Today’s best mortgage and refinance rates for June 3, 2020

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Historically low mortgage rates continue to attract potential buyers to the real estate market, the Mortgage Bankers Association said on Wednesday.

The volume of home purchase inquiries jumped 18% year-over-year for the week ended May 29, according to the group.

“Pent-up demand from homebuyers returning to the market continues to support a recovery from the weekly declines seen earlier this spring,” said Joel Kan, associate vice president of economic and industry forecasting for the MBA. Kan, however, warned that high unemployment and low housing supply could hamper a stronger recovery in purchase orders in the coming months.

Despite still accounting for more than half of all mortgage applications, refinance loan applications continued their 7-week decline, falling 3.1% from last week’s figures. Refinance requests accounted for 60% of all requests for the week ending May 29. Even with a steady decline, refinance requests are more than double their level a year ago.

Total mortgage applications (both purchase and refinance loans) were down almost 4% from a week ago.

On Thursday, Freddie Mac reported that the average interest rate on a 30-year fixed rate mortgage fell to a record low for the third time in 2020. At the same time, the National Association of Realtors said current house prices were 3.1% above their levels a year ago.

Average mortgage rates

The national average interest rate for a 30-year fixed-rate mortgage was 3.15% with 0.8 points paid, for the week ending May 28, according to Freddie Mac.

That’s 0.08 percentage points below the previous all-time low of 3.23% set on April 30.

A year ago, the average rate was 3.99%. A homeowner with a $250,000 mortgage balance paying 3.99% on a 30-year loan could lower their monthly payment from $1,192 to $1,074 by financing at today’s lower rates. (It’s important to note that refinancing involves closing costs and will reset your mortgage clock, meaning you’ll have to make payments longer.)

According to Freddie Mac, the average rate for a 15-year fixed rate mortgage was 2.62%, while the average rate for a 5-year variable rate mortgage was 3.13%.

Today’s Mortgage Rates

Of course, mortgage rates vary widely by location and personal factors like the type of home you plan to buy, your down payment, and your credit score. Here are the mortgage rates announced today at some of the biggest lenders in the mortgage industry.

Accelerate

Quicken, a Detroit-based non-bank lender, is the nation’s top mortgage lender by dollar origination volume.

Mortgage rates announced for June 3:

30 years fixed: 3.617%

15-year fixed: 3.088%

(Quicken does not advertise a five-year adjustable rate. Rates are APRs.)

Wells Fargo

Based in San Francisco, Wells Fargo has more than 7,000 locations.

Mortgage rates announced for June 3:

30 years fixed: 3.228%

15 years fixed: 2.702%

5-year ARM: 2.909%

(Rates are APRs.)

JPMorgan Chase

Based in New York, JP Morgan Chase has nearly 5,000 branches in the United States.

Mortgage rates announced for June 3:

30 years fixed: 3.091%

15-year fixed: 2.624%

5-year ARM: 2.828%

(Rates based on New York ZIP Code 10006. Rates are APR.)

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