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Forbes
10 hours ago
- Business
- Forbes
Mortgage Rates Today: June 10, 2025
The current average mortgage rate on a 30-year fixed mortgage is 6.9%, compared to 6.87% a week earlier, according to the Mortgage Research Center. For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.91%, up 0.85% from the previous week. Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate to today's refinance rates. Today, the average rate on a 30-year mortgage is 6.9%, compared to last week when it was 6.87%. The APR on a 30-year, fixed-rate mortgage is 6.93%. The APR was 6.9% last week. APR is the all-in cost of your loan. With today's interest rate of 6.9%, a 30-year fixed mortgage of $100,000 costs approximately $659 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $137,795 in total interest over the life of the loan. The average interest rate on a 15-year mortgage (fixed-rate) rose to 5.91%. This same time last week, the 15-year fixed-rate mortgage was at 5.86%. The APR on a 15-year fixed is 5.95%. It was 5.91% this time last week. At today's interest rate of 5.91%, a 15-year fixed-rate mortgage would cost approximately $839 per month in principal and interest per $100,000. You would pay around $51,447 in total interest over the life of the loan. The current average interest rate on a 30-year fixed-rate jumbo mortgage (a mortgage above 2025's conforming loan limit of $806,500 in most areas) is 7.29%. Last week, the average rate was 7.25%. If you lock in the latest rate on a 30-year, fixed-rate jumbo mortgage, you will pay $685 per month in principal and interest per $100,000 borrowed, which amounts to $146,928 in total interest over the life of the loan. Mortgage rates initially trended downward post-spring 2024. However, they surged again in October 2024—despite cuts by the Federal Reserve to the federal funds rate (its benchmark interest rate) in September, November and December 2024. Rates began to drop again in mid-January 2025, but experts don't forecast them falling by a significant amount in the near future. Mortgage rates are influenced by various economic factors, making it difficult to predict when they will drop. Mortgage rates follow U.S. Treasury bond yields. When bond yields decrease, mortgage rates generally follow suit. The Federal Reserve's decisions and global events also play a key role in shaping mortgage rates. If inflation rises or the economy slows, the Fed may lower its federal funds rate. For example, during the Covid-19 pandemic, the Fed reduced rates, which drove interest rates to record lows. A significant drop in mortgage rates seems unlikely in the near future. However, they may decline if inflation eases or the economy weakens. To get an estimate of your mortgage costs, using a mortgage calculator can help. Simply input the following information: Mortgage interest rates are determined by several factors, including some that borrowers can't control: While the above factors set the base interest rate for new mortgages, there are several areas that borrowers can focus on to get a lower rate: Conventional home loans are issued by private lenders and typically require good or excellent credit and a minimum 20% down payment to get the best rates. Some lenders offer first-time home buyer loans and grants with relaxed down payment requirements as low as 3%. For buyers with limited credit or finances, a government-backed loan is usually the better option as the minimum loan requirements are easier to satisfy. For example, FHA loans can require 3.5% down with a minimum credit score of 580 or at least 10% down with a credit score between 500 and 579. However, upfront and annual mortgage insurance premiums can apply for the life of the loan. Buyers in eligible rural areas with a moderate income or lower may also consider USDA loans. This program doesn't require a down payment, but you pay an upfront and annual guarantee fee for the life of the loan. If you come from a qualifying military background, VA loans can be your best option. First, you don't need to make a down payment in most situations. Second, borrowers pay a one-time funding fee but don't pay an annual fee as the FHA and USDA loan programs require. A competitive mortgage rate currently ranges from 6% to 8% for a 30-year fixed loan. Several factors impact mortgage rates, including the repayment term, loan type and borrower's credit score. Most rate locks last 30 to 60 days and your lender may not charge a fee for this initial period. However, extending the rate lock period up to 90 or 120 days is possible, depending on your lender, but additional costs may apply. A mortgage interest rate reflects what a lender is charging you on top of your loan amount in return for allowing you to borrow money. Annual percentage rate (APR), on the other hand, is a calculation that includes both a loan's interest rate and finance charges, expressed as an annual cost over the life of the loan. In other words, it's the total cost of credit. APR accounts for interest, fees and time. Since APRs include both the interest rate and certain fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.
Forbes
a day ago
- Business
- Forbes
Mortgage Rates Today: June 9, 2025 - 30-Year and 15-Year Rates Stand Still
Currently, the average interest rate on a 30-year fixed mortgage is 6.83%, compared to 6.86% a week ago, according to the Mortgage Research Center. For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 5.85%, down 0.10% from the previous week. Homeowners who want to lock in a lower rate by refinancing should compare their existing mortgage rate with current market rates to make sure it's worth the cost to refinance. Borrowers paid an average rate of 6.83% on a 30-year mortgage. This was down from the previous week's rate of 6.86%. Currently, the average APR on a 30-year fixed-rate mortgage is 6.86%. This is lower than last week when the APR was 6.89%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs. To get an idea of how much you'll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 6.83% will cost you about $654 including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That's around $136,086 in total interest over the life of the loan. Today, the 15-year mortgage rate declined to 5.85%, lower than it was yesterday. Last week, it was 5.85%. On a 15-year fixed, the APR is 5.9%. Last week it was 5.9%. At today's interest rate of 5.85%, a 15-year fixed-rate mortgage would cost approximately $836 per month in principal and interest per $100,000. You would pay around $50,885 in total interest over the life of the loan. Today's average interest rate on a 30-year fixed-rate jumbo mortgage (a mortgage above 2025's conforming loan limit of $806,500 in most areas) fell 4.34% from last week to 7.18%. Borrowers with a 30-year, fixed-rate jumbo mortgage with today's interest rate of 7.18% will pay approximately $677 per month in principal and interest per $100,000 borrowed. That would be $144,242. Mortgage rates initially trended downward post-spring 2024. However, they surged again in October 2024—despite cuts by the Federal Reserve to the federal funds rate (its benchmark interest rate) in September, November and December 2024. Rates began to drop again in mid-January 2025, but experts don't forecast them falling by a significant amount in the near future. Mortgage rates are influenced by various economic factors, making it difficult to predict when they will drop. Mortgage rates follow U.S. Treasury bond yields. When bond yields decrease, mortgage rates generally follow suit. The Federal Reserve's decisions and global events also play a key role in shaping mortgage rates. If inflation rises or the economy slows, the Fed may lower its federal funds rate. For example, during the Covid-19 pandemic, the Fed reduced rates, which drove interest rates to record lows. A significant drop in mortgage rates seems unlikely in the near future. However, they may decline if inflation eases or the economy weakens. Mortgages and mortgage lenders are often a necessary part of purchasing a home, but it can be tough to understand what you're paying for—and what you can actually afford. Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses. Here's what you'll need in order to calculate your monthly mortgage payment: Mortgage interest rates are determined by several factors, including some that borrowers can't control: While the above factors set the base interest rate for new mortgages, there are several areas that borrowers can focus on to get a lower rate: Many home buyers are eligible for several mortgage loan types. Each program can have its own advantages: A competitive mortgage rate currently ranges from 6% to 8% for a 30-year fixed loan. Several factors impact mortgage rates, including the repayment term, loan type and borrower's credit score. Most rate locks last 30 to 60 days and your lender may not charge a fee for this initial period. However, extending the rate lock period up to 90 or 120 days is possible, depending on your lender, but additional costs may apply. A mortgage interest rate reflects what a lender is charging you on top of your loan amount in return for allowing you to borrow money. Annual percentage rate (APR), on the other hand, is a calculation that includes both a loan's interest rate and finance charges, expressed as an annual cost over the life of the loan. In other words, it's the total cost of credit. APR accounts for interest, fees and time. Since APRs include both the interest rate and certain fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.
Forbes
4 days ago
- Business
- Forbes
Mortgage Rates Today: June 6, 2025 - 30-Year Rates Steady, 15-Year Rates Down
Currently, the average interest rate on a 30-year fixed mortgage is 6.76%, compared to 6.85% a week ago, according to the Mortgage Research Center. For borrowers who want to pay off their home faster, the average rate on a 15-year fixed mortgage is 5.74%, down 2.03% from the previous week. If you're thinking about refinancing to lock in a lower rate, compare your existing mortgage rate with current market rates to make sure it's worth the cost to refinance. Today, the average rate on a 30-year mortgage is 6.76%, compared to last week when it was 6.85%. The APR on a 30-year, fixed-rate mortgage is 6.79%. The APR was 6.88% last week. APR is the all-in cost of your loan. With today's interest rate of 6.76%, a 30-year fixed mortgage of $100,000 costs approximately $649 per month in principal and interest (taxes and fees not included), the Forbes Advisor mortgage calculator shows. Borrowers will pay about $134,477 in total interest over the life of the loan. Today's 15-year mortgage (fixed-rate) is 5.74%, down 2.03% from the previous week. The same time last week, the 15-year, fixed-rate mortgage was at 5.86%. The APR on a 15-year fixed is 5.78%. It was 5.91% a week earlier. A 15-year, fixed-rate mortgage with today's interest rate of 5.74% will cost $830 per month in principal and interest on a $100,000 mortgage (not including taxes and insurance). In this scenario, borrowers would pay approximately $49,802 in total interest. Today's average interest rate on a 30-year fixed-rate jumbo mortgage (a mortgage above 2025's conforming loan limit of $806,500 in most areas) fell 4.29% from last week to 7.18%. Borrowers with a 30-year, fixed-rate jumbo mortgage with today's interest rate of 7.18% will pay approximately $678 per month in principal and interest per $100,000 borrowed. That would be $144,315. Mortgage rates initially trended downward post-spring 2024. However, they surged again in October 2024—despite cuts by the Federal Reserve to the federal funds rate (its benchmark interest rate) in September, November and December 2024. Rates began to drop again in mid-January 2025, but experts don't forecast them falling by a significant amount in the near future. Mortgage rates are influenced by various economic factors, making it difficult to predict when they will drop. Mortgage rates follow U.S. Treasury bond yields. When bond yields decrease, mortgage rates generally follow suit. The Federal Reserve's decisions and global events also play a key role in shaping mortgage rates. If inflation rises or the economy slows, the Fed may lower its federal funds rate. For example, during the Covid-19 pandemic, the Fed reduced rates, which drove interest rates to record lows. A significant drop in mortgage rates seems unlikely in the near future. However, they may decline if inflation eases or the economy weakens. To get an estimate of your mortgage costs, using a mortgage calculator can help. Simply input the following information: Mortgage interest rates are determined by several factors, including some that borrowers can't control: While the above factors set the base interest rate for new mortgages, there are several areas that borrowers can focus on to get a lower rate: As you compare lenders, consider getting rate quotes for several loan programs. In addition to comparing rates and fees, these programs can have flexible down payment and credit requirements that make qualifying easier. Conventional mortgages are likely to offer competitive rates when you have a credit score between 670 and 850, although it's possible to qualify with a minimum score of 620. This home loan type also doesn't require annual fees when you have at least 20% equity and waive PMI. Several government-backed programs are better when you want to make little or no down payment: Comparing lenders and loan programs is an excellent start. Borrowers should also strive for a good or excellent credit score between 670 and 850 and a debt-to-income ratio of 43% or less. Further, making a minimum down payment of 20% on conventional mortgages can help you automatically waive private mortgage insurance premiums, which increases your borrowing costs. Buying discount points or lender credits can also reduce your interest rate. Most rate locks last 30 to 60 days and your lender may not charge a fee for this initial period. However, extending the rate lock period up to 90 or 120 days is possible, depending on your lender, but additional costs may apply. A mortgage interest rate reflects what a lender is charging you on top of your loan amount in return for allowing you to borrow money. Annual percentage rate (APR), on the other hand, is a calculation that includes both a loan's interest rate and finance charges, expressed as an annual cost over the life of the loan. In other words, it's the total cost of credit. APR accounts for interest, fees and time. Since APRs include both the interest rate and certain fees associated with a home loan, the APR can help you understand the total cost of a mortgage if you keep it for the entire term. The APR will usually be higher than the interest rate, but there are exceptions.
Forbes
4 days ago
- Business
- Forbes
Today's Mortgage Refinance Rates: June 6, 2025
The rate on a 30-year fixed refinance fell to 6.84% today, according to the Mortgage Research Center. The 15-year, fixed-rate refinance mortgage average rate is 5.74%. For 20-year mortgage refinances, the average rate is 6.63%. Related: Compare Current Refinance Rates The current 30-year, fixed-rate mortgage refinance average rate stands at 6.84%, versus 6.9% last week. The annual percentage rate (APR) on a 30-year, fixed-rate mortgage is 6.87%, lower than last week's 6.93%. The APR is the all-in cost of a home loan—the interest rate including any fees or extra costs. At the current interest rate, borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $655 per month for principal and interest, according to the Forbes Advisor mortgage calculator. That doesn't include taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $136,302. The 20-year fixed mortgage refinance average rate stands at 6.63%, versus 6.77% last week. The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.67%. It was 6.81% last week. At the current interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $753 per month in principal and interest. That doesn't include taxes and fees. That borrower would pay roughly $81,291 in total interest over the life of the loan. For a 15-year fixed refinance mortgage, the average interest rate is currently 5.74%. The same time last week, the 15-year fixed-rate mortgage stood at 5.84%. The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.78%. Last week, it was 5.89%. Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $830 per month in principal and interest—not including taxes and fees. That would equal about $49,763 in total interest over the life of the loan. The average interest rate on the 30-year fixed-rate jumbo mortgage refinance (a loan above the federal conforming loan limit of $806,500 in most places) dropped week-over-week to 7.23%. Last week, the average rate was 7.61%. Borrowers with a 30-year fixed-rate jumbo mortgage refinance with today's interest rate will pay $681 per month in principal and interest per $100,000 borrowed. A 15-year, fixed-rate jumbo mortgage refinance has an average interest rate of 6.38%, up 1.59% from last week. At today's rate, a borrower would pay $864 per month in principal and interest per $100,000 borrowed for a 15-year, fixed-rate jumbo refi. Over the life of the loan, that borrower would pay around $55,831 in total interest. Mortgage lenders charge different interest rates for purchase and refinance loans. Current refinance rates are typically 0.01% to 0.15% higher for a 30-year fixed rate versus a purchase loan. You can reduce your interest rate by paying your closing costs up front instead of rolling them into the loan with a no-closing-cost refinance loan. Buying discount points and avoiding mortgage insurance can also help. When considering a mortgage refinance, compare your current interest rate, mortgage balance and loan term with the new interest rate and term. This comparison helps you estimate your new monthly payment and savings, making it easier to determine if refinancing is the right choice. You may want to refinance your home when you can lower your interest rate, reduce monthly payments or pay off your mortgage sooner. You may want to use a cash-out finance to access your home's equity or take out a new loan to eliminate private mortgage insurance (PMI). Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You'll need to know the loan's closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this by dividing your closing costs by the monthly savings from your new payment. Our mortgage refinance calculator could help you determine if refinancing is right for you. Refinancing a mortgage isn't that different than taking out a mortgage in the first place, and it's always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate: Having a strong credit score is one of the best things you can do to get approved and get a lower rate. You're also likely to look better to mortgage refinance lenders if you don't have too much debt relative to your income. You should keep a regular watch on mortgage rates, which fluctuate often. Also see if you can manage a mortgage payment for a shorter loan term since they usually have lower interest rates. Since the final quarter of 2024, national average mortgage rates have remained in the middle-to-high 6% range, and experts expect this trend to continue through the first half of 2025. If inflation slows and unemployment levels hold steady or rise, the Federal Reserve may reduce the federal funds rate, potentially leading to lower mortgage rates in the second half of the year. However, if inflation stays high and unemployment decreases, rates are likely to remain stable. Since mortgage rates are expected to change little in the first half of the year, those looking to refinance at a lower rate should consider waiting until later in the year. In the meantime, improving your credit score and paying down your loan balance will help you secure the lowest possible rate when you're ready to explore refinancing options. You can usually refinance a mortgage in as quickly as 45 to 60 days, but it depends on many factors – like the type of home loan you choose. Always check with your lender before committing to borrow. Most lenders allow you to refinance a mortgage six months after you start paying it off, although some require that you wait 12 months. Contact your lender to be sure. Closing costs for a refinance can be anywhere from 2% to 6% of the cost of the loan. It's always a good idea to ask the lender what kind of closing costs they'll charge before you decide to borrow from them.
Forbes
5 days ago
- Business
- Forbes
Mortgage Refinance Rates Today: June 5, 2025
The rate on a 30-year fixed refinance declined to 6.88% today, according to the Mortgage Research Center. Rates averaged 5.76% for a 15-year financed mortgage and 6.69% for a 20-year financed mortgage. Related: Compare Current Refinance Rates Currently, the average rate for a 30-year, fixed-rate mortgage refinance is 6.88%, down 1.36% from this time last week. Borrowers with a 30-year, fixed-rate mortgage of $100,000 will pay $658 per month for principal and interest at the current interest rate, according to the Forbes Advisor mortgage calculator, not including taxes and fees. Over the life of the loan, the borrower will pay total interest costs of about $137,385. Another way of looking at loan costs is the annual percentage rate, or APR. For a 30-year, fixed-rate mortgage, the APR is 6.91%, lower than last week's 7.01%. The APR is essentially the all-in cost of the home loan. For a 20-year fixed refinance mortgage, the average interest rate is currently 6.69%, compared to 6.87% last week. The APR, or annual percentage rate, on a 20-year fixed mortgage is 6.73%. It was 6.91% last week. At today's interest rate, a 20-year, fixed-rate mortgage refinance of $100,000 would cost $757 per month in principal and interest – not including taxes and fees. That would equal about $82,131 in total interest over the life of the loan. For a 15-year fixed refinance mortgage, the average interest rate is currently 5.76%. The same time last week, the 15-year fixed-rate mortgage stood at 5.91%. The APR, or annual percentage rate, on a 15-year fixed mortgage is 5.81%. Last week, it was 5.95%. Based on the current interest rate, a 15-year, fixed-rate mortgage refinance of $100,000 would cost $831 per month in principal and interest—not including taxes and fees. That would equal about $50,033 in total interest over the life of the loan. The average interest rate for a 30-year, fixed-rate jumbo mortgage refinance (a loan above the federal conforming loan limit of $806,500 in most places) decreased week-over-week to 7.26%, versus 7.62% last week. At today's interest rate on a 30-year, fixed-rate jumbo mortgage refinance, a borrower would pay $683 per month in principal and interest on a $100,000 loan. A 15-year, fixed-rate jumbo mortgage refinance is 6.39% on average, up 0.68% from last week. At today's interest rate, a borrower with a 15-year, fixed-rate jumbo refinance would pay $865 per month in principal and interest per $100,000 borrowed. Over the life of the loan, that borrower would pay around $55,950 in total interest. No, mortgage refinance rates are typically higher than purchase loan rates due to additional risk for the lender. Cash-out refinance rates are also higher than a standard rate-and-term refinance as you are increasing your loan balance by tapping your equity. The application process for refinancing a mortgage is similar to getting a home purchase loan regarding the required paperwork and home appraisal. Additionally, similar closing costs from 2% to 6% of the loan amount apply, which is an extra expense. When you refinance, your new rate is based on current refinance rates and your loan term. This rate replaces your existing mortgage repayment terms. When considering a mortgage refinance, compare your current interest rate, mortgage balance and loan term with the new interest rate and term. This comparison helps you estimate your new monthly payment and savings, making it easier to determine if refinancing is the right choice. There are a number of reasons why you should refinance your home, but many homeowners consider refinancing when they can lower their interest rate, reduce their monthly payments or pay off their home loan sooner. Refinancing also may help you access your home's equity or eliminate private mortgage insurance (PMI). Refinancing your mortgage can make sense if you plan to remain in your home for a number of years. There is, after all, a cost to refinancing that will take some time to recoup. You'll need to know the loan's closing costs to calculate the break-even point where your savings from a lower interest rate exceed your closing costs. You can calculate this by dividing your closing costs by the monthly savings from your new payment. Our mortgage refinance calculator could help you determine if refinancing is right for you. Refinancing a mortgage isn't that different than taking out a mortgage in the first place, and it's always smart to have a strategy for finding the lowest rate possible. Here are some suggested approaches to get the best rate: Having a strong credit score is one of the best things you can do to get approved and get a lower rate. You're also likely to look better to mortgage refinance lenders if you don't have too much debt relative to your income. You should keep a regular watch on mortgage rates, which fluctuate often. Also see if you can manage a mortgage payment for a shorter loan term since they usually have lower interest rates. National average mortgage interest rates will have the most significant impact on refinancing trends throughout 2025, whether they rise or fall. While predicting mortgage interest rates is challenging, experts expect them to remain in the middle-to-high 6% range during the first half of 2025, similar to the final quarter of 2024. However, rates could potentially decrease by the end of the year. If inflation slows and national unemployment levels remain steady or increase, the Federal Reserve might cut the federal funds rate, leading to lower mortgage rates. On the other hand, if the opposite happens, average rates will likely see little movement. Since experts anticipate minimal movement in average mortgage rates during the first half of the year, those looking to refinance at a lower rate may want to wait until later in the year to secure the best rate. In the meantime, improving your credit score, making on-time payments and paying down your loan amount will put you in the best position to secure a low rate when you begin shopping for a refinance offer. Closing costs for a refinance can be anywhere from 2% to 6% of the cost of the loan. It's always a good idea to ask the lender what kind of closing costs they'll charge before you decide to borrow from them. You should always shop around when you're trying to get a new mortgage or refinance an existing one. Take a look at the best mortgage refinance lenders as a starting point and try applying online. Always find out the closing costs each lender will charge, and make sure you're able to communicate well with the lender you want to choose. In a bumpy housing market, you'll probably be in touch with the lender more often than you realize. You can usually refinance a mortgage in as quickly as 45 to 60 days, but it depends on many factors – like the type of home loan you choose. Always check with your lender before committing to borrow.
