Today’s Mortgage, Refinance Rates: June 10, 2021


Today’s mortgage and refinance rates are low overall – most under 4% – although fixed rates are significantly lower than floating rates. It could be a good day to secure a historically low interest rate.

Mortgage rates shouldn’t rise dramatically until employment and inflation in the US continue to improve. Marvin Loh, Senior Global Macro Strategist at Federal roadInsider said prices should stay low until late summer or even fall.

So if you’re not ready to buy or refinance just yet, you have a little extra time to take advantage of it low interest rates.

A mortgage rate is the fee a lender charges on borrowing, expressed as a percentage. For example, you might get a $ 300,000 mortgage at 2.5% interest.

Mortgage rates can be either fixed or adjustable. With a fixed-rate mortgage, your interest rate stays the same over the life of your loan. A variable rate mortgage will lock your interest rate for the first few years or so and then change it regularly. With a 7/1 ARM, your rate would stay constant for the first seven years and then shift annually.

The longer your mortgage term, the higher your interest rate. For example, you pay more for a 30 year mortgage as a 15 year mortgage. However, longer terms come with lower monthly payments as you spread out the repayment process.

Today’s mortgage and refinancing rates

The current mortgage rates

Conventional prices from; government-sponsored rates from RedVentures.

Mortgage rates remain below 4% today, with most conventional mortgage rates in the 3% range. However, the average interest rates on government-backed mortgages are lower and are in the high range of 2%.

Today’s refinancing rates

Conventional prices from; government-sponsored rates from RedVentures.

Average mortgage refinance loan rates today are not that different from mortgage loan rates, with the notable exception of ARM loan rates of over 4%, up to 4.20% for a 7/1 ARM. The average interest rates for a 15-year fixed refinancing loan are the lowest today at 2.60% and even lower than the interest rates for government-secured refinancing loans.

Mortgage and refinance rates by state

Check the current prices in your state at the links below.

New Hampshire
New Jersey
New Mexico
new York
North Carolina
North Dakota
Rhode Island
South carolina
South Dakota
Washington, DC
West Virginia

Here are some steps you can take to get the best possible mortgage rate:

  • Get a fixed rate mortgage. You can ask your specific lender about their fixed rate versus floating rate. But in general, fixed rates start lower than adjustable rates. Interest rates are also at all-time lows, so you would set a low rate instead of risking an increase later with an ARM.
  • Look at your finances. The stronger your financial situation, the lower your mortgage rate should be. Look for opportunities to your credit-worthiness or lower yours Debt-Income Ratio, if necessary. Save for a higher one deposit also helps.
  • Choose the right lender. Each lender charges different mortgage rates. Pick the right one for your financial situation will help you get a good price.

First, consider what type of mortgage you would like. The best mortgage lender will be different for a year FHA mortgage than for a VA mortgage.

A lender should be relatively affordable. You shouldn’t need a very high credit score or down payment to get a loan. You also want it to offer good pricing and reasonable fees.

Once you are ready to start buying homes, Apply for pre-approval with your top three or four decisions. A pre-approval letter states that the lender wants to loan you up to a certain amount at a certain interest rate. If you get pre-approved, your mortgage rate will be on hold for 60 to 90 days. With a few pre-approval letters in hand, you can compare any lender’s offerings.

When you apply for pre-approval, a lender will do the following: hard credit request. A series of tough inquiries about your report can damage your credit rating – unless the aim is to buy the best price.

If you limit your purchase to a month, credit bureaus will understand that you are looking for a home and shouldn’t drag every single request against you.

About the authors

Laura Grace Tarpley is an editor at Personal Finance Insider, specializing in mortgages, refinancing and lending. She is also a certified trainer for personal finance (CEPF). In her five years covering personal finance, she has written extensively on credit management options.

Ryan Wangman is a Review Fellow at Personal Finance Insider reporting on mortgages, refinances, bank accounts, bank reviews, and loans. In his previous personal finance writing experience, he wrote about creditworthiness, financial literacy, and home ownership.