Mortgage Rates today! Do you want to know the current mortgage rate, how mortgage rates are determined and why you should care? Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements though they all usually follow the broader trend over time.
A lot is going on at the moment. And nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks, or months. When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same.
In this article, you will get to know the current mortgage rates and refinance rates, how to negotiate mortgage rates, factors that determine your mortgage rate, and a whole of important updates on mortgage rates today.
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Current mortgage and refinance rates
For today, Friday, June 10, 2022, the average 30-year fixed-mortgage rate is 5.58%, up 19 basis points over the last week. If you’re looking to refinance your current loan, the national 30-year fixed refinance rate is 5.58%, an increase of 20 basis points from a week ago. Meanwhile, the national average 15-year fixed refinance rate is 4.74%, an increase of 9 basis points since the same time last week.
Most experts expected mortgage rates to rise this year, but it happened faster than many predicted, with rates on 30-year fixed loans breaking through 5 percent in April to the highest level in more than a decade.
That means it’s more important than ever to compare rates before selecting a lender.
| Program | Mortgage Rate | APR* | Change |
|---|---|---|---|
| Conventional 30-year fixed | 5.58% | 5.602% | -0.01% |
| Conventional 15-year fixed | 4.636% | 4.664% | +0.1% |
| Conventional 20-year fixed | 5.439% | 4.564% | -0.15% |
| Conventional 10-year fixed | 4.689% | 4.752% | -0.04% |
| 30-year fixed FHA | 5.372% | 6.151% | -0.17% |
| 15-year fixed FHA | 4.857% | 5.309% | -0.12% |
| 30-year fixed VA | 5.022% | 5.24% | +0.16% |
| 15-year fixed VA | 5.62% | 5.973% | Unchanged |
Should I lock my mortgage rate today?
What factors determine my mortgage rate?
If you’re shopping for a mortgage or refinance rate, you may have noticed some odd things. Rates can vary a lot from lender to lender. Sometimes refinance rates are different from purchase rates. And mortgage rates may seem a lot higher today than they were yesterday.
It can seem tough to navigate the market and find a low rate when there are so many moving pieces. But with a basic knowledge of how mortgage rates are determined, you can shop like a pro and save a lot of money in the long run.
Lenders consider these factors when pricing your interest rate:
- Credit score
- Down payment
- Property location
- Loan amount/closing costs
- Loan type
- Loan term
- Interest rate type
Your credit score is the most important driver of your mortgage rate. Lenders have settled on this three-digit score as the most reliable predictor of whether you’ll make prompt payments. The higher your score, the less risk you pose in the lender’s view — and the lower rate you’ll pay.
Lenders also consider how much you’re putting down. The greater share of the home’s total value you pay upfront, the more favorably they view your application. The kind of mortgage you choose can affect your rate, too, with shorter-term loans like 15-year mortgages typically having lower rates compared to 30-year ones
How to get a mortgage
With rates on the rise, you might be looking to fast-track your home purchase. Locking in a rate now protects you from rate increases in the future, but getting a mortgage can take some time and effort.
Whether you know a little about the mortgage process or have no idea how to get a home loan, don’t fret. This guide to getting a mortgage breaks down every step of the process so you’ll know what to expect. Because a home is usually the biggest purchase a person makes, a mortgage is usually a household’s largest chunk of debt.
Getting the best possible terms on your loan can mean a difference of hundreds of extra dollars in or out of your budget each month, and tens of thousands of dollars in or out of your pocket over the life of the loan. It is important to prepare for the mortgage application process to ensure you get the best rate and monthly payments within your budget.
Here are quick steps to prepare for a mortgage:
- Build your credit
- Make a budget
- Set savings aside for both down payment and expected monthly payments
- Research the best type of mortgage for you
- Get preapproved
- See multiple houses within your budget
- Apply for a mortgage loan
- Get approved!
- Close on your new house
Refinancing your mortgage can be a good financial move if you lock in a lower rate. However, there are upfront costs associated with refinancings, such as appraisals, underwriting fees, and taxes, so you’ll want to be sure the savings outpace the refinance price tag in a reasonable amount of time — most experts say the ideal breakeven timeline is 18 to 24 months.
As mortgage rates rise, fewer homeowners will stand to benefit from refinancing, but even at their current level, millions of borrowers could still save.
If this information on mortgage rates today has been useful, please do well to bookmark us for recent updates.
