Mortgage Rates Today, June 19, & Rate Forecast For Next Week

Today’s mortgage and refinance rates 

Average mortgage rates rose yesterday, though only by the smallest measurable amount. Still, that came as a relief after a solid week of rises that included three unusually large jumps.

My best guess is that mortgage rates might hold steady or fall a little next week. Because markets often pause and adjust after such a sharp weekly rise. But I wouldn’t dignify that guess by calling it a forecast. Too much is unknowable at the moment to be sure of anything.

Find and lock a low rate (Jun 19th, 2021)

Current mortgage and refinance rates 

Program Mortgage Rate APR* Change
Conventional 30 year fixed 2.936% 2.936% Unchanged
Conventional 15 year fixed 2.37% 2.37% +0.01%
Conventional 20 year fixed 2.75% 2.75% Unchanged
Conventional 10 year fixed 2.075% 2.112% Unchanged
30 year fixed FHA 2.806% 3.464% -0.01%
15 year fixed FHA 2.688% 3.291% +0.01%
5 year ARM FHA 2.5% 3.213% Unchanged
30 year fixed VA 2.375% 2.547% Unchanged
15 year fixed VA 2.25% 2.571% Unchanged
5 year ARM VA 2.5% 2.392% Unchanged
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions here.

Find and lock a low rate (Jun 19th, 2021)

COVID-19 mortgage updates: Mortgage lenders are changing rates and rules due to COVID-19. To see the latest on how coronavirus could impact your home loan, click here.

Should you lock a mortgage rate today?

So the risks of floating came home to roost this week. But what we saw probably wasn’t the sharp and sustained rise I’ve been predicting. That’s now likely to turn up later in the year.

So there’s hope that mortgage rates may fall a little soon, perhaps next week. Read on for more information. If I were still floating, I’d hang on and try to moderate my losses by waiting for at least a couple of days of falls. But even that involves some risk.

However, besides that, my personal recommendations remain:

  • LOCK if closing in 7 days
  • LOCK if closing in 15 days
  • LOCK if closing in 30 days
  • LOCK if closing in 45 days
  • LOCK if closing in 60 days

However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So be guided by your gut and your personal tolerance for risk.

What’s moving current mortgage rates

We have to talk some more about the Federal Reserve. Because it was trading that anticipated or responded to its midweek news conference and report that was behind this week’s sharp rises in mortgage rates. Here’s why.

Right now, the Fed is spending $40 billion a month buying mortgage-backed securities (MBSs). And it’s the price of those that actually determines mortgage rates.

Artificially low mortgage rates to end?

That extra demand for those bonds pushes up their prices,…

Read More: Mortgage Rates Today, June 19, & Rate Forecast For Next Week