Published June 4, 2024 at 3:35 a.m. UTC
Editor’s note: Blueprint may earn commission from affiliate partner links featured on this site. This commission does not influence editorial opinions or ratings. See full advertiser disclosure policy.
Getty Images
Mortgage rates across the board are trending pretty much the same. Here are the current average mortgage rates:
- 30 Year Fixed Rate: 7.50%
- 15-year fixed rate: 6.75%
- 30-year Jumbo: 7.53%
*The data is current as of June 3, 2024.
30-year fixed mortgage rate
According to data from Curinos, today’s 30-year fixed mortgage rate is 7.50%, roughly the same as last week’s 7.50%. This is down from last month’s 7.54%. At this time last year, the 30-year fixed rate was 7.24%, so today’s rates are higher than a year ago.
At the current 30-year fixed rate, you’d pay about $698 per month for every $100,000 you borrow, about the same as last week.
Ready to buy? Compare the best mortgage lenders.
15-year fixed mortgage rate
Today’s 15-year fixed mortgage rate is 6.75%, roughly the same as last week’s 6.75%. This is up from last month’s 6.74%. At this time last year, the 15-year fixed rate was 6.34%, so today’s rates are higher than they were a year ago.
At the current 15-year fixed rate, you’ll pay about $883 per month for every $100,000 you borrow, down from about $884 last week.
30-year jumbo mortgage interest rates
Today’s 30-year jumbo mortgage rate is 7.53%, higher than last week’s 7.46%. This is up from last month’s 7.46%. At this same time last year, the 30-year jumbo mortgage rate was 6.88%, so today’s rates are about one percentage point higher than a year ago.
At the current 30-year jumbo rate, you’ll pay about $699 a month for every $100,000 you borrow, down from about $701 last week.
methodology
Curinos uses a standardized set of parameters to determine average mortgage rates. For conventional mortgages, the calculations are based on an owner-occupied one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $766,550. These calculations assume a loan-to-value ratio of 80%, a credit score of 740 or higher, and a fixed term of 60 days.
Frequently Asked Questions (FAQ)
Mortgage interest rates are determined by a variety of factors, including the overall economy, inflation, Federal Reserve actions, etc. Mortgage lenders set their loan rates based on these economic factors.
The interest rate you’re offered on a mortgage will vary depending on not only the lender but also other parts of your financial profile, such as your credit score, income, and debt-to-income ratio (DTI).
If you choose to fix your interest rate, you can usually lock it in for 30 to 60 days, depending on the lender, but in some cases you may be able to lock your interest rate for up to 120 days.
Some lenders may let you lock in your mortgage interest rate for free, but be aware that you’ll likely have to pay a fee if you want to extend the fixed period. This fee usually ranges between 0.25% and 0.5% of the loan amount. You may also be charged a fee for extending the fixed period, usually 0.375% of the loan amount.
There are several strategies that can help you get the best mortgage rate, including:
- Check the credits: Apply for a mortgageLending institutions review your credit report to determine your creditworthiness and interest rates. Generally, the higher your credit score, the lower your interest rate. That’s why we recommend checking your credit report before you apply to see where you stand. If you find errors on your credit report, you can dispute them with the appropriate credit bureaus and potentially raise your credit score.
- Compare lenders: Taking the time to compare your options from as many lenders as possible will help you find the best deal. In addition to interest rates, consider each lender’s terms, fees, and qualification requirements.
- Improve your credit score: If your credit score isn’t perfect and you can wait to apply for a mortgage, it may be worth working to improve it. Improve your credibility Make sure you check up front to ensure you qualify for favorable interest rates in the future. Ways to improve your credit include paying all bills on time and keeping your credit utilization ratio (the amount of credit you’ve used compared to your credit limit) below 30% on credit cards and lines of credit.
- Reduce debt: Paying off your debt can help lower your DTI ratio, which measures your monthly debt payments relative to your income. A lower DTI ratio makes you appear less risky in the eyes of lenders, which could mean a lower interest rate.
- Choose a shorter repayment term: Lenders typically offer lower interest rates to borrowers who choose a shorter term. For example, you may get a lower interest rate on a 15-year mortgage compared to a 30-year loan.
Blueprint is an independent publisher and comparison service and is not an investment advisor. The information provided is for educational purposes only and we recommend that you seek individual advice from a qualified professional for any specific financial decision. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. Any opinions, analyses, reviews, or recommendations expressed in this article are solely those of the Blueprint editorial staff. Blueprint adheres to strict editorial integrity standards. Information is accurate as of the publication date, but always check the provider’s website for the most up-to-date information.
