Today’s mortgage and refinancing rates
Average mortgage rates fell slightly yesterday. Contrary to media reports based on Freddie Mac’s weekly poll, these numbers are actually slightly lower than they were this time last week. But they are much higher than they were two weeks ago.
First thing this morning, it looks like it again mortgage rates today may remain stable or nearly stable… But a lot can change later. This includes yesterday’s new stimulus deal and a hot inflation report this morning.
Current mortgage and refinancing rates
|Program||Mortgage rate||APRIL *||Change|
|Regular 30-year fixed||2.936%||2.936%||Without changes|
|Regular 15 year fixed||2.25%||2.25%||Without changes|
|Regular 20 year fixed||2.75%||2.75%||Without changes|
|Regular 10 year fixed||1.944%||1.98%||-0.01%|
|30 year fixed FHA||2.779%||3.437%||Without changes|
|15 year fixed FHA||2.656%||3.258%||+ 0.03%|
|5 years ARM FHA||2.5%||3.22%||Without changes|
|30-year fixed VA||2.375%||2,547%||Without changes|
|15 year fixed VA||2.25%||2.571%||Without changes|
|5 years of ARM VA||2.5%||2.399%||Without changes|
|Rates are provided by our partner network and may not reflect the market. Your rating may be different. Click here for a personalized quote… See our rate suggestions here…|
COVID-19 Mortgage News: Mortgage lenders are changing rates and rules due to COVID-19. For the latest information on how the coronavirus can affect your home loan, Click here…
Should you fix your mortgage rate today?
After notable ups and downs in the past week, this week seems to have reverted back to its recent pattern of only small ups and downs. And while you can’t take anything for granted, it can take a while.
Of course, there will be good weeks (like this one for now) when the number of falls exceeds the weight. But many experts expect these rates to rise slowly for now. However, more rapid growth is expected at the end of the year.
So my personal recommendations for blocking speed should remain:
- LOCK if closing 7 days
- LOCK if closing fifteen days
- LOCK if closing thirty days
- LOCK if closing 45 days
- LOCK if closing 60 days
However, I do not pretend to be perfect foresight. And your personal analysis may turn out to be as good as mine – or even better. So you can be guided by your instincts and personal risk tolerance.
Market Data Affecting Today’s Mortgage Rates
Here’s a snapshot of the game state this morning at about 9:50 am ET. The data compared to about the same time yesterday were as follows:
- IN profitability of 10 year Treasurys in increments of up to 1.50% from 1.48%. (Bad for mortgage rates.) More than in any other market, mortgage rates tend to follow these specific Treasury bond yields, although this has become less recently.
- Major stock indices were higher shortly after opening. (Bad for mortgage rates.) When investors buy stocks, they often sell bonds, which lowers their value and increases yields and mortgage rates. The opposite can happen when the indices are lower.
- Oil prices rose to $ 73.52 a barrel from $ 72.66 a barrel. (Bad for mortgage rates *.) Energy prices play a big role in creating inflation, and also indicate future economic activity.
- Gold prices rose to $ 1,788 from 1.783 oz. (Neutral for mortgage rates*.) In general, it is better for betting when gold is rising and worse when gold is falling. Gold tends to rise when investors are worried about the economy. And worried investors tend to cut rates
- CNN’s Business Fear and Greed Index – increased to 44 s 41 out of 100. (Bad for mortgage rates.) “Greedy” investors lower bond prices (and raise interest rates) as they leave the bond market and move into stocks, while frightened investors do the opposite. Hence, lower values are better than higher ones.
* Change in gold prices of less than $ 20 or 40 cents for oil is a 1% share. Thus, we consider significant differences to be only good or bad for mortgage rates.
Caveats regarding markets and rates
Before the pandemic and the Federal Reserve’s intervention in the mortgage market, you could look at the numbers above and make a pretty good guess about what would happen to mortgage rates that day. But this is no longer the case. We still call every day. And they are usually right. But our accuracy record won’t reach its previous high level until things settle down.
Therefore, use the markets only as a rough guide. Because they have to be exceptionally strong or weak in order to rely on them. But, with this caveat, for now It seems that today mortgage rates will hardly change. But keep in mind that “intraday swings” (where rates change direction throughout the day) are common now.
Important Notes About Today’s Mortgage Rates
Here’s what you need to know:
- Typically, mortgage rates rise when the economy is doing well and fall when it is in trouble. But there are exceptions. To read ‘How mortgage rates are determined and why you should care
- Only “top tier” borrowers (with great credit ratings, large down payments, and very healthy finances) get the ultra-low mortgage rates you’ll see in advertisements.
- Lenders vary. Yours may or may not follow the crowd when it comes to daily rate moves – although they all tend to follow a broader trend over time.
- When daily rate changes are minor, some lenders adjust closing costs and leave their price lists unchanged.
- Refinancing rates are usually close to those for purchases. But some types of refinancing are higher after regulatory changes.
So there’s a lot going on here. And no one can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months.
Are mortgage and refinancing rates rising or falling?
Maybe I should take this as a day off. Because I’m going to let Freddie Mac do the hard work. The statement said yesterday:
Mortgage rates rose above three percent for the first time in ten weeks. As the economy develops and inflation remains high, we expect rates to continue to gradually rise in the second half of the year. For those homeowners who haven’t refinanced yet – and there are many borrowers who could benefit from it – now is the time.
– Freddie Mac, “Mortgage rates increased by more than 3%, “June 24, 2021
This is a pretty clear description of the situation. But it’s worth adding that it’s not just those refinancing who can benefit from quick action. If this is your first time buying or are already a homeowner looking to purchase a better home, you too urgently need it.
Because, coupled with rapidly rising house prices, higher mortgage rates will make it all the more expensive to buy a home. And you run the risk of realizing your dreams less and less.
Unless, of course, you agree with the analyzes of Freddie and other experts. Yes, it’s always possible that some terrible event could change everything and crash mortgage rates and house prices again. But this is unlikely.
For more information read Saturday weekend release this column, which has more room for deeper analysis.
Throughout most of 2020, the overall trend in mortgage rates was clearly declining. According to Freddie Mac, a new weekly low was set 16 times last year.
The most recent weekly record low was on January 7, when it was 2.65% for 30-year fixed rate mortgages. But then the trend changed and rates went up.
However, in April these rises were mainly replaced by falls, although they slowed down in the second half of that month. Meanwhile, in May, the fall was slightly higher than the rise. In Freddie’s June 24 report, this weekly average is 3.02% (with 0.7 commission and points). up from 2.93% in the previous week.
Expert mortgage rate forecasts
Looking to the future, Fannie Mae, Freddie Mac and the Mortgage Bankers Association (MBA) have a team of economists dedicated to monitoring and predicting what will happen to the economy, the housing sector, and mortgage rates.
And here are their current rate forecasts for the remaining quarters of 2021 (Q2 / Q21, Q3 / Q21, Q4 / Q21) and for Q1 2022 (Q1 / Y22).
The numbers in the table below refer to fixed rate mortgages for 30 years. Fannie were updated on June 16 and MBA on June 18. Freddie’s forecast is dated April 14th. But now it is only updated quarterly. So his numbers look outdated.
|Forecaster||2 quarter 21 years||3 quarter 21 years||Quarter 4/21||1 quarter / 22 year|
However, given so many unknowns, current projections may be even more speculative than usual.
Find your lowest rate today
Some lenders were scared by the pandemic. And they limit their offers to only the tastiest mortgages and refinancing.
But others remain brave. And you can still find the cash advance refinancing, investment mortgage, or large loan you need. You just need to shop more broadly.
But of course, you should compare purchases widely, no matter what kind of mortgage you want. As a federal regulator Consumer Financial Protection Bureau He speaks:
Finding a mortgage can lead to real savings. It may not seem like much, but saving even a quarter of a percent on a mortgage will save you thousands of dollars during the term of your loan.
Mortgage rate methodology
Mortgage reports get rates based on selected criteria from several credit partners every day. We get the average rate and annual interest rate for each loan type displayed in our chart. Since we average a set of rates, this gives you a better idea of what you can find in the market. In addition, we average rates for the same loan types. For example, FHA is fixed with fixed FHA. The end result is a good snapshot of daily rates and how they change over time.