Current Mortgage Rates for the Week of June 3-7, 2024

30-Year Fixed-Rate Mortgage

The average interest rate for a 30-year fixed-rate mortgage is currently 6.691% APR, showing a drop of 14 basis points from the previous week. This rate is also 51 basis points lower than it was one year ago, indicating a favorable trend for long-term homebuyers.

15-Year Fixed-Rate Mortgage

For those looking at shorter terms, the 15-year fixed-rate mortgage stands at an average of 6.043% APR, which is seven basis points lower than last week. This makes it an attractive option for buyers looking to pay off their mortgage faster.

5-Year Adjustable-Rate Mortgage (ARM)

The 5-year ARM has an average rate of 7.638% APR, decreasing by five basis points this week. While adjustable-rate mortgages often start with lower rates, they can adjust and potentially increase over time.

Refinance Rates

Refinancing a 30-year fixed-rate mortgage currently averages 8.145% APR, a slight decrease from the previous week. Refinancing rates are typically higher, reflecting the additional costs and considerations involved in refinancing an existing loan.

Economic Factors Influencing Rates

These changes in mortgage rates are influenced by various economic factors, including inflation expectations, job creation, and overall economic growth. As the economy shows signs of resilience, rates have fluctuated accordingly.

Tips for Borrowers

  • Comparison Shopping: Always compare rates from multiple lenders to ensure you get the best possible deal. Rates can vary significantly depending on the lender and your personal financial situation.
  • Improving Credit Scores: Higher credit scores often qualify for better rates. Aim to improve your credit score to get more favorable mortgage terms.
  • Down Payments: Larger down payments can reduce your loan amount and potentially lower your interest rate.

For more detailed information and to compare personalized mortgage rates, visit resources like NerdWallet, LendingTree, and Money.

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