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Overall, mortgage rates have risen this week. Most rates have gone up since last weekend and since this time last month.
In its latest mortgage forecast, the Mortgage Bankers Association predicted that 30-year mortgage rates will finally drop below 6% by the end of 2023. Looking further ahead, the MBA thinks rates could reach 4.8% by the end of 2024 and 4.5% by the end of 2025.
Elevated rates have strained affordability for those who are trying to purchase a home during the homebuying season. But if you're willing to wait until later in the season - or even farther down the road - to buy, you might be rewarded with a lower rate.
Use our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you'll also understand how much you'll pay over the entire length of your mortgage.
Click "More details" for tips on how to save money on your mortgage in the long run.
The current average 30-year fixed mortgage rate 6.47%, up three basis points since this time last week. A month ago, the rate was even lower at 6.38%.
At 6.47%, you'll pay $630 monthly toward principal and interest for every $100,000 you borrow.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.
The average 20-year fixed mortgage rate is up from last weekend and sits at 6.25%. This time in May, the rate was lower at 5.97%.
With a 6.25% rate on a 20-year term, your monthly payment will be $731 toward principal and interest for every $100,000 borrowed.
A 20-year term isn't as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.
The average 15-year fixed mortgage rate is 5.78%, an increase from last week. On May 10, the rate was lower at 5.59%.
With a 5.78% rate on a 15-year term, you'll pay $832 each month toward principal and interest for every $100,000 borrowed.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.
The 7/1 adjustable mortgage rate is up more significantly since last week, currently at 6.54%. They were lower at 6.17% this time last month.
At 6.54%, your monthly payment would be $635 toward principal and interest for every $100,000 borrowed - but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.
The average 5/1 ARM rate is 6.49%, an increase from last weekend. In May, this rate was 5.99%.
Here's how a 6.49% rate would affect you for the first five years: You'd pay $631 per month toward principal and interest for every $100,000 you borrow.
The average 30-year FHA interest rate is 5.79% today, which is down from last week. It's also decreased since this time in May when the rate was 6.25%.
At 5.79%, you would pay $586 monthly toward principal and interest for every $100,000 borrowed.
FHA mortgages are good choices if you don't qualify for a conforming mortgage. You'll need a 3.5% down payment and 580 credit score to qualify.
The current VA mortgage rate is 5.79%, a slight increase from this time last week. It was lower on May 10 at 5.56%.
With a 5.79% rate, your monthly payment would be $586 toward principal and interest for every $100,000 you borrow.
The average 30-year refinance rate is 6.66%, down since last weekend. It's also decreased a little since this time in May when the rate was 6.70%.
Here's how a 6.66% rate would affect your monthly payments: You'd pay $643 toward principal and interest for every $100,000 borrowed.
Refinancing into a 30-year term can land you lower monthly payments, but you'll ultimately pay more by refinancing into a longer term.
The current 20-year fixed refinance rate is 6.68%, which is higher than it was last week. But it's up from this time last month, when it was 5.94%.
A 6.68% rate on a 20-year term will result in a $756 monthly payment toward principal and interest for every $100,000 you borrow.
The average 15-year fixed refinance rate is 6.01%, slightly lower than it was last week. It's also higher than it was on May 10 at 5.94%.
A 6.01% rate on a 15-year term means you'll pay $844 each month toward principal and interest for every $100,000 borrowed.
Refinancing into a 15-year term can save you money in the long run, because you'll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.
The average 7/1 ARM refinance rate is 6.74%, up just 0.04% from this time last weekend. It has also gone up since May, when it sat at 6.53%.
Refinancing into a 7/1 ARM with a 6.74% rate means your monthly payment toward principal and interest will be $648 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.
The 5/1 ARM refinance rate is 6.45%, up from last week. It's risen even more since May, when it was 6.26%.
A 6.45% rate will result in a monthly payment of $629 toward principal and interest for every $100,000 borrowed. You'll pay this amount for the first five years of your new mortgage.
The 30-year FHA refinance rate is 6.31%, which is an increase from last week. This rate was much lower on May 10 at 5.12%.
A 6.31% refinance rate would lead to a $620 monthly payment toward the principal and interest per $100,000 borrowed.
The average 30-year VA refinance rate is 5.87%, which is a decent drop from last week. It's still higher than it was this time last month, though, when it was 5.67%.
At 5.87%, your new monthly payment would be $591 toward principal and interest for every $100,000 you borrow.
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Though rates had initially been trending down this year, they've since ticked back up.
As inflation starts to come down, mortgage rates will recede somewhat as well. If we experience a recession, rates may drop a little faster. But average 30-year fixed rates will likely remain somewhere in the 6% to 7% range throughout 2023.
For homeowners looking to leverage their home's value to cover a big purchase - such as a home renovation - a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.