Today’s National Mortgage Rates, June 10, 2021 | Rates Drop Off

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A few key mortgage rates receded today. The averages for both 30-year fixed and 15-year fixed mortgages were slashed. The most common type of variable-rate mortgage is the 5/1 adjustable-rate mortgage (ARM) notched higher.

The average mortgage rates are as follows:

Today’s Mortgage Refinance Rates

There’s good news if you’ve been considering a refinance, because the average rates for 15-year fixed and 30-year fixed refinance loans trailed off. Shorter term, 10-year fixed-rate refinance mortgages also declined.

The refinance averages for 30-year, 15-year, and 10-year loans are:

Compare countrywide mortgage rates from various lenders .

30-Year Fixed-Rate Mortgage Rates

For a 30-year fixed-rate mortgage, the average rate you’ll pay is 3.08%, which is a decrease of 2 basis points from seven days ago.

You can use NextAdvisor’s mortgage loan calculator to determine your monthly payments and see how much you’ll save if you make extra payments. The mortgage calculator can also show you the total interest you’ll pay over the life of the loan

15-Year Fixed-Rate Mortgage Rates

The median rate for a 15-year fixed mortgage is 2.36%, which is a decrease of 1 basis point from the same time last week.

A 15-year, fixed-rate mortgage’s monthly payment is larger and will put more stress on your monthly budget than a 30-year mortgage would. However, 15-year loans have some considerable benefits: You’ll pay thousands less in interest and pay off your loan much faster.

5/1 Adjustable-Rate Mortgage Rates

A 5/1 ARM has an average rate of 3.24%, which is a climb of 9 basis points compared to last week.

An adjustable-rate mortgage is ideal for borrowers who will refinance or sell before the rate changes. If that’s not the case, their interest rates could end up being significantly higher after a rate adjusts.

For the first five years, a 5/1 ARM will typically have a lower interest rate compared to a 30-year fixed mortgage. Just keep in mind that depending on how much your loan’s rate adjusts, your payment has the potential to increase by a large amount.

Mortgage Rate Trends

To see where mortgage rates are headed, we rely on information collected by Bankrate, which is owned by the same parent company as NextAdvisor. Looking at mortgage rate history, we’re in the middle of a period of unprecedented low rates. The table below compares today’s average rates to what they were a week ago, and is based on information provided to Bankrate by lenders nationwide:

Current average mortgage interest rates
Loan typeInterest rateA week agoChange
30-year fixed rate3.08%3.10%-0.02
15-year fixed rate2.36%2.37%-0.01
30-year jumbo mortgage rate3.09%3.12%-0.03
30-year mortgage refinance rate3.14%3.16%-0.02

Updated on June 10, 2021.

There isn’t a single factor that causes mortgage rates to move, but rather there are many. Chief among them are things including inflation and even the unemployment rate. When you see inflation increasing, that usually means mortgage rates are about to climb higher. On the other hand, lower inflation typically accompanies lower mortgage rates. With higher inflation, the dollar becomes less valuable. This scenario pushes buyers away from mortgage-backed securities, which leads to price decreases and the need for increasing yields. And higher yields require borrowers to pay higher interest rates.

The demand for housing can also impact mortgage rates. If more people are buying homes, there is a greater need for mortgages. This type of demand can drive interest rates up. And if there is less demand for mortgages, that can cause a decline in mortgage rates.

Should I Lock in My Mortgage Rate Now?

It’s impossible to know what direction mortgage rates will go from day to day. That’s why a mortgage rate lock is such a useful tool, because it protects you if rates go up. And with interest rates so low right now, you should lock in your rate as soon as you can.

A rate lock will only last for a set amount of time, typically 30-60 days. If you hit a snag during closing and it looks like your rate lock will expire you should talk with your lender. It may offer an extension of the lock, however, you might have to pay a fee for that privilege.

What Does the Future Hold for Mortgage Rates?

To start the year, mortgage rates spiked and crossed 3% for the first time since last summer. After this dramatic increase, we saw a decrease that brought rates back under 3%. With rates hovering around 3%, they are still near or below the levels many experts predicted they would hit in 2021.

How we have been dealing with coronavirus, and our economic recovery will greatly impact rates. If consumer and government spending increases, that’s likely to drive inflation higher. In this scenario, we’ll most likely see mortgage rates begin to climb upward. But it will take a while for the us to recover to prepandemic levels. So the growth we expect to see in mortgage rates is more likely to happen over time, not all at once.

2021 Mortgage Rate Forecast

Mortgage rates have stabilized somewhat after a volatile first few months of the year. Looking forward, they are likely to remain reasonably stable but could start to trend higher.

While there is nothing this week that should cause a spike or dramatic downturn in rates, the unexpected can happen. And currently, the economy still has a long way to go to return to its pre-pandemic level.

How to Get the Lowest Mortgage Rate

Getting loan offers from two or three lenders is one of the best ways to secure the lowest mortgage interest rate.

The mortgage rate you’ll qualify for depends on a variety of factors lenders consider when assessing how likely you are to repay your mortgage. Your credit score and debt-to-income ratio (DTI) are a big part of this decision. And your loan-to-value (LTV) ratio matters, so having a larger down payment is better for your mortgage rate.

But lenders will consider your circumstances differently. So you can give the same documentation to three different lenders, and receive mortgage offers with vastly different rates and fees.