Mortgage interest rates change daily. Keep up with current rates to make the best decision on your home mortgage.
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CURRENT MORTGAGE INTEREST RATES |
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MortgageRatesReported |
30-Year Fixed* |
15-year Fixed* |
5/1 ARM* |
|
6/22/17 |
3.90%↓ |
3.17%↓ |
3.14%↓ |
|
6/15/17 |
3.91% |
3.18% |
3.15% |
|
6/8/17 |
3.89% |
3.16% |
3.11% |
|
6/1/17 |
3.94% |
3.19% |
3.11% |
|
5/25/17 |
3.95% |
3.19% |
3.07% |
|
5/18/17 |
4.02% |
3.27% |
3.13% |
*Average rates from a lender survey of 100+ lenders as reported by Freddie Mac PMMS. Fees and points vary. These are average rates only and intended to give a snapshot of overall market movements, not specifically available rates. For a personalized rate quote click here.
Mortgage Rates Drop Slightly Due To Economic Uncertainty
While they didn’t drop by much, mortgage rates did fall amid an uncertainty over the future of the economy.
Over the past week, mortgage rates dropped to 3.90%, near their lowest levels of the year. The decrease was only by one basis point (0.01%), so many home buyers may not notice that mortgage rates dropped.
The economic uncertainty that has kept mortgage rates low shouldn’t be a source of concern for home buyers or homeowners, though.
Currently, the immediate future of the economy is not certain. While the Fed seems optimistic about growth, investors want to see more evidence before they move their money.
The result of this is low mortgage rates – something that home buyers shouldn’t be upset about.
Current rates are near their lowest levels of the year, but it would be hard to see them dropping any farther. Unless there is major economic news that is largely negative, mortgage rates should, at the very least, remain near their current levels.
Home buyers can take advantage of these low rates by locking in before they inevitably begin to go back up again.
Freddie Mac Reports Current Rates
Each week, Freddie Mac surveys over 100 lenders across the nation to determine a rate average. Because their reported rate is an average, rates that are available to you may end up being lower than those reported.
Over the past week, Freddie Mac reported that the 30-year fixed rate mortgage dropped to 3.90%, a decrease so slight that many home buyers might not notice a difference.
While rates might not have dropped for everyone, many home buyers will find that rates dropped by even more than what Freddie Mac reported. Rates are different in every area, and they change depending on a number of factors.
Along with the 30-year fixed rate mortgage, Freddie Mac reports on the 15-year fixed rate mortgage and the 5-year adjustable rate mortgage (ARM).
Freddie Mac reported that the 15-year fixed rate mortgage dropped to 3.17%, also down just one basis point from the previous week. Lately, the 15-year and 30-year fixed rate mortgages have been following each other pretty closely.
The five-year ARM also decreased by just one basis point over the past week. The current rate average for the five-year ARM is now 3.14%, near its lowest levels of the year.
Rates might have dropped, but they didn’t move by much. Any positive economic news could immediately force rates higher, especially since they didn’t move much amidst economic uncertainty.
Your Mortgage Strategy
While economic uncertainty made mortgage rates drop, rates didn’t end up moving by much. If that’s the case, it’s easy to imagine what would happen when investors become more certain in the economy.
Currently, the uncertainty in the economy is what growth is going to look like. If growth picks up, then investors are going to move their money – quickly. This will force mortgage rates higher.
There aren’t many scenarios where mortgage rates drop by a sizeable amount, especially since the Fed has risen their rate up past the 1 percent threshold for the first time in roughly 10 years.
Home buyers will want to lock in on rates whenever they get the chance. The hardest part of the process is finding a home that is available and suits the needs and wants of home buyers.
If you find a home that’s ideal for you, you’ll want to consider locking in on rates. Mortgage rates might not be moving much lower if at all.
Of course, rates can always change, and they often change throughout the day. It could be worth tracking mortgage rates to see if they do drop to lower levels.
Current Rates
Because Freddie Mac’s report covers mortgage rates from the previous week, mortgage rates today could be different.
Rates change every day, and they change throughout the day. The best way to find out what current rates are is to see what rates are available to you.
