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By Leslie Cook
June 19, 2020
Jade Schulz for Money

Mortgage rates remained near all-time lows Friday, closing out a week of encouraging housing market news. Builder confidence is rising, more people are applying for mortgages and there are even signs that more new homes may hit the market as demand continues to increase.

According to a survey by the National Association of Home Builders (NAHB) published on Tuesday, builder confidence increased 21 points to 58 (on a scale of 100). The monthly survey asks builders about their expectations for single-family home sales over the next six months. Any score above 50 is considered “good.” The survey recorded a low of 30 during the month of April, the height of the COVID-19 related lockdowns.

“As the nation reopens, housing is well-positioned to lead the economy forward,” said Dean Mon, chairman of the NAHB. “Inventory is tight, mortgage applications are increasing, interest rates are low, and confidence is rising.”

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. At the same time, refinance applications continue to lead the rebound, increasing 10% over the previous week and just about doubling the number of applications filed during the same week last year. Refinance loans made up 63% of all loan applications, up from 61% last week.

“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.

On Wednesday, the U.S. Census Bureau 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. 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.


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

Mortgage rates advertised for June 19:

30-year fixed: 3.511%

15-year-fixed: 3.088%

(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 19:

30-year fixed: 3.228%

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 19:

30-year fixed: 3.066%

15-year-fixed: 2.645%

5-year ARM: 2.873%

(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

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