Today’s National Mortgage Rates, June 9, 2021 | Rates Have Retreated

We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

What we’re seeing today is a handful of closely followed mortgage rates have slid downward. Both 30-year fixed and 15-year fixed mortgage rates slumped. For variable rates, the 5/1 adjustable-rate mortgage (ARM) inched up.

Take a look at today’s rates:

Looking at Today’s Mortgage Refinance Rates

There’s good news if you’ve been considering a refinance, because the mean rates for 15-year fixed and 30-year fixed refinance loans trailed off. If you’ve been considering a 10-year refinance loan, just know average rates also decreased.

Today’s refinance rates are:

Check out mortgage rates that meet your distinct needs.

30-Year Fixed-Rate Mortgage Rates

The average 30-year fixed mortgage interest rate is 3.07%, which is a decline of 3 basis points from last week.

You can use NextAdvisor’s home loan payment calculator to work out what your monthly payments would be and understand how adding extra payments will impact your loan. The mortgage calculator can also show you how much interest you’ll pay over the life of the loan

15-Year Fixed-Rate Mortgage Rates

The median rate for a 15-year fixed mortgage is 2.36%, which is a decrease of 2 basis points from the same time last week.

A 15-year, fixed-rate mortgage’s monthly payment is, undeniably, a much bigger monthly payment than what you’d get with a 30-year mortgage offering the same interest rate. But, 15-year loans have some considerable benefits: You’ll pay thousands less in interest and pay off your loan much earlier.

5/1 Adjustable-Rate Mortgage Rates

A 5/1 ARM has an average rate of 3.24%, which is an addition of 9 basis points compared to a week ago.

An adjustable-rate mortgage is ideal for borrowers who will refinance or sell before the rate changes. If that’s not the case, their interest rates could end up being remarkably higher after a rate adjusts.

For the first five years, a 5/1 ARM will typically have a lower interest rate compared to a 30-year fixed mortgage. Just keep in mind that depending on how much your loan’s rate adjusts, your payment has the potential to increase by a large amount.

Mortgage Rate Trends

To see where mortgage rates are headed, we rely on information collected by Bankrate, which is owned by the same parent company as NextAdvisor. Looking at historical mortgage rates, we’re in the middle of a period of unprecedented low rates. This table has current average rates based on information provided to Bankrate by lenders from across the country:

Current average mortgage interest rates
Loan typeInterest rateA week agoChange
30-year fixed rate3.07%3.10%-0.03
15-year fixed rate2.36%2.38%-0.02
30-year jumbo mortgage rate3.08%3.12%-0.04
30-year mortgage refinance rate3.13%3.14%-0.01

Updated on June 9, 2021.

A number of factors can influence mortgage rates, including everything from inflation to unemployment. In general, inflation leads to higher interest rates and vice versa. The dollar loses value with increased inflation, and this causes mortgage-backed securities to become less enticing for investors, which leads to falling prices and higher yields. And if yields increase, interest rates become more expensive for borrowers.

A strong economy has historically increased demand for homes. When more homes are sold, the demand for mortgages also increases, which can cause rates to go up. But the flip side is also true: A drop in demand for mortgages could signal a coming downturn in mortgage rates.

Should I Lock in My Mortgage Rate Now?

It’s impossible to know what direction mortgage rates will go from day to day. That’s why a mortgage rate lock is such a useful tool, because it protects you if rates go up. And with interest rates so low right now, you should lock in your rate as soon as you can.

A rate lock will only last for a set amount of time, typically 30-60 days. If you hit a snag during closing and it looks like your rate lock will expire you should talk with your lender. It may be able to extend the rate lock, however, you might have to pay a fee for that privilege.

Where Are Mortgage Rates Headed in 2021?

In February and March, mortgage rates increased, moving well above their previous all-time lows to over 3%. But, in April rates dropped back down below 3% once again and are still historically favorable for borrowers. And for 2021, some experts see mortgage rates continuing to stay low. Although in the second half of the year we could see rates gently climb higher.

The direction rates go will depend on the economy. And effectively dealing with the impacts of the coronavirus pandemic is key to our economic recovery. As the economy recovers, we should see inflation rise, which will put upward pressure on mortgage rates. But in spite of the potential for rising inflation, mortgage rates are likely to stay low this year. One reason for this: the Federal Reserve believes low rates will help our economy regain its momentum. So it’s likely to make policy decisions in favor of keeping rates low.

2021 Mortgage Rate Forecast

In the near term, any changes in mortgage rates should be modest. So rates should hover near 3% at the moment.

While there is nothing this week that should cause a spike or dramatic downturn in rates, the unexpected can happen. And currently, the economy still has a long way to go to return to its pre-pandemic level.

How to Qualify for the Lowest Mortgage Rate

There are three key factors to getting the best interest rate: Debt-to-income ratio (DTI), loan-to-value ratio (LTV), and your credit score.

Having a credit score over 750 will help you get the lowest rate. However, even a score 700 or higher can get you a noticeable rate reduction compared to a lower credit score. Once your score starts climbing above 800, the mortgage rate discount is negligible.

Your debt will impact not only the price of the house you can purchase, but also your interest rate. The maximum debt-to-income ratio (DTI) for most mortgage loans is 43%. That means, on a $3000 monthly salary you’d be allowed to have up to $1,290 in monthly bills. Although, having a DTI under 28% is more likely to get you a reduction in your mortgage rate..

Lenders offer the most substantial mortgage rate reductions to home buyers that are seen as less risky. A large down payment is a sign to lenders that you are more committed and are less likely to stop making payments. A down payment of 20% or more will save you money in two ways: with a more favorable mortgage rate, and you’ll be able to avoid paying for private mortgage insurance (PMI).