--- title: Here Are Today's Best Mortgage & Refinance Rates for June 25, 2020 description: Mortgage rates remain near all-time lows. 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: '2020-06-25T15:21:58.000Z' modified: '2024-04-17T12:38:15.000Z' section: Mortgages tags: - Apex39 - Apex41 - rates word_count: 608 canonical: https://money.com/todays-mortgage-rates-6-25-2020/ 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-June-25-2020](https://img.money.com/2020/06/mortgage_rate3.jpg) Interest rates remain historically low as demand for home purchases and refinances continues to eclipse 2019 levels. "After the Great recession, it took more than ten years for purchase demand to rebound to pre-recession levels, but in this crisis, it took less than ten weeks," observed Freddie Mac's chief economist Sam Khater. Overall mortgage loan applications fell nearly 9% for the week ending June 19, according to data out Wednesday from the Mortgage Bankers Association. Refinance applications experienced the largest decrease, dropping 12% percent week over week. Despite this drop, refinances are still up 76% compared to a year ago. "Even with high unemployment and economic uncertainty, the purchase market is strong. Activity has climbed above year-ago levels for five straight weeks and was 18% higher than a year ago last week," said Joel Kan, head of economic and industry forecasting for the MBA. Kan noted that the increased demand for homes is in conflict with the tight supply of new and existing homes available, which may put a damper on future sales. "Additional housing inventory is needed to give buyers more options and to keep home prices from rising too fast," he added. Lawrence Yun, chief economist for the National Association of Realtors, pointed out the need for more inventory in a post on the NAR website. "New home construction needs to robustly ramp up in order to meet rising housing demand," wrote Yun. ## Average Mortgage Rates Today The average interest rate for a 30-year fixed-rate mortgage remained at an all-time low of 3.13% with 0.8 points paid for the week ending June 25, according to [Freddie Mac](http://www.freddiemac.com/pmms/ "(opens new window)"). That's 0.02 percentage points below the previous low of 3.15% set in May. According to Freddie Mac, the average rate for a 15-year fixed-rate mortgage was 2.59% with 0.8 points paid, up 0.01 percentage points from last week, while the average rate on a 5-year adjustable-rate mortgage decreased slightly to 3.08% with 0.5 points paid. ## Average Refinance Rates Today A year ago the average rate was 3.73%. A homeowner with a $250,000 mortgage balance paying 3.73% on a 30-year loan could cut their monthly payment from $1,155 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/). (The rates you see may be different.) ## Quicken Quicken, a non-bank lender based in Detroit, is the nation’s largest mortgage lender by dollar origination volume. Mortgage rates [advertised for June 25](https://www.quickenloans.com/mortgage-rates?qlsource=nav "(opens new window)"): 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 25](https://www.wellsfargo.com/mortgage/rates/ "(opens new window)"): 30-year fixed: 3.123% 15-year-fixed: 2.722% 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 25:](https://www.chase.com/personal/mortgage/mortgage-rates "(opens new window)") 30-year fixed: 3.056% 15-year-fixed: 2.624% 5-year ARM: 2.827% *(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-6-25-2020/#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 25, 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-6-25-2020/#webpage", "url": "https://money.com/todays-mortgage-rates-6-25-2020/", "name": "Here Are Today's Best Mortgage & Refinance Rates for June 25, 2020", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2020-06-25T15:21:58.000Z", "mainEntity": { "@id": "https://money.com/todays-mortgage-rates-6-25-2020/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/todays-mortgage-rates-6-25-2020/#breadcrumb" }, "dateModified": "2024-04-17T12:38:15.000Z" }, { "@type": "Article", "headline": "Here Are Today's Best Mortgage & Refinance Rates for June 25, 2020", "articleSection": "Mortgages", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2020/06/mortgage_rate3.jpg", "width": 6000, "height": 4000, "caption": "Mortgage-Rate-June-25-2020" } ], "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. 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