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Compare Mortgage Rates for June 15, 2018

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Mortgage Rates Today

As of June 14, the Freddie Mac national average for 30-year mortgage rates was 4.62%. The average rate for 15-year mortgages was 4.07%, while 5/1 ARM mortgage rates averaged at 3.83%. This represents a slight uptick in rates for 30-year, 15-year and 5/1 ARM mortgage loans. After a brief period of declining rates, mortgage rates are back where they were one month ago.

U.S. Mortgage Rates Over Time

graph showing average 30-year fixed, 15-year fixed, and 5/1 ARM mortgage rates in the US
graph showing average 30-year fixed, 15-year fixed, and 5/1 ARM mortgage rates in the US

Mortgage Rates This Week

CurrentWeekly ChangeMonthly Change
30-Year4.62%+0.08%+0.01%
15-Year4.07%+0.06%-0.01%
5/1 ARM3.83%+0.09%+0.01%

After a period of rapid increase throughout May that pushed mortgage rates to the highest levels seen since 2011, rates came back down gradually over the past few weeks, they are now back at May levels. As we move further into June, we may continue to see a significant amount of rate fluctuation. Despite the recent decline, it's still likely that interest rates for mortgages and other types of credit will continue rising throughout the year, making it more costly to purchase a home as time goes on.

There are a few major reasons that interest rates for mortgages and other loans will probably keep climbing. Continued economic growth has prompted the Federal Reserve to implement steady increases in the prime rate, which is the rate that banks pay to borrow funds. As it becomes more costly for mortgage lenders to obtain money, they pass on their increased expenses to borrowers in the form of higher interest rates on mortgages and other kinds of credit.

Should You Obtain a Mortgage Now?

If you're thinking about buying a home in 2018, the rising interest rate trend means that you should consider applying for mortgages soon. Delaying the date you lock in a rate may increase the long-term cost of your home loan. To understand the savings at stake, consider that a $400,000 balance for a 30-year loan at May's average rate of 4.59% would cost $2,048 before taxes and insurance. At January's average rate of 3.95%, that balance would cost $1,898 monthly—a difference of $150 per month and over $54,000 in lifetime interest.

More Mortgage Tips & Analysis

For more information on how to navigate the mortgage experience, take a look at our informational guides and reviews of popular mortgage lenders.


Important information about our rate tables

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