate mortgage was 2.58% with 0.8 points paid, down 0.04 percentage points from last week, while the average rate on a 5-year adjustable-rate mortgage also decreased slightly to 3.09% with 0.4 points paid. ## Average Refinance Rates Today A year ago the average rate was 3.84%. A homeowner with a $250,000 mortgage balance paying 3.84% on a 30-year loan could cut their monthly payment from $1,170 to $1,071 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 property you plan to buy, the size of your down payment, and your credit score. Here are today’s advertised mortgage rates at some of the mortgage industry’s [largest lenders](https://money.com/best-mortgage-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 18](https://www.quickenloans.com/mortgage-rates?qlsource=nav "(opens new window)"): 30-year fixed: 3.5% 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 18](https://www.wellsfargo.com/mortgage/rates/ "(opens new window)"): 30-year fixed: 3.218% 15-year-fixed: 2.703% 5-year ARM: 2.867% *(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 18:](https://www.chase.com/personal/mortgage/mortgage-rates "(opens new window)") 30-year fixed: 3.062% 15-year-fixed: 2.608% 5-year ARM: 2.864% *(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**](https://money.com/mortgage-rates-below-three-percent/) [**View Money’s Best Mortgage Lenders of 2020**](https://money.com/best-mortgage-lenders/) [**Compare Money's Best Mortgage Refinance Companies of 2020**](https://money.com/best-mortgage-refinance/) **Related: [Why Right Now Is the Best Time to Refinance Your Mortgage, According to David Bach](https://money.com/mortgage-refinance-tips-david-bach/)** ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/todays-mortgage-rates-6-18-2020/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Mortgages", "item": "https://money.com/mortgages/" }, { "@type": "ListItem", "position": 3, "name": "Mortgage Rates", "item": "https://money.com/mortgage-rates/" }, { "@type": "ListItem", "position": 4, "name": "Here Are Today's Best Mortgage & Refinance Rates for June 18, 2020" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/todays-mortgage-rates-6-18-2020/#webpage", "url": "https://money.com/todays-mortgage-rates-6-18-2020/", "name": "Here Are Today's Best Mortgage & Refinance Rates for June 18, 2020", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2020-06-18T15:12:33.000Z", "mainEntity": { "@id": "https://money.com/todays-mortgage-rates-6-18-2020/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/todays-mortgage-rates-6-18-2020/#breadcrumb" }, "dateModified": "2024-02-18T13:35:19.000Z" }, { "@type": "Article", "headline": "Here Are Today's Best Mortgage & Refinance Rates for June 18, 2020", "articleSection": "Mortgages", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2020/06/gettyimages-170068807.jpg", "width": 2880, "height": 1920, "caption": "Mortgage-Rate-14" } ], "author": [ { "@type": "Person", "name": "Leslie Cook", "url": "https://money.com/author/leslie-cook/", "@id": "https://money.com/author/leslie-cook/#author", "description": "Leslie Cook is Money’s lead real estate editor covering trends in the housing market, mortgage rates and real estate. She also writes about home renovation trends and tips.", "image": "https://img.money.com/2020/04/Money_Headshots_2025-46.jpg?quality=85&w=640&h=640&crop=1", "email": "leslie@money.com", "jobTitle": "Editor, Real Estate", "hasCredential": [ { "@type": "EducationalOccupationalCredential", "credentialCategory": "certification", "name": "Certified Personal Finance Counselor" } ], "alumniOf": "Bryn Mawr College, BA History", "sameAs": [ "https://twitter.com/LeslieLCook", "https://www.linkedin.com/in/leslie-cook-9829b9198/" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "publisher": "https://money.com/#organization", "datePublished": "2020-06-18T15:12:33.000Z", "description": "Mortgage rates just hit a new all-time low.", "abstract": "Mortgage rates just hit a new all-time low.", "@id": "https://money.com/todays-mortgage-rates-6-18-2020/", "inLanguage": "en-US", "dateModified": "2024-02-18T13:35:19.000Z", "wordCount": 555, "keywords": [ "Apex39", "Apex41", "Guides", "rates" ], "about": [ { "@type": "Thing", "name": "Mortgage", "sameAs": [ "https://en.wikipedia.org/wiki/Mortgage" ] } ] } ] } ```