Mortgage refinance rates are historically low, and many homeowners could save by refinancing to a lower mortgage rate. At the same time, mortgage lenders are less willing to take on risk because of market uncertainty prompted by the coronavirus. Credit standards may be tougher amid the COVID-19 crisis, but homeowners who qualify can take advantage of savings or the opportunity to tap home equity.
Use this guide to learn how mortgage refinancing works and how you can qualify with the right lender.
What Are Today’s Mortgage Rates?
Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
This Week’s Rate
Last Week’s Rate
|30-Year Fixed Rate||3.40%||3.45%|
|15-Year Fixed Rate||2.83%||2.82%|
|30-Year Fixed Jumbo Rate||3.46%||3.53%|
|5/1 ARM Rate||3.17%||3.18%|
|5/1 ARM Jumbo Rate||2.99%||3.00%|
*Rates as of June 10, 2020.