Average mortgage rates nudged upward again yesterday. That means it’s been a week since they last fell. But don’t panic — yet. Thursday’s average would have been seen as a dream all-time low before May 15.
Still, the last week’s been a reminder that mortgage rates aren’t in the downward phase of a smooth and consistent trajectory. True, we hope to see further falls. But those are likely to be punctuated by unpredictable rises, some of which could be sustained and perhaps occasionally sharp.Find and lock current rates. (May 30th, 2020)
|Conventional 30 yr Fixed||3.375||3.375||Unchanged|
|Conventional 15 yr Fixed||3||3||Unchanged|
|Conventional 5 yr ARM||4.375||3.438||Unchanged|
|30 year fixed FHA||2.5||3.478||Unchanged|
|15 year fixed FHA||2.75||3.694||Unchanged|
|5 year ARM FHA||3.75||3.754||Unchanged|
|30 year fixed VA||2.5||2.674||Unchanged|
|15 year fixed VA||2.75||3.076||Unchanged|
|5 year ARM VA||3.5||2.802||Unchanged|
|Your rate might be different. Click here for a personalized rate quote. See our rate assumptions here.|
* See our rate assumptions here.
A mortgage rate is the rate of interest charged by a mortgage lender. Mortgage rates can be either fixed (it stays the same for the term of the loan) or variable (the rate will adjust at some point during the term of the loan). Mortgage rates are determined by the lender and can vary depending on your unique situation — your credit score, loan term, and downpayment can all affect your mortgage rate.1
The more lenders you compare when shopping for mortgage rates, the more likely you are to get the lowest interest rate available for you. Getting a lower interest rate could save you hundreds of dollars over a year of mortgage payments — and thousands of dollars over the life of the loan. Yes, it definitely pays to shop around.2
1. Source: Freddie Mac
2. Advertising disclosure: we receive advertising revenue from some partners.