--- title: Here Are Today's Best Mortgage & Refinance Rates for July 8, 2020 description: Average mortgage rates are at 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: '2020-07-08T14:23:13.000Z' modified: '2024-01-10T15:47:24.000Z' section: Mortgages tags: - Apex39 - Apex41 - Guides - rates word_count: 605 canonical: https://money.com/todays-mortgage-rates-7-8-2020/ 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-July-8-2020](https://img.money.com/2020/07/mortgage-rate-july-8-2020.jpg) Mortgage loan applications increased for the first time in three weeks, as buyers and homeowners took advantage of [record-low](https://money.com/current-mortgage-rates/) interest rate. Purchase applications increased 5% over the previous week for the seven-days ending July 3. That's 33% higher than year-ago levels, according to the Mortgage Bankers Association's latest [weekly survey](https://www.mba.org/2020-press-releases/july/mortgage-applications-increase-in-latest-mba-weekly-survey). The average purchase loan size increased to $365,700—also a high, as limited supply pushed home prices higher. "Mortgage rates declined to another record low as renewed fears of a coronavirus resurgence offset the impacts from a week of mostly positive economic data, such as June factory orders and payroll employment," said Joel Kan, head of economic and industry forecasting for MBA. Refinance applications also ticked up, increasing a modest 0.4% from the previous week but still 111% higher than the same week a year ago. Refinance loans made up 60% of the total mortgage loan applications. The loan application numbers are adjusted, taking the July 4th holiday into consideration. Meanwhile, the [number of loans in forbearance](https://www.mba.org/2020-press-releases/july/share-of-mortgage-loans-in-forbearance-decreases-for-third-straight-week-to-839) continued declining, dropping 8 basis points to 8.39% of servicer loans for the week ending June 28. "It is not surprising that the forbearance numbers continue to improve as more people go back to their jobs," said Mike Fratantoni, MBA's chief economist, referring to the better than expected June jobs report. "The decrease in new forbearance requests indicates that further declines are likely in the weeks ahead." ## Average Mortgage Rates Today For the week ending July 2, the average interest rate for a 30-year fixed-rate mortgage set a new record low of 3.07% with 0.8 points paid, according to [Freddie Mac](http://www.freddiemac.com/pmms/ "(opens new window)"). That's 0.06 percentage points below the previous low of 3.13%. The average rate for a 15-year fixed-rate mortgage was 2.56% with 0.8 points paid, down 0.03 percentage points from the previous week, while the average rate on a 5-year adjustable-rate mortgage decreased to 3.00% with 0.3 points paid. ## Average Refinance Rates Today A year ago the average mortgage rate was 3.75%. A homeowner with a $250,000 mortgage balance paying 3.75% on a 30-year loan could cut their monthly payment from $1,158 to $1,063 by financing at today’s lower rates. (It is important to consider closing fees and that refinancing could 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 location, 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 July 8](https://www.quickenloans.com/mortgage-rates?qlsource=nav "(opens new window)"): 30-year fixed: 3.373% 15-year-fixed: 2.924% *(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 July 8](https://www.wellsfargo.com/mortgage/rates/ "(opens new window)"): 30-year fixed: 3.092% 15-year-fixed: 2.595% 5-year ARM: 2.784% *(Rates are APRs.)* ## JP Morgan Chase Based in New York, JP Morgan Chase has nearly 5,000 U.S. branches. Mortgage rates [advertised for July 8:](https://www.chase.com/personal/mortgage/mortgage-rates "(opens new window)") 30-year fixed: 2.948% 15-year-fixed: 2.569% 5-year ARM: 2.746% *(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/)** [**How Low Will They Go? 6 Mortgage Experts Predict the Future of Rates**](https://money.com/mortgage-rate-forecasts/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/todays-mortgage-rates-7-8-2020/#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 July 8, 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-7-8-2020/#webpage", "url": "https://money.com/todays-mortgage-rates-7-8-2020/", "name": "Here Are Today's Best Mortgage & Refinance Rates for July 8, 2020", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2020-07-08T14:23:13.000Z", "mainEntity": { "@id": "https://money.com/todays-mortgage-rates-7-8-2020/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/todays-mortgage-rates-7-8-2020/#breadcrumb" }, "dateModified": "2024-01-10T15:47:24.000Z" }, { "@type": "Article", "headline": "Here Are Today's Best Mortgage & Refinance Rates for July 8, 2020", "articleSection": "Mortgages", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2020/07/mortgage-rate-july-8-2020.jpg", "width": 2880, "height": 1920, "caption": "Mortgage-Rate-July-8-2020" } ], "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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