Today’s Mortgage, Refinance Rates: June 10, 2021


Today’s mortgage and refinance rates are low overall — most below 4% — although fixed rates are significantly lower than adjustable rates. It could be a good day to lock in a historically low rate.

Mortgage rates shouldn’t drastically increase until employment and inflation in the US start to steadily improve. Marvin Loh, Senior Global Macro Strategist at State Street, told Insider that rates should stay low until late summer or even fall. 

So if you aren’t ready to buy or refinance yet, you have a little more time to take advantage of low interest rates.

A mortgage interest rate is the fee a lender charges for borrowing money, expressed as a percentage. For example, you get a mortgage for $300,000 with an interest rate of 2.5%.

Mortgage rates can be either fixed or adjustable. A fixed-rate mortgage keeps your rate the same for the entire length of your loan. An adjustable-rate mortgage locks in your rate for the first few years or so, then changes it periodically. With a 7/1 ARM, your rate would stay steady for the first seven years, then shift annually.

The longer your mortgage term, the higher your rate will be. For instance, you’ll pay more on a 30-year mortgage than a 15-year mortgage. Longer terms do come with lower monthly payments, though, because you’re spreading out the repayment process.

Today’s mortgage and refinance rates

Today’s mortgage rates

Conventional rates from Money.com; government-backed rates from RedVentures.

Mortgage rates today remain below 4%, with most conventional mortgage rates falling in the 3% range. Average rates for government-backed mortgages, however, are lower, in the high 2% range.

Today’s refinance rates

Conventional rates from Money.com; government-backed rates from RedVentures.

Average rates for mortgage refinance loans today aren’t all that different from rates for mortgage loans, with the noteworthy exception of rates for ARM loans topping 4%, up to 4.20% for a 7/1 ARM. Average rates for a 15-year fixed refinance loan are the lowest today at 2.60%, even lower than rates for government-backed refinance loans.

Mortgage and refinance rates by state

Check the latest rates in your state at the links below. 

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming

Here are a few steps you can take to get the best mortgage rate possible:

  • Get a fixed-rate mortgage. You can ask your specific lender about its fixed rates vs. adjustable rates. But in general, fixed rates are starting…



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