Mortgage rates fell for the third consecutive week, but mortgage demand remained stable. Total mortgage application volume increased by 0.5% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. This comes after a 7.2% surge in demand the week prior.
A decline in mortgage rates can save homebuyers hundreds of dollars every month, especially in a low inventory market consistent with bidding wars. That’s why it’s critical to compare rates and lenders to find the best terms for your mortgage. Homebuyers can also take advantage of temporary rate buydown programs to lower their monthly mortgage payments.
In a competitive housing market, staying informed and exploring available options can make a significant difference in securing favorable mortgage terms.
Today’s Mortgage Rates: June 23, 2023
Mortgage rates have remained remarkably steady since the previous week. Today’s average rates are listed below.
- 30 Yr. Fixed: 6.70%
- 15 Yr. Fixed: 6.07%
- 30 Yr. Jumbo: 6.45%
- 5/1 ARM: 6.69%
- 30 Yr. FHA: 6.38%
- 30 Yr. VA: 6.40%
DISCLAIMER: ALL LOANS ARE SUBJECT TO CREDIT APPROVAL. INTEREST RATES ARE SUBJECT TO CHANGE DAILY AND WITHOUT NOTICE. CURRENT INTEREST RATES SHOWN ARE INDICATIVE OF MARKET CONDITIONS AND INDIVIDUAL QUALIFICATIONS AND WILL VARY UPON YOUR LOCK-IN PERIOD, LOAN TYPE, CREDIT SCORE, LOAN TO VALUE, PURPOSE, AND LENDING SOURCE.
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30-year fixed-rate mortgages
The 30-year fixed-rate mortgage increased by 1 basis point, rising from 6.69% last week to 6.70% today. The 30-year fixed-rate mortgage is the most common mortgage loan option in the nation. Despite carrying a higher interest rate compared to the 15-year fixed-rate mortgage, the 30-year fixed-rate mortgage provides a more budget-friendly monthly payment option.
15-year fixed-rate mortgages
The average interest rate for a 15-year fixed-rate mortgage is currently 6.07%, reflecting a 3 basis point increase since last week. In comparison to a 30-year fixed mortgage, a 15-year fixed mortgage offers a shorter repayment period. This shorter term may lead to higher monthly payments but a reduced amount of total interest paid over the life of the loan.
30-year jumbo mortgages
The interest rate for a 30-year fixed jumbo loan remains at 6.45%. Typically, jumbo loans have higher interest rates than conventional loans because they involve larger loan amounts. However, in the current economic climate, jumbo loan rates are actually 24 basis points lower than the rates for 30-year fixed loans.
5/1 adjustable-rate mortgages
The average interest rate for a 5/1 adjustable-rate mortgage (ARM) rose by 4 basis points to 6.69%. Generally, adjustable-rate mortgages tend to have lower interest rates when compared to fixed-rate mortgages. However, the current ARM rate is only 1 basis point lower than that of a 30-year fixed-rate mortgage. It is worth noting that the interest rate for adjustable-rate mortgages can vary based on the loan’s terms and market conditions, as they are subject to fluctuations.
Questions? Live chat with one of our loan consultants for personalized advice. Use our free mortgage and amortization calculators to calculate your monthly payment, including insurance, taxes, and interest.
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