Today’s Mortgage and Refinance Rates: June 03, 2022

Interest Rates News

According to Zillow, the typical 30-year fixed mortgage rate rose to 4.98% on Thursday. The 30-year fixed mortgage rate will increase by 14 basis points from the week’s average rate of 4.85% on June 3, 2022. Additionally, the current average national 15-year fixed rate increased by 3 basis points, from 4.09% to 4.12%. On a national average, the current 5-year ARM rate has decreased by 11 basis points, from 4.53% to 4.42%.

“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.

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed4.98%
20-year fixed4.64%
15-year fixed4.12%
7/1 ARM4.79%
5/1 ARM4.39%
30-year FHA4.01%
30-year VA4.19%
This information has been provided by Zillow.

National mortgage rates were substantially lower than a week ago, according to data gathered by Bankrate. Rates were lower on 30-year fixed, 15-year fixed, and jumbo loans, but adjustable-rate mortgages had higher rates.

“If inflation were to spiral out of control and spur the Fed to take even more aggressive action, rates could rise to a level that could send demand and affordability into a steeper downward spiral than the decrease we’re seeing currently,” says Robert Heck, vice president of mortgage at Morty. “That said, current market indicators are not projecting interest rate levels in the next ten years to reach a level that would send mortgage benchmarks above 7%. This, and other market indicators, suggests that we’ll settle in at these rate levels and adjust to these rates as a new norm.”

Refinance rates today

Mortgage typeAverage rate today
30-year fixed4.89%
20-year fixed4.74%
10-year fixed4.12%
7/1 ARM4.72 %
5/1 ARM4.49 %
30-year FHA3.99%
30-year VA4.14%
This information has been provided by 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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