Average mortgage rates fell nicely last Friday. It wasn’t a huge drop. But, when it comes to the all-time-low, current rates are now breaching social-distancing guidelines. In other words, that fall canceled out all but a very small part of the rises seen since the record low was set.
As always when we bring you good news, we have to warn that uncertainty is the one constant at the moment. And there’s no more reason to believe today will bring another fall than there is to expect a rise. Yes, there are grounds to hope for new record lows over time. But those are far from assured. And it’s currently impossible to predict daily movements or short-term trends.
Find and lock current rates. (Jun 1st, 2020)
| Program | Rate | APR* | Change |
|---|---|---|---|
| Conventional 30 yr Fixed | 3.25 | 3.25 | Unchanged |
| Conventional 15 yr Fixed | 2.875 | 2.875 | Unchanged |
| Conventional 5 yr ARM | 4.25 | 3.393 | Unchanged |
| 30 year fixed FHA | 2.5 | 3.478 | Unchanged |
| 15 year fixed FHA | 2.75 | 3.694 | Unchanged |
| 5 year ARM FHA | 3.75 | 3.754 | Unchanged |
| 30 year fixed VA | 2.5 | 2.674 | Unchanged |
| 15 year fixed VA | 2.75 | 3.076 | Unchanged |
| 5 year ARM VA | 3.5 | 2.802 | Unchanged |
| Your rate might be different. Click here for a personalized rate quote. See our rate assumptions here. | |||
* See our rate assumptions here.
A mortgage rate is the rate of interest charged by a mortgage lender. Mortgage rates can be either fixed (it stays the same for the term of the loan) or variable (the rate will adjust at some point during the term of the loan). Mortgage rates are determined by the lender and can vary depending on your unique situation — your credit score, loan term, and downpayment can all affect your mortgage rate.1
The more lenders you compare when shopping for mortgage rates, the more likely you are to get the lowest interest rate available for you. Getting a lower interest rate could save you hundreds of dollars over a year of mortgage payments — and thousands of dollars over the life of the loan. Yes, it definitely pays to shop around.2