Today’s Mortgage and Refinance Rates: June 07, 2022

Rates

The 30-year fixed mortgage rate on June 7, 2022 is up 8 basis points from the previous week’s average rate of 4.97%. Additionally, the current national average 15-year fixed mortgage rate decreased 11 basis points from 4.25% to 4.14%. The current national average 5-year ARM rate is down 11 basis points from 4.69% to 4.58%.

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.

“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 fixed5.05%
20-year fixed4.54%
15-year fixed4.14%
7/1 ARM4.92%
5/1 ARM4.58%
30-year FHA4.12%
30-year VA4.40%
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.”

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 fixed4.96%
20-year fixed4.76%
15-year fixed4.14%
7/1 ARM4.86 %
5/1 ARM4.75 %
30-year FHA4.49%
30-year VA4.39%
This information has been provided by Zillow.

You can choose between a fixed-rate mortgage and an adjustable-rate mortgage to determine the amount of interest you’ll pay and whether your rate might change in the future. An interest rate on a fixed-rate mortgage stays the same for the whole term of the loan. The interest rate you pay today and in 30 years would be the same if you had a 30-year mortgage.

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