Today's Mortgage Rates
A slight softening was seen in mortgage rates this week, with a small decline keeping the average 30-year FRM at about a three-year low.
Freddie Mac reported this week that the average offered rate for a conforming 30-year fixed-rate mortgage declined by five basis points (0.05%) to land at 3.55 percent. Meanwhile, the average offered rate for a conforming 15-year FRM eased by four basis points to drift to 3.03%, offering homeowners looking to refinance an opportunity to shorten the term of their loan at a fantastic price. Although out of favor at the moment, the initial rate for a hybrid 5/1 ARM managed a decline of three one-hundredths of a percentage point, closing the survey week at an average 3.32%.
Minutes from the last Fed meeting this week revealed that the central bank didn't seem to expect to be slashing rates more frequently or more deeply anytime soon, and the economic data of late continues to be quite solid. As such, mortgage rates seem to be firming a bit, and odds favor a slight rise for them in the days ahead.
We'll of course cover the Fed's minutes and the current economic climate and what it all means for mortgage rates in the next weekly MarketTrends newsletter.
How compelling is today's refinancing opportunity? A borrower who took out a $200,000 30-year mortgage at the recent peak in October 2018 (4.90%), a refinance to the average rate today (3.55%) would see their monthly payment plummet from $1,061.45 to just $891.26 (about a 16% reduction) and their total interest cost over the life of the loan decline by nearly $60,000. Worthwhile!
Current mortgage rates
| Week | 30-year-Fixed | 15-year-Fixed | 5-year-ARM |
|---|---|---|---|
| 08/22 | 3.550% | 3.030% | 3.320% |
| 08/15 | 3.600% | 3.070% | 3.350% |
| 08/08 | 3.600% | 3.050% | 3.360% |
| 08/01 | 3.750% | 3.200% | 3.460% |
| 07/25 | 3.750% | 3.180% | 3.470% |
| 07/11 | 3.750% | 3.220% | 3.460% |
| 06/27 | 3.730% | 3.160% | 3.390% |
| 06/20 | 3.840% | 3.250% | 3.480% |
| 06/13 | 3.820% | 3.260% | 3.510% |
| 06/06 | 3.820% | 3.280% | 3.520% |
| 05/30 | 3.990% | 3.460% | 3.600% |
| 05/23 | 4.060% | 3.510% | 3.680% |
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15 year fixed mortgage rates today from 4.250%
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| Loan Profile | |
| Home Value | Not Provided |
| First Mortgage | Not Provided |
| Second Mortgage | Not Provided |
| Cash Out Amount | Not Provided |
| Requested Loan Amount | $150,000 |
| Lock Period | 40 days |
| Estimated Monthly Payment | |
| Principal and Interest | $1,129 |
| Mortgage Insurance(estimated) | $26 |
| Total Monthly Payment | $1,155 |
AimLoan.com
- Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
- Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
Mortgage Choices at a Glance
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Latest Mortgage Rate Analysis
To read the latest edition, click here.
HSH's longer-range outlook for mortgage rates, where we review our last forecast,discuss current market influences and provide our expectations for mortgage rates over the next nine weeks.
Mortgage Rates
Mortgage rates and more
