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Published: Jun 26, 2020 5 min read

The week is ending with interest rates still at record lows, but with growing concern that a limited supply of housing will raise prices and put a damper on sales.

"Mortgage rates held steady today as investors remained concerned about the economic and real estate outlook following this week's drop in existing home sales," said George Ratiu, senior economist for Realtor.com in response to Freddie Mac's weekly mortgage survey Thursday. In an environment where there is still a high degree of uncertainty, Ratiu noted, "low mortgage rates can only go so far in motivating buyers when they meet reduced credit availability, fewer homes, and higher prices."

He also noted that lenders are tightening credit requirements, leading to higher credit score and down payment requirements as well as higher fees, which could limit the accessibility to credit.

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 the weekly drop, purchase applications are still up 18% compared to a year ago and refinances are up 76%. Activity has surpassed year-ago levels for five consecutive weeks.

"Even with high unemployment and economic uncertainty, the purchase market is strong," said Joel Kan, head of economic and industry forecasting for the MBA. "Additional housing inventory is needed to give buyers more options and to keep home prices from rising too fast."

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. 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. (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 26:

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 26:

30-year fixed: 3.123%

15-year-fixed: 2.704%

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 26:

30-year fixed: 2.969%

15-year-fixed: 2.612%

5-year ARM: 2.830%

(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

How Low Will They Go? 6 Mortgage Experts Predict the Future of Rates

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