According to research from the Consumer Financial Protection Bureau (CFPB), almost half of consumers do not compare quotes when shopping for a home loan, which means losing out on substantial savings. To get the best mortgage interest rate for your situation, it’s best to shop around with multiple lenders. Averages are based on conforming mortgages with 20% down.
(Jun 4th, 2022) Today’s Mortgage Interest Rates: JWeekly Rate TrendsĬopyright 2022 Freddie Mac. Shop and compare your personalized rates from multiple lenders.
The interest rates reported below are from a weekly survey of 100+ lenders by Freddie Mac PMMS. These average rates are intended to give you a snapshot of overall market trends and may not reflect specific rates available for you. The refinance index was 75 percent below last year’s level, when rates were more than 200 basis points lower.” “With the 30-year fixed rate at 5.33 percent, the refinance market continues to shrink, led by larger decreases last week for FHA and VA refinance applications. Mortgage applications decreased to the lowest level since December 2018, as the purchase market continues to struggle with supply and affordability challenges,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Mortgage rates fell for the fourth time in five weeks, as concerns of weaker economic growth and the recent stock market sell-off drove Treasury yields lower. The number of mortgage applications decreased 2.3% as reported by Mortgage Bankers Association. The average mortgage interest rates decreased for two loan types week over week - 30-year fixed rates went down slightly (5.10% to 5.09%), while 15-year fixed rates rose (4.31% to 4.32%) and 5/1 ARM rates decreased (4.20% to 4.04%).
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