Today’s best mortgage and refinance rates for June 10, 2020

The housing market continues to rebound as buyers and owners take advantage of historically low mortgage rates and better than expected employment news.

Mortgage applications were up 9% from a week ago according to the Mortgage Bankers Association’s weekly mortgage application survey for the week ending June 5. This is the eighth straight week for home purchase loan applications.

“Fueled again by low mortgage rates, pent-up early spring demand and the reopening of states across the country, mortgage purchase requests and refinances have both increased,” said Joel Kan, vice -associate chairman of the MBA’s economic and industrial forecasts, in a press release on Wednesday. “The buy market recovery continues to gain momentum, with the seasonally adjusted index hitting its highest level since January.”

Refinance loan applications rose 11% from the previous week, breaking a seven-week streak of declines. The refinancing share of loan applications rose from 60% to 61%, and is 80% higher than the same week a year ago.

Coupled with a lower than expected unemployment rate, buyers seem ready to return to the market. “There are signs that the better-than-expected employment situation is already having a positive effect on the housing market,” said Danielle Hale, chief economist at Realtor.com, Last week. “Summer is looking hotter than expected.

The unemployment rate fell from 14.7% to 13.3% as the US economy added 2.5 million jobs in May. “This indicates an economy beginning to rebound from the effects of the pandemic,” said a statement released Friday by Mike Fratantoni, chief economist of the Mortgage Bankers Association.

Average Mortgage Rates Today

The average interest rate on a 30-year fixed-rate mortgage reached 3.18% with 0.7 points paid for the week ending June 4, according to Freddie Mac. That’s just 0.3 percentage points higher than the all-time low of 3.15% set last week.

According to Freddie Mac, the average rate on a 15-year fixed rate mortgage was 2.62%, unchanged from last week, while the average rate on a 5-year variable rate mortgage fell 0.3 percentage points to 3.10%.

Average Refinance Rate Today

A year ago, the average rate was 3.82%. A homeowner with a $250,000 mortgage balance paying 3.82% on a 30-year loan could lower their monthly payment from $1,168 to $1,078 by financing at today’s lower rates. (It’s important to note that refinancing involves closing costs and will reset your mortgage clock, meaning you’ll have to make payments longer.)

Today’s Mortgage Rates

Of course, mortgage rates vary widely by location and personal factors like the type of home you plan to buy, your down payment, and your credit score. Here are the mortgage rates announced today at some of the the biggest lenders in the mortgage industry.

Accelerate

Quicken, a Detroit-based non-bank lender, is the nation’s top mortgage lender by dollar origination volume.

Mortgage rates announced for June 10:

30 years fixed: 3.617%

15-year fixed: 3.088%

(Quicken does not advertise a five-year adjustable rate. Rates are APRs.)

Wells Fargo

Based in San Francisco, Wells Fargo has more than 7,000 locations.

Mortgage rates announced for June 10:

30 years fixed: 3.228%

15-year fixed: 2.685%

5-year ARM: 2.933%

(Rates are APRs.)

JPMorgan Chase

Based in New York, JP Morgan Chase has nearly 5,000 branches in the United States.

Mortgage rates announced for June 10:

30 years fixed: 3.068%

15-year fixed: 2.584%

5-year ARM: 2.865%

(Rates based on New York ZIP Code 10006. Rates are APR.)

Ads by Money. We may be compensated if you click on this ad.A d

Buying a house during COVID? Get prequalified first.

A pre-qualification letter gives you the strength of a cash buyer.

View Quicken Loans Rates

Conclusion:

If you have decent credit, you may be able to take advantage of mortgage rates near historic lows.

See Money’s Best Mortgage Lenders in 2020

Compare Money’s Best Mortgage Refinance Companies in 2020

Related: Why now is the best time to refinance your mortgage, according to David Bach

About Gertrude H. Kerr

Check Also

What credit score do you need for a personal loan?

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is …