Mortgage Rates

In the present day’s Mortgage and Refinance Charges: June 11, 2021

in-the-present-days-mortgage-and-refinance-charges-june-11-2021

The average mortgage loan and refinance loan rates are not that different today, but the way to get there is more interesting: most average mortgage rates have increased a bit since last week, but most average refinance rates have decreased. In both cases, the interest rates on 15-year fixed loans and government-secured loans remain the lowest.

Conventional Tariffs from Money.com; government-sponsored rates from RedVentures.

Conventional Tariffs from Money.com; government-sponsored rates from RedVentures.

Mortgage rate trends

Conventional Tariffs from Money.com; government-sponsored rates from RedVentures.

Average mortgage rates have been pretty steady for weeks, and the past week is no exception. Most average interest rates stay below 4%, with 15-year fixed-rate and government-backed loans being even lower at less than 3%. The biggest jump in interest rates since last week was on a 7/1 ARM, whose average interest rate rose 22 basis points to 4.22% over the past week.

Keep this one in mind, though – if the past few months have shown anything, it is that a small swings in either direction can keep average mortgage rates largely stable over time.

Refinancing rate trends

Conventional Tariffs from Money.com; government-sponsored rates from RedVentures.

As usual, the refinance loan interest rates do not differ much from the mortgage loan (also called mortgage purchase loan) rates. Most rates stay comfortably below 3% like last week, and the average rates on 15-year fixed and government-backed loans continue to have the lowest averages below 3%.

One notable difference is that most refinance rates have fallen since last week to get to that point – rates on a 7/1 ARM, the highest average rate this week at 4.05%, were last week at 4.45 % listed. That’s a 40 basis point decrease, unlike the 22 point increase that brought the average interest rates on a 7/1 ARM mortgage loan above 4% this week.

Mortgage and refinance rates by state

Check the current prices in your state at the links below.

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
new York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington, DC
West Virginia
Wisconsin
Wyoming

Mortgage rates should stay low for a few more months, but you may find rates rise in late summer or fall.

Mortgage rates are highly dependent on employment and inflation in the United States. When employment and inflation improve, mortgage rates rise; when they get worse, mortgage rates go down.

However, unemployment and inflation must have long-term, steady growth in order for mortgage rates to rise. If both continue to improve over the next few months, we could see higher rates.

About the authors

Laura Grace Tarpley is an editor at Personal Finance Insider, specializing in mortgages, refinancing and lending. She is also a certified trainer for personal finance (CEPF). In her five years covering personal finance, she has written extensively on credit management options.

Ryan Wangman is a Review Fellow at Personal Finance Insider reporting on mortgages, refinancing, bank accounts, bank reviews, and loans. In his previous personal finance writing experience, he wrote about creditworthiness, financial literacy, and home ownership.

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