June Mortgage Rates
I ran into a lender at open house this week and since I’m always trying to get the latest scoop on mortgage rates, I asked her about the current state of the market. She reported that the Federal Reserve met last week and kept talk about interest rates pretty neutral to avoid a premature mortgage rate spike (as mortgage rates can sometimes rise or fall depending on what the Federal Reserve says). Mortgage rates did go up a tick since last month and it appears that the Feds will increase interest rates in September (source).
Mortgage Rates as of 6/25/15
| Mortgage Type | June 2015 | May 2015 |
| 30-Year Fixed | 3.937% APR | 3.692% APR |
| 15-Year Fixed | 3.203% APR | 3.090% APR |
| 30-Year FHA | 4.324% APR | 4.324% APR |
| 5/1-Year ARM | 3.020% APR | 2.849% APR |
| 30-Year Fixed Jumbo | 3.674% APR | 3.551% APR |
Source: totalmortgage.com
Freddie Mac’s Deputy Chief Economist, Len Kiefer, makes the case that are entering a “normalcy” period where homeownership rates (and mortgage debt) rise steadily over the next few years.
As I mentioned last month, rates are most likely to rise ever so slowly between now and (especially) the end of the year.
Ready to make your own move? Contact me to find out:
Want to be emailed any time a property comes to the market?
Related Links
- Compare local lenders mortgage rates
- Common types of home mortgages explained
- Factors Affecting Mortgage Rates: Your credit score
The information provided through this site is not financial or legal advice, but rather general information about financial and legal issues commonly encountered in the residential mortgage process. This site is not sponsored by a financial or legal services firm and is not a substitute for an expert financial and/or legal advisor familiar with the particular facts and circumstances of your personal mortgage matter. The sponsors of this site do not provide financial or legal advice, but rather facilitate consumer self help through provision of information.