Compare mortgage and refinance rates today, June 16, 2021

Mortgage rates have moved in different directions this week. The following table provides a detailed breakdown of the individual loan periods.

Loading...

Loading failure

Current average mortgage rates

Repayment term Daily rate Last week change
30 year mortgage rate 3.07% 3.07% opener
Mortgage rate for 15 years 2.35% 2.36% -0.01
5/1 ARM mortgage rate 3.20% 3.24% -0.04
30 year jumbo mortgage rate 3.08% 3.08% opener

Prices valid from June 16, 2021.

The prices listed here are average values ​​based on the assumptions shown here. Actual prices shown on the website may vary. This story was reviewed by Bill McGuire. All price data are correct as of Wednesday, June 16, 2021, 7:30 a.m.

Mortgage rates

30 year mortgage apartment for the week

The average interest rate on a 30-year fixed-rate mortgage is 3.07 percent, unchanged from last week. A month ago, the average interest rate on a 30-year fixed-rate mortgage was 3.09 percent higher.

At the current average rate, you will pay $ 425.39 per month in principal and interest for every $ 100,000 you borrow.

Use Bankrate’s mortgage rate calculator to estimate your monthly payments and see how much additional payments will save you. This calculator will also help you calculate the interest you will pay over the life of your loan.

15-year decline in fixed-rate mortgages,-0.01%

The average interest rate on a 15-year fixed-rate mortgage is 2.35 percent, 1 basis point less than at the same time last week.

The monthly payments for a 15-year fixed-rate mortgage at this rate are about $ 660 for every $ 100,000 you borrowed. This can put a heavier burden on your monthly budget than a 30-year mortgage, but it has some great advantages: you will earn several thousand dollars upfront on the total interest paid over the life of the loan and you will build equity much faster.

5/1 floating rate mortgage declines, -0.04%

The average interest rate on a 5/1 ARM is 3.20 percent and has fallen 4 basis points since the same time last week.

Video: Best Money Moves 2021: Refinance Your Mortgage (Money Talks News)

The Best Money Moves 2021: Refinance Your Mortgage

Click to expand

NEXT

NEXT

Variable rate mortgages, or ARMs, are mortgage loans that come with a variable rate. Unlike fixed-rate mortgages, the interest rate can change periodically over the life of the loan. These types of loans are best for those looking to sell or refinance before the first or second adjustment. The interest rates could be significantly higher when the loan is adjusted for the first time and thereafter.

Monthly payments on a 5/1 ARM of 3.20 percent would cost about $ 432 for every $ 100,000 borrowed in the first five years, but could increase by hundreds of dollars after that, depending on loan terms .

Current jumbo mortgage rate remains

The average interest rate on a jumbo mortgage is 3.08 percent, unchanged from last week. A month ago, the average rate this time was 3.11 percent higher.

At today’s average jumbo rate, you pay $ 425.93 in principal and interest for every $ 100,000 you borrow.

Summary: How Mortgage Rates Have Changed

  • 30-year fixed-rate mortgage rate: 3.07%, unchanged from last week
  • 15 year fixed mortgage rate: 2.35%, down from 2.36% last week, -0.01
  • 5/1 ARM mortgage rate: 3.20%, down from 3.24% last week, -0.04
  • Jumbo mortgage rate: 3.08%, like last week

Interested in refinancing? See Home Refinancing Rates

30-year mortgage refinancing rate falls, -0.01%

The average 30-year refinancing rate is 3.12 percent, 1 basis point less than at the same point in time the previous week. A month ago, the average interest rate on a 30-year fixed refinancing was 3.15 percent higher.

At the current average rate, you’ll pay $ 428.10 per month in principal and interest for every $ 100,000 you borrow. Compared to the previous week, that’s $ 0.55 less.

Where can you get the best prices

Interest rates can vary widely depending on overarching market forces, the size of the loan, your location, your financial situation, and the eagerness of mortgage lenders to keep your business going. Remember, the prices we publish are average prices – some people are quoted higher or lower, or the exact same price, and the price may change daily even with the same lender.

It is valuable when you are looking for a mortgage to shop around and compare all the terms of your offers, not just the interest rate that is being offered to you. The best interest rate and terms could come from an online lender, your local bank, or perhaps a mortgage broker. You won’t know unless you buy multiple lenders through multiple channels.

Bankrate is a great place to start because you can use our mortgage rate comparison tool and stay up to date on the current interest rates. If you are not happy with the results there, you should check with the bank you do your banking with and other small lenders such as credit unions or local banks.

Learn more:

Selected Lenders for Today June 16, 2021

Continue reading

View full articles for {0} hours with no Read More button.

Comments are closed.