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Today's mortgage rates

The expected rebound in mortgage rates appeared this week, with a large chunk of the declines of the last two weeks wiped out. Freddie Mac reported that the average offered rate for a conforming 30-year FRM rose by eight basis points (0.08%), rising back to 4.62%, just a shade below multi-year highs. Fifteen-year FRMs rebounded with a six basis point rise (0.06%), increasing to 4.07 percent for the week. Splitting the rise in fixed rates were hybrid 5/1 ARMs, which saw their average rate lifted by seven one-hundredths of a percentage point, landing at 3.83%.

With a strong economy, solid labor markets and firming inflation, interest rates continues to have little downside and are more than likely to rise in the coming weeks. The Fed raised short-term interest rates again this week and signaled that two more increases are on tap for the remainder of this year, so it's increasingly likely that higher rather than lower rates can be expected. Near-term, though, markets reacted well to the Fed's move, but we may see some reaction to any news of changing policy coming out of the European Central Bank meeting today. For the moment, and pending this, mortgage rates are likely to be fairly flat in the coming days.

For more analysis, check out our weekly MarketTrends newsletter.

Current Mortgage Rates
TermThis weekLast Week
30-Year Fixed4.62%4.54%
15-Year Fixed4.07%4.01%
5/1 Year ARM3.83%3.74%
Source: Freddie Mac
Updated 06/14/2018
Today's rates
4.62%

30-Year Fixed

4.07%

15-Year Fixed

3.83%

5/1 Year ARM

Source: Freddie Mac
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Today's mortgage rates from our partners

Personalize your rates and see how your rates change below Displaying Today's Mortgage Rates for a $200000 Refinance loan in Virginia.
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5/1 Yr. ARM
4.221% APR
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Updated 6/18/2018
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5/1 Yr. ARM
4.037% APR
3.375% Rate - $884/ mo
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Updated 6/18/2018
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Mortgage Choices at a Glance

Loan type/terms
Fixed 30 years
Fixed 15 years/20 Years
Hybrid ARM
Traditional ARM
Balloon Mortgage
Rate changes
Never; fully fixed for entire term
Never; fully fixed for entire term
Usually after fixed period of 3, 5, 7 or 10 years, then annual change typical
Fully variable, typically changing at one-year intervals; some have shorter change intervals
Never; fully fixed for entire term
Benefits
Low, stable payment; usually easiest qualification
Stable payments; builds equity faster; lower total interest costs than 30-year term
Lower rates than fully fixed-rate mortgage; can sometimes borrow larger loan amount for same income
Can have lowest interest rates, but qualification may not depend upon today's interest rate
Often has lower interest rate/monthly payment over balloon period than fixed rate; similar to hybrid ARM
Drawbacks/Risks
Can have highest total interest cost over time; user may "buy" more rate stability than actually needed, increasing cost
Requires higher income to qualify; less affordable monthly payment; funds commited to payment cannot be used elsewhere
Stable payment for a number of years, then unpredictable; rates can jump by as much as 6 percentage points at first adjustment
Payments fluctuate at each rate change; unpredictable, rates can change as much as 2 percentage points at each adjustment
Loan fully due and payable when balloon period ends; must be paid off or refinanced in unknown market conditions
Alternative strategy
Consider Hybrid ARM with appropriate fixed period
Consider 30-year term and prepaying loan to preserve cash-flow flexibility
Consider Fixed rate mortgage or longest possible fixed period, if loan hold period not known
Consider Hybrid ARM to ameliorate rate and payment risks for a given period
Consider Hybrid ARM to ensure continued loan availability
These may be useful for...
Purchasing a home; first-time homebuyers; refinancing to improve cash flow/lower payment
Refinancing to lower total interest cost; retiring mortgage more quickly; building or rebuilding equity more quickly
Purchasing or refinancing when time horizon is seven years or shorter, and where borrower can handle increase in monthly payments
Purchasing or refinancing when interest rates are near top of cycle, and are likely to fall, or sale or refinance is anticipated within three years
Purchasing or refinancing when time horizon is three years or longer and home will be sold prior to end of balloon period
Consider if
Buying or refinancing a home and planning on owning for longer than 10 years
Buying second home; refinancing to build equity; paying off mortgage before life event (retirement, etc)
Buying a home and expect to move before fixed period ends, or know income will rise to offset payment risk, even in worst-case scenario
Buying or refinancing when income can handle frequent payment changes and worst-case scenario for rates over a four-year period
Buying a home and expect to move before balloon period ends, or have resources to pay off mortgage if refinance not available
When shopping, ask about
"Full cost" vs. "No cost" refinances, prepaying loan to shorten term if desired
If 20-year term makes payment too high, whether 25-year term is available
Interest rate caps, for first and subsequent adjustments, worst-case scenario
A history of the Index the loan is keyed off, margin and caps
Whether or not there is any built-in refinancing option when the balloon period ends

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