Mortgage and Refinance Rates Today, June 29, 2021: Most rates are falling

Average mortgage rates were mostly down from a week ago. 30-year fixed, 15-year, and jumbo loan rates fell, while variable rate mortgage rates rose.

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Current average mortgage interest rate

Credit type interest rate A week ago change
30-year fixed rate 3.13% 3.18% -0.05
15 years fixed rate 2.43% 2.48% -0.05
5/1 ARM rate 3.33% 3.20% +0.13
30 years fixed jumbo rate 3.14% 3.20% -0.06

Prices were last updated on June 29, 2021.

The prices listed above are average values ​​based on the assumptions made here. The prices actually available on site may differ. This story was reviewed by Bill McGuire. All price data as of Tuesday, June 29, 2021 at 7:30 a.m.

Mortgage rates when buying a home

Current 30 year mortgage rate cuts, -0.05%

The average 30 year fixed mortgage rate is 3.13 percent, 5 basis points less than a week ago. A month ago, the average interest rate on a 30-year fixed-rate mortgage was 3.10 percent lower.

At the current average rate, you’ll pay $ 428.10 per month in principal and interest for every $ 100,000 you borrow.

The 30 year mortgage is the most popular option for homeowners, and this type of loan has a number of advantages, including:

  • Lower monthly payment. The 30 year mortgage offers lower, cheaper payments that are spread over time when compared to shorter term mortgages.
  • Stability. With the 30-year payment, you secure a consistent repayment and interest payment. This predictability allows you to plan your housing costs over the long term. Remember, your monthly housing benefit payment may change if your home insurance and property tax go up or, less likely, go down.
  • Purchasing power. Because you have lower payments, you can qualify for a bigger loan and a more expensive home.
  • Flexibility. Lower monthly payments can free up part of your monthly budget for other goals, such as:
  • Strategic use of debt. Some argue that Americans are too focused on paying off their mortgages rather than topping up their retirement accounts. You can save more for retirement with a 30-year fixed-rate mortgage at a lower monthly rate.

Interest rate on 15-year fixed-rate mortgages falls,-0.05%

The average interest rate for the 15-year fixed-rate mortgage as a benchmark is 2.43 percent, which is a decrease of 5 basis points over the past seven days.

The monthly payments for a 15-year fixed-rate mortgage at this rate are about $ 390 per $ 100,000 loan. This can put a bigger strain on your monthly budget than a 30-year mortgage, but it does have some great benefits: You save thousands of dollars in total interest over the life of the loan and you build equity much faster.

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

The Best Money Moves 2021: Refinance Your Mortgage

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5/1 ARM trends up, + 0.13%

The average interest rate on a 5/1 ARM is 3.33 percent, which adds 13 basis points since the same time last week.

Variable rate mortgages, or ARMs, are mortgage loans that come with a variable rate. Unlike fixed-rate mortgages, the interest rate can change from time to time 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 rate could be much higher when the loan is adjusted for the first time and thereafter.

Monthly payments for a 5/1 ARM of 3.33 percent would cost about $ 435 for every $ 100,000 borrowed in the first five years, but could increase by hundreds of US dollars after that depending on the terms of the loan. Dollar increase.

Current jumbo mortgage rate is falling, -0.06%

The current average interest rate you pay on jumbo mortgages is 3.14 percent, down 6 basis points from last week. A month ago, the average jumbo mortgage rate was 3.12 percent lower.

At today’s average rate, you pay $ 428.10 in principal and interest for every $ 100,000 you borrow.

In summary, how mortgage rates changed this week

  • 30 year fixed mortgage rate: 3.13%, down from 3.18% last week, -0.05
  • 15 year fixed mortgage rate: 2.43%, down from 2.48% last week, -0.05
  • 5/1 ARM mortgage rate: 3.33%, down from 3.20% last week, +0.13
  • Jumbo mortgage rate: 3.14%, down from 3.20% last week, -0.06

Mortgage refinancing rates

Today’s 30-year refinancing rate for mortgages is falling, -0.05%

The average 30-year refinancing rate is 3.20 percent, 5 basis points less than last week. A month ago, the average interest rate on a 30-year fixed refinancing was 3.14 percent.

At the current average rate, you’ll pay $ 428.10 per month in principal and interest for every $ 100,000 you borrow. That’s $ 6.56 less than last week.

Determine How Much House You Can Afford

If you are unsure of how much of your income to spend on housing, follow the traditional 28/36 percent rule. Most financial advisors agree that people shouldn’t spend more than 28% of their gross income on housing (i.e., your mortgage payment or rent) and no more than 36% of their gross income on total debt, including mortgage payments, credit cards, student loans, medical bills, and the like. Calculate how much house you can afford and determine your monthly payments.

What now:

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