What are today’s mortgage and mortgage refinance interest rates?

Whether you’re a prospective home buyer or a current home owner looking to refinance, you know the noise Housing market has increased over the past few years.

from a low supply Rising federal interest rates house rising sales Bail rate Across the board, securing an affordable home can be a challenge. But there are still solid options available for both new and refinanced mortgages — especially if you have a strong one Credit score and overall appeal.

To help you navigate Current rate environmentWe’ve compiled today’s national average mortgage and refinance rates, as well as some tips for doing so How to get the best rates Enough now.

Start here and compare the best mortgage rates you can qualify for today.

What are today’s mortgage and mortgage refinance rates?

The following rates are current as of June 15, 2023, collected as national averages Bankrate. Although these are averages based on national data, the actual rates for which you may qualify may vary depending on your location, credit, loan type and other factors.

average Bail rate Today:

• 15-year mortgage: 6.22%
• 30-year mortgage: 6.86%

average Refinancing rate Today:

• 15-year refinance: 6.65%
• 30-year refinance: 7.20%

Learn more about the best mortgage rates you can qualify for now!

How to get a great mortgage or refinance rate today

Despite today’s high interest rate environment, you can still get a good rate whether you’re a new homebuyer looking to get a mortgage or you’re looking to refinance. Also, borrowers will soon see some relief following this The Fed’s most recent decision To stop rate increases.

“Over the past 2 years, as the Fed has raised interest rates, borrowing has become more expensive,” said Taylor JC, CFP, founder of Impact Financial. “For example, you can easily lock in mortgage rates between 2-3% in 2020. Mortgage rates are around 6-7% these days. If the Fed stops raising rates, I would expect mortgage rates to rise as well. That’s good news for borrowers. “

While the macro rate environment may work in your favor, there are also things you can do to improve your chances of qualifying for a great rate.

Perhaps most importantly, do what you can to strengthen your credit profile. “The best rates go to borrowers with mid-to-high credit scores of 700 or above,” Consumer Financial Protection Bureau website States “these borrowers generally have the most options available to them.”

Pay your bills in full and on time every month, check for any delinquencies Credit report And avoid applying for other loans or credit cards too close to your mortgage or refinance application.

You should shop around and Compare different lenders. If you’re refinancing, especially, don’t hesitate to look outside your current mortgage lender. You may qualify for different rates and other loan details, which can make a big difference in what you pay over the life of the loan.

Find the best mortgage refinance rates you can qualify for right now here.

What to look for in a mortgage or refinance loan

One of the first things you may want to consider when choosing a mortgage loan or refinance is your preferred loan term. Shorter terms (15-year loans) generally offer better interest rates than longer terms (30-years).

Fees are another detail to factor into your overall payment. These may vary depending on the type of loan you have Closing costs are charged by your lender. Both your fees and interest rate can affect your monthly payment. Before you take on any new debt, calculate your monthly payment to make sure you can afford it.

If you’re refinancing, make sure you compare all the details of the approved new loan with your existing mortgage. Even if you get a good rate, other factors (eg Closing costs) can end up costing you more in the long run.

And don’t forget to lock in your mortgage rate after you’ve made your decision, so you can be sure it won’t go up again before you close on your home.

Bottom line

Mortgage rates may be higher than they were a few years ago, but new home buyers and existing homeowners who want to do so Refinancing There are still options. Today, some top rates for mortgage types are as low as 6%. Before you lock in a new rate, compare a few different lenders and see the best rates and loan terms you can qualify for. Then, make sure you calculate your overall expenses and payments so you’re ready to start paying off your new loan.

Ready to take out a new mortgage? Explore the best rates you can get here today!