Today’s Mortgage and Refinance Rates: June 06, 2022

Rates

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

“While the current market conditions may seem difficult, there are still opportunities for those that are ready to buy, and current rate levels don’t automatically mean you should sit out the market entirely,” says Robert Heck, vice president of mortgage at Morty. “We’re also seeing record-high rent increases and fierce competition for rentals across many markets, which means that buying may present a strong alternative, depending on your financial situation, location, and the amount of time you plan to be in your home.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed4.97%
20-year fixed4.59%
15-year fixed4.17%
7/1 ARM4.84%
5/1 ARM4.49%
30-year FHA4.20%
30-year VA4.40%
This information has been provided by Zillow.

The 30-year fixed mortgage rate on June 6, 2022, is equal to the previous week’s average rate of 4.97%. Additionally, the current national average 15-year fixed mortgage rate remained stable at 4.17%. The current national average 5-year ARM rate is up 1 basis point from 4.48% to 4.49%.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed4.87%
20-year fixed4.55%
10-year fixed4.10%
7/1 ARM4.92 %
5/1 ARM4.52 %
30-year FHA4.38%
30-year VA4.33%
This information has been provided by Zillow.

“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.”

Numerous elements, including as the location of the property, the loan amount, the loan type, the occupancy type, the property type, the loan-to-value ratio, and your credit score, may have an impact on the rate, points, and APR. Depending on information regarding these criteria that may only be addressed or established after you apply, your actual rate and points may be greater or lower than those mentioned.

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