Today’s Mortgage, Refinancing Rates: June 24

The 30-year fixed, 15-year fixed and 5/1 ARM rates have all risen since last week. The spikes aren’t as severe as last week, though: the average 30-year fixed rate rose just three basis points, from 5.78% to 5.81%.

As inflation picks up and the Fed tries to get prices under control, mortgage rates may continue to rise. High rates are already impacting the housing market, and more increases could further slow demand. The average 30-year fixed mortgage rate is 2.79% higher than last year around this time.

Mortgage interest today

Mortgage Refinance Rates Today

Mortgage calculation

Use our free mortgage calculator to see how current mortgage interest rates affect your monthly payments. By entering different rates and terms, you also understand how much you will pay over the entire term of your mortgage.

Mortgage calculation

1,161
Your Estimated Monthly Payment

  • pay a 25% higher deposit would save you! $8,916.08 on interest charges
  • Reduction of interest by 1% would you save $51,562.03
  • Pay extra $500 each month would reduce the length of the loan by 146 months

Click “More Details” for tips on saving money on your mortgage in the long run.

30 year fixed mortgage rate

The current average 30-year fixed mortgage rate is 5.81%, according to Freddie Mac. This is higher than last week’s 5.78%.

The 30-year fixed-rate mortgage is the most common type of mortgage. With this type of mortgage, you pay back what you’ve borrowed in 30 years, and your interest rate doesn’t change over the life of the loan.

The long term of 30 years allows you to spread your payments over a long period of time, keeping your monthly payments lower and more manageable. The downside is that you have a higher rate than with shorter terms or adjustable rates.

15 year fixed mortgage rate

The average 15-year fixed mortgage rate is 4.92%, up 0.12% from the previous week, according to data from Freddie Mac.

If you want the predictability of a fixed rate but want to spend less on interest over the life of your loan, a 15 year fixed rate mortgage may be right for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you can potentially save tens of thousands of dollars in interest. However, you will have a higher monthly payment than with a longer term.

5/1 adjustable mortgage rate

The average 5/1 adjustable mortgage rate is 4.41%, up from the previous week.

Adjustable-rate mortgages can seem very attractive to borrowers when rates are high, as the rates on these mortgages are typically lower than the fixed-rate mortgage. A 5/1 ARM is a 30-year mortgage. You have a fixed rate for the first five years. After that, your rate will be adjusted once a year. If the rates are higher when your rate changes, you will have a higher monthly payment than you started with.

If you are considering an ARM, make sure you understand how much your rate could increase each time it adjusts and how much it could eventually increase over the life of the loan.

Will mortgage rates go up?

Mortgage rates started rising from an all-time low in the second half of 2021 and may continue to rise in 2022. This is largely due to high inflation and the policy response to rising prices.

In the past 12 months, the consumer price index rose by 8.6%. The


Federal Reserve

has worked to bring inflation under control and plans to raise the Federal Funds target four more times this year, following increases in March, May and June.

While not directly linked to federal fund rates, mortgage rates are often pushed up as a result of Fed rate hikes. As the central bank continues to tighten monetary policy to lower inflation, mortgage interest rates are likely to remain high.

How do I find personal mortgage rates?

Some mortgage lenders allow you to adjust your mortgage interest rate on their websites by entering your


deposit

amount, zip code and


creditworthiness

† The resulting rate isn’t set in stone, but it can give you an idea of ​​what you’re paying.

When you’re ready to start buying homes, you can request pre-approval from a lender. The lender does a hard credit draw and looks at the details of your finances to fix a mortgage interest rate.

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