As of June 2, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.85%.
As of June 2, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.85%.
Mortgage rates rise slightly as market looks toward May Jobs data.
“Mortgage rates trended up slightly this week, as markets digested inflation data and set their sights on the upcoming jobs report,” said Zillow Economist Matthew Speakman. “Data released on Friday showed that the Federal Reserve’s preferred measure of inflation increased from April to May by more than it had in any month since 2001. The market’s initial reaction to the news was more muted than this type of report would normally warrant – something that may indicate investors believe that the rising price pressures are temporary and largely due to pandemic-driven shortages. However, mortgage rates moderately moved upward in the days that followed and are just slightly above where they were a month ago. But the modest rate movements may give way to more substantial shifts depending on May employment figures which are due on Friday. Last month’s report was universally viewed as a disappointment — signaling to markets that the economic recovery may play out at a slower pace than previously anticipated – and the uncertainty it injected has helped prevent mortgage rates from moving meaningfully higher in the weeks since. very likely that Friday’s jobs figures will force mortgage rates to deviate from this generally sideways trend, with an upward move in rates appearing more likely than a meaningful downturn.”
Additionally, the 15-year fixed mortgage rate was 2.08%, and for 5/1 ARMs, the rate was 2.18%.
Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.
The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:
Today’s Average Rates for Conventional Loans
Program | Interest Rate | APR | 1 Wk Change |
---|---|---|---|
30-Year Fixed | 2.79% | 2.85% | 0.13% |
20-Year Fixed | 2.64% | 2.72% | 0.01% |
15-Year Fixed | 2.08% | 2.17% | 0.04% |
10-Year Fixed | 2.06% | 2.16% | -0.03% |
7/1 ARM | 2.29% | 2.96% | 0.01% |
5/1 ARM | 2.26% | 3.08% | -0.02% |
3/1 ARM | 2.92% | 3.56% | 0% |
A 30-Year Fixed loan of $300,000 at 2.79% APR with a $75,000 down payment will have a monthly payment of $1,231. A 20-Year Fixed loan of $300,000 at 2.64% APR with a $75,000 down payment will have a monthly payment of $1,610. A 15-Year Fixed loan of $300,000 at 2.08% APR with a $75,000 down payment will have a monthly payment of $1,941. A 10-Year Fixed loan of $300,000 at 2.06% APR with a $75,000 down payment will have a monthly payment of $2,768. A 7/1 ARM loan of $300,000 at 2.29% APR with a $75,000 down payment will have a monthly payment of $1,152. A 5/1 ARM loan of $300,000 at 2.26% APR with a $75,000 down payment will have a monthly payment of $1,147. A 3/1 ARM loan of $300,000 at 2.92% APR with a $75,000 down payment will have a monthly payment of $1,251. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.
Today’s Average Rates for Government Loans
Program | Interest Rate | APR | 1 Wk Change |
---|---|---|---|
30-Year Fixed FHA | 2.36% | 3.04% | -0.07% |
30-Year Fixed VA | 2.5% | 2.67% | 0.17% |
15-Year Fixed FHA | 2% | 2.72% | 0.08% |
15-Year Fixed VA | 2.41% | 2.76% | 0.2% |
5/1 ARM FHA | 2.35% | 2.88% | 0.04% |
5/1 ARM VA | 2.36% | 2.35% | 0.24% |
A 30-Year Fixed FHA loan of $300,000 at 2.36% APR with a $75,000 down payment will have a monthly payment of $1,164. A 30-Year Fixed VA loan of $300,000 at 2.5% APR with a $75,000 down payment will have a monthly payment of $1,184. A 15-Year Fixed FHA loan of $300,000 at 2% APR with a $75,000 down payment will have a monthly payment of $1,929. A 15-Year Fixed VA loan of $300,000 at 2.41% APR with a $75,000 down payment will have a monthly payment of $1,988. A 5/1 ARM FHA loan of $300,000 at 2.35% APR with a $75,000 down payment will have a monthly payment of $1,162. A 5/1 ARM VA loan of $300,000 at 2.36% APR with a $75,000 down payment will have a monthly payment of $1,163. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.
Today’s Average Rates for Jumbo Loans
Program | Interest Rate | APR | 1 Wk Change |
---|---|---|---|
30-Year Fixed Jumbo | 3.22% | 3.28% | 0.21% |
20-Year Fixed Jumbo | 3.53% | 3.61% | -0.07% |
15-Year Fixed Jumbo | 2.83% | 2.92% | 0.06% |
10-Year Fixed Jumbo | 2.39% | 2.48% | 0.74% |
7/1 ARM Jumbo | 2.79% | 3.17% | 0.02% |
5/1 ARM Jumbo | 2.7% | 3.17% | -0.01% |
3/1 ARM Jumbo | 0% | 0% | 0% |
A 30-Year Fixed Jumbo loan of $600,000 at 3.22% APR with a $150,000 down payment will have a monthly payment of $2,602. A 20-Year Fixed Jumbo loan of $600,000 at 3.53% APR with a $150,000 down payment will have a monthly payment of $3,489. A 15-Year Fixed Jumbo loan of $600,000 at 2.83% APR with a $150,000 down payment will have a monthly payment of $4,095. A 10-Year Fixed Jumbo loan of $600,000 at 2.39% APR with a $150,000 down payment will have a monthly payment of $5,624. A 7/1 ARM Jumbo loan of $600,000 at 2.79% APR with a $150,000 down payment will have a monthly payment of $2,462. A 5/1 ARM Jumbo loan of $600,000 at 2.7% APR with a $150,000 down payment will have a monthly payment of $2,432. A 3/1 ARM Jumbo loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.
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