Mortgage rates for June 6, 2024: Rates trending about the same (2024)

Mortgage rates are trending about the same across the board. Here are today’s average mortgage rates:

  • 30-year fixed: 7.42%
  • 15-year fixed: 6.61%
  • 30-year jumbo: 7.41%

*Data accurate as of June 5, 2024, the latest data available.

30-year fixed mortgage rates

Today’s 30-year fixed mortgage rate is 7.42% which is about the same as last week's 7.42%, according to data from Curinos. This is a decrease from last month’s 7.55%. Last year around the same time, 30-year fixed rates were 7.21%, which makes today’s rate higher than it was a year ago.

At the current 30-year fixed rate, you'll pay about $692 each month for every $100,000 you borrow — about the same as last week.

Ready to buy? Compare the best mortgage lenders.

15-year fixed mortgage rates

Today’s 15-year fixed mortgage rate is 6.61%, about the same as last week's 6.61%. This is a decrease from last month’s 6.73%. Last year around the same time, 15-year fixed rates were 6.37%, which makes today’s rate higher than it was a year ago.

At the current 15-year fixed rate, you'll pay about $875 each month for every $100,000 you borrow, down from about $892 last week.

30-year jumbo mortgage rates

Today’s 30-year jumbo mortgage rate is 7.41% which is lower than last week's 7.46%. This is a decrease from last month’s 7.46%. Last year around the same time, 30-year jumbo rates were 6.84%, which makes today’s rate around 1 percentage points higher than it was a year ago.

At the current 30-year jumbo rate, you'll pay around $691 each month for every $100,000 you borrow, down from about $703 last week.

Methodology

To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $766,550. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.

Frequently asked questions (FAQs)

On May 3, 2023, the Federal Reserve announced a third interest rate hike for the year — this time by 25 basis points. While the Fed doesn’t set mortgage rates, this increase in the federal funds rate could lead individual lenders to raise their home loan rates, too.

If you already have a mortgage, how this could affect your monthly payment will depend on if your loan has a fixed or adjustable rate. A fixed rate stays the same over the life of the loan, meaning your payments will never change. An adjustable rate, however, can fluctuate according to market conditions — which means you could see a rise in your monthly payments.

For example, if you take out an ARM for $250,000 with an interest rate of 5.5%, your initial monthly payments would be $1,719. But after the initial period is over, and the ARM switches to a variable rate, your payments could increase if the rate rises. If the rate rose just 25 basis points (5.75%), for instance, your payments would increase to $1,750.

If you’re not planning on keeping a home for a long time, an ARM could be the better option — especially if fixed-rate loans have much higher rates at the time. This is because ARMs tend to have lower rates to start than fixed-rate mortgages, though your rate can increase over time.

While a fixed-rate loan will have the same rate throughout the entire term, an ARM will start with a fixed rate for a set amount of time and then switch to a variable rate that can change for the remainder of your loan term. For example, a 5/1 ARM will have a fixed rate for five years (the “5” in 5/1), then switch to a variable rate that can change once a year (the “1” in 5/1).

Whether a mortgage rate buydown is the right choice for you will depend on your individual circ*mstances and financial goals. If you plan to stay in the home for a long period of time and can afford to pay for the buydown, it could make sense. But if you know you’ll move or refinance your mortgage before you break even on the cost of the buydown versus the lower monthly payments, then buying down your rate might not be worth it.

Buying down your rate can be permanent or temporary, which will impact the overall cost. A permanent buydown is also known as purchasing mortgage discount points — for each point, you’ll typically pay 1% of the loan amount in return for 0.25% off your rate.

Temporary buydowns, on the other hand, will reduce your interest rate to a certain point, and it will then increase each year until you hit the original rate. Some common temporary options are 2-1 and 1-0 terms, with the first number being how much your rate is reduced in the first year and the second number being the reduction for the following year. Unlike discount points that are paid for by the buyer, this type of buydown can be paid for by the lender, seller or homebuilder.

Jamie Young

BLUEPRINT

Jamie Young is Lead Editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection.

Megan Horner

BLUEPRINT

Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at Finder.com where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.

Ashley Harrison

BLUEPRINT

Ashley Harrison is a USA TODAY Blueprint loans and mortgages deputy editor who has worked in the online finance space since 2017. She’s passionate about creating helpful content that makes complicated financial topics easy to understand. She has previously worked at Forbes Advisor, Credible, LendingTree and Student Loan Hero. Her work has appeared on Fox Business and Yahoo. Ashley is also an artist and massive horror fan who had her short story “The Box” produced by the award-winning NoSleep Podcast. In her free time, she likes to draw, play video games, and hang out with her black cats, Salem and Binx.

Mortgage rates for June 6, 2024: Rates trending about the same (2024)

FAQs

Mortgage rates for June 6, 2024: Rates trending about the same? ›

The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025. However, recent economic developments have led some forecasters to believe that rates will remain elevated at around 7% for the remainder of this year.

Will mortgage rates go down in June 2024? ›

The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025. However, recent economic developments have led some forecasters to believe that rates will remain elevated at around 7% for the remainder of this year.

What are mortgage interest rates going to do in the next 5 years? ›

This aligns with projections from the Mortgage Bankers Association (MBA), which anticipates the 30-year fixed-rate mortgage to end 2024 at 6.1%, with a further decline to 5.5% by the end of 2025.

What is the current interest rate? ›

Current mortgage and refinance interest rates
ProductInterest RateAPR
30-Year Fixed Rate7.03%7.08%
20-Year Fixed Rate6.82%6.87%
15-Year Fixed Rate6.54%6.62%
10-Year Fixed Rate6.61%6.69%
5 more rows

What will the 30-year mortgage rates be in 2025? ›

The average 30-year fixed mortgage rate as of Friday is 6.91%. By the final quarter of 2025, Fannie Mae expects that to slide to 6.0%. While Wells Faro's model expects 5.8%, and the Mortgage Bankers Association estimates 5.5%.

What is the prime rate forecast for 2024? ›

Historical Data
DateValue
December 31, 20243.50%
September 30, 20245.75%
June 30, 20245.75%
March 31, 20245.75%
21 more rows

Should I lock my mortgage rate today? ›

Locking in early can help you get what you were budgeting for from the start. As long as you close before your rate lock expires, any increase in rates won't affect you. The ideal time to lock your mortgage rate is when interest rates are at their lowest, but this is hard to predict — even for the experts.

What is the mortgage rate forecast for 2026? ›

The 10-year treasury constant maturity rate in the U.S. is forecast to decline by 0.8 percent by 2026, while the 30-year fixed mortgage rate is expected to fall by 1.6 percent. From seven percent in the third quarter of 2023, the average 30-year mortgage rate is projected to reach 5.4 percent in 2026.

What is a good mortgage rate? ›

As of June 6, 2024, the average 30-year fixed mortgage rate is 6.85%, 20-year fixed mortgage rate is 6.59%, 15-year fixed mortgage rate is 6.04%, and 10-year fixed mortgage rate is 5.92%. Average rates for other loan types include 6.75% for an FHA 30-year fixed mortgage and 6.91% for a jumbo 30-year fixed mortgage.

How to buy down interest rate? ›

Mortgage points, also called discount points, lower your interest rate for the life of the mortgage. A lender may allow borrowers to purchase as little as a fraction of a point up to four points. One mortgage point typically costs 1% of your loan and permanently lowers your interest rate by about 0.25%.

Are mortgage rates expected to drop? ›

National Association of Realtors (NAR): Rates will average 6.7% in Q3. NAR expects the 30-year fixed mortgage rate to average 6.7% in its most recent quarterly forecast published in April but decline to 6.5% by the end of 2024, assuming the Fed cuts rates.

How to get the lowest mortgage rate? ›

Here are seven ways you may be able to lower your interest rate and reduce mortgage payments, both at signing and during your loan term.
  1. Shop for mortgage rates. ...
  2. Improve your credit score. ...
  3. Choose your loan term carefully. ...
  4. Make a larger down payment. ...
  5. Buy mortgage points. ...
  6. Lock in your mortgage rate. ...
  7. Refinance your mortgage.

Who has the highest interest rates right now? ›

Our Top Picks for the Best High-Yield Savings Account Rates
  • NexBank High Yield Savings Account: 5.26% APY.
  • UFB Secure Savings: 5.25% APY.
  • BMO Alto Online Savings Account: 5.10% APY.
  • Betterment Cash Reserve Account: 5.50% APY for new customers' first three months, then 5.00%
  • Synchrony High Yield Savings Account: 4.75% APY.
May 29, 2024

Will mortgage rates go back down in 2024? ›

Mortgage rates could fall in 2024, but that's not a given. The Mortgage Bankers Association projects a 6.5% rate by the end of the year, while Fannie Mae predicts 2024 will end with rates at 7%.

What are interest rate predictions for the next 5 years? ›

Projected Interest Rates in the Next Five Years

ING's interest rate predictions indicate 2024 rates starting at 4%, with subsequent cuts to 3.75% in the second quarter. Then, 3.5% in the third, and 3.25% in the final quarter of 2024. In 2025, ING predicts a further decline to 3%.

How many mortgages are above 6%? ›

Nearly 9 in 10 U.S. homeowners have a mortgage rate below 6 percent, according to a new report from the real estate company Redfin. Some 88.5 percent have a mortgage rate below 6 percent, down from a high of 92.8 percent of homeowners in in the second quarter of 2022, the report found.

Will interest rates go down in 2024 for cars? ›

Auto loan rates for new and used vehicle purchases fell in the first quarter of 2024 to 6.73% and 11.91%, respectively, down slightly from the 15-year highs we saw at the end of 2023, according to Experian.

Will CD rates go up in 2024? ›

Projections suggest that we may see no rate increases in 2024, and that the Fed might start dropping its rate later this year, according to the CME FedWatch Tool on April 30. If the Fed rate drops, CD rates will likely follow suit, though it's up to each bank and credit union if and when that occurs.

Will HELOC rates go down in 2024? ›

HELOCs benefit most from rate decreases. With the Fed looking to lower rates later in 2024, a HELOC may be more beneficial than a home equity loan because the rate could go down.

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