Today’s Mortgage and Refinance Rates: June 02, 2022

Interest Rates

National mortgage rates were considerably lower than they had been a week earlier, according to data gathered by Bankrate. The rates on jumbo loans, 15-year fixed loans, and 30-year fixed loans were all lower than the rates on adjustable-rate mortgages, which were higher.

“In this environment, small changes in rates or terms can have a large impact, which is leading many to consider a wider range of options or loan types in hopes of getting a better deal,” says Robert Heck, vice president of mortgage at Morty. “We always encourage buyers to look closely at all of their options, so in many ways, this environment supports healthy practices on the part of buyers, including taking a deep look both at your individual financial situation and then shopping around for a mortgage or using a mortgage marketplace to access all available options.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed4.96%
20-year fixed4.64%
15-year fixed4.17%
7/1 ARM4.83%
5/1 ARM4.49%
30-year FHA4.01%
30-year VA4.39%
This information has been provided by Zillow. See more mortgage rates on Zillow

According to a report from Zillow on Thursday, the average 30-year fixed mortgage rate increased by one basis point to 4.95%. On June 2, 2022, the 30-year fixed mortgage rate will be 10 basis points more than the week’s average rate of 4.85%. Furthermore, the current average 15-year fixed mortgage rate for the entire country rose by 10 basis points, from 4.11% to 4.21%. The current 5-year ARM rate is 4.51%, up 1 basis point from the national average of 4.50%.

“Rates have continued to fluctuate over the past few weeks as volatility persists,” says Robert Heck, vice president of mortgage at Morty. “Now that rates have had a chance to remain elevated, we are beginning to see the impact on demand and affordability, as more buyers find themselves priced out of the market.”

The rate, points, and APR may be affected by a number of factors, including the property location, loan amount, loan type, occupancy type, property type, loan-to-value ratio, and your credit score. Your actual rate and points may be higher or lower than those quoted, depending on information concerning these criteria that may only be addressed or established after you apply.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed4.92%
20-year fixed4.63%
10-year fixed4.12%
7/1 ARM4.71 %
5/1 ARM4.41 %
30-year FHA4.01%
30-year VA4.60%
This information has been provided by Zillow. See more mortgage rates on Zillow

To choose how much interest you’ll pay and if your rate may vary later, you can pick between a fixed-rate mortgage and an adjustable-rate mortgage. A fixed-rate mortgage has an interest rate that stays the same throughout the duration of the loan. If you had a 30-year mortgage, the rate you pay today will be the same as it will be in 30 years. An adjustable-rate mortgage, or ARM, has rates and monthly payments that remain constant for a fixed length of time before changing on a regular basis. A 5/1 ARM (adjustable-rate mortgage), for example, has a fixed rate for the first five years and then changes every year after that. There is also a hybrid rate available today. A hybrid adjustable-rate mortgage, or hybrid ARM (sometimes known as a “fixed-period ARM”), combines fixed-rate and adjustable-rate mortgage characteristics. An initial fixed-rate period will be followed by an adjustable-rate period in this form of a mortgage.

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