Daily mortgage rates for June 6, 2023: Rates keep steady overall (2024)

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Mortgages

Jamie Young

Megan Horner

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Updated 10:12 a.m. UTC Nov. 15, 2023

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Current mortgage rates for June 6, 2023

*Data accurate as of June 5, 2023, the latest data available.

30-year fixed mortgage rates

Today’s 30-year fixed mortgage rate is 7.24% which is lower than last week's 7.35%, according to data from Curinos. This is an increase from last month’s 5.95%. Last year around the same time, 30-year fixed rates were 4.85%, which makes today’s rate much higher than it was a year ago.

At the current 30-year fixed rate, you'll pay about $681 each month for every $100,000 you borrow — down from about $688 last week.

15-year fixed mortgage rates

Today’s 15-year fixed mortgage rate is 6.34%, slightly lower than last week's 6.46%. This is an increase from last month’s 5.35%. Last year around the same time, 15-year fixed rates were 4.11%, which makes today’s rate much higher than it was a year ago.

At the current 15-year fixed rate, you'll pay about $863 each month for every $100,000 you borrow, down from about $868 last week.

30-year jumbo mortgage rates

Today’s 30-year jumbo mortgage rate is 6.88% which is a touch lower than last week's 6.93%. This is an increase from last month’s 5.79%. Last year around the same time, 30-year jumbo rates were 4.50%, which makes today’s rate more than 2 percentage points higher than it was a year ago.

At the current 30-year jumbo rate, you'll pay around $657 each month for every $100,000 you borrow, down from about $660 last week.

Methodology

To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $750,000. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.

Frequently asked questions (FAQs)

Mortgage rates are determined by a variety of factors, including the overall economy, inflation and the actions of the Federal Reserve. Mortgage lenders then set their loan rates based on these economic elements.

The rate you’re offered on a mortgage will also depend not only on the lender but also on your credit score, income, debt-to-income (DTI) ratio and other parts of your financial profile.

If you opt for a rate lock, you can typically do so for 30 to 60 days, depending on the lender. In some cases, you might be able to lock in your rate for up to 120 days.

Keep in mind that while some lenders allow you to lock in a mortgage rate for free, you’ll likely have to pay a fee for a longer lock period. This fee generally ranges from 0.25% to 0.5% of your loan amount. You could also be charged a fee if you want to extend the lock period — usually 0.375% of the loan amount.

There are several strategies that could help you qualify for the best mortgage rate, such as:

Checking your credit: When you apply for a mortgage, the lender will review your credit to determine your creditworthiness as well as your interest rate. In general, the higher your credit score, the lower your rate will be. So before you apply, it’s a good idea to check your credit to see where you stand. If you find any errors in your credit report, dispute them with the appropriate credit bureau to potentially boost your score.
Comparing lenders: Taking the time to shop around and compare your options from as many lenders as possible can help you find the best deal. In addition to rates, make sure to also consider each lender’s terms, fees and eligibility requirements.
Improving your credit score: If you have less-than-perfect credit and can wait to apply for a mortgage, it could be worth working to improve your credit beforehand to qualify for better rates in the future. Some possible ways to boost your credit include paying all of your bills on time and aiming to keep your credit utilization (the amount of credit you’ve used compared to your credit limits) on credit cards and lines of credit at 30% or less.
Reducing debt: Paying down debt could help lower your DTI ratio, which is how much you owe in monthly debt payments compared to your income. Having a lower DTI ratio can make you look like less of a risk in the eyes of a lender, which can result in a lower rate.
Choosing a shorter repayment term: Lenders typically offer lower rates to borrowers who opt for shorter terms. For example, you’ll likely get a lower rate on a 15-year mortgage compared to a 30-year loan.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Jamie Young

BLUEPRINT

Jamie Young is Lead Editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection.

Megan Horner

BLUEPRINT

Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at Finder.com where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.

FAQs

Daily mortgage rates for June 6, 2023: Rates keep steady overall? ›

Here are today's average mortgage rates: 30-year fixed: 7.24% 15-year fixed: 6.34% 30-year jumbo: 6.88%

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Where will mortgage rates be in June 2023? ›

Current mortgage interest rate trends

Month	Average 30-Year Fixed Rate
June 2023	6.71%
July 2023	6.84%
August 2023	7.07%
September 2023	7.20%

9 more rows

	Change
Average Rates	Current	1 day
30 Yr. Fixed	7.25%	-0.03%
15 Yr. Fixed	6.68%	-0.07%
30 Yr. FHA	6.64%	-0.06%

Account type	Best for:	APY
Varo High-Yield Savings Account	Balances below $5,000	5.00%
Credit Karma Money Save	Increased FDIC coverage	5.10%
TAB Bank: TAB Save	Multiple account types with great rates	5.27%
Newtek Bank High-Yield Savings	Those who want a well-established industry name	5.25%

Are mortgage rates expected to keep falling? ›

Mortgage rates are expected to decline when the Federal Open Market Committee cuts the benchmark interest rate, which is likely to happen in the second half of 2024. But as long as inflation runs hotter than the Fed would like, rates will remain elevated at their current levels.

Learn More Now ›

What is a good mortgage rate? ›

Today's Mortgage Rates

Loan Type	Purchase	Refinance
FHA 30-Year Fixed	6.84%	6.82%
VA 30-Year Fixed	6.52%	6.39%
20-Year Fixed	7.06%	7.23%
15-Year Fixed	6.40%	6.49%

9 more rows

Learn More Now ›

Why did my mortgage go up if I have a fixed-rate? ›

The benefit of a fixed-rate mortgage is that your interest rate stays consistent. But your monthly mortgage bill can still change — in fact, it generally fluctuates at least a little bit every year. Rising home values and insurance premiums have caused unusually dramatic increases for some homeowners in recent years.

Get More Info ›

Will interest rates go down in july 2023? ›

Interest rates have held steady since July 2023.

At its March 2024 gathering the Fed decided to keep the federal funds target rate at 5.25% to 5.5%, where it has remained since July 2023. To combat ongoing inflation, the rate was raised 11 times between March 2022 and July 2023.

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What are interest rates today? ›

Today's mortgage interest rates

Loan type	Today's mortgage rates	Change
30-year fixed	7.52%	−0.17
15-year fixed	6.71%	−0.22
20-year-fixed	7.33%	−0.20
30-year jumbo	7.51%	−0.19

5 more rows

17 hours ago

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Which banks have passed on the June rate rise? ›

Which banks have passed on the June RBA rate rise to mortgage borrowers?

Westpac. Westpac was the first of the big four banks to respond. ...
ANZ. ANZ made its announcement this afternoon. ...
Commonwealth Bank. Commonwealth Bank soon followed, announcing it will increase rates too. ...
NAB. ...
What about other banks?

Jun 8, 2023

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What will mortgage interest rates be in july 2023? ›

Today's 30-year fixed mortgage rate is 7.44% while a 15-year fixed-rate mortgage is 6.68%. Rates on 30-year jumbo mortgages are 7.16%.

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What will the mortgage rate be in June 2024? ›

NAR: Rates Will Decline to 6.5% The National Association of Realtors expects mortgage rates will average 6.8% in the first quarter of 2024, rising to 7.1% in the second quarter, according to its latest Quarterly U.S. Economic Forecast.

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What is the Fed rate hike for July 2023? ›

The Fed signaled that rates could begin to decline in the future, but they will keep an eye on stubbornly high inflation. The FOMC raised interest rates to 5.25%–5.50% at the July 2023 meeting, marking 11 rate hikes in a cycle aimed at curbing high inflation. Since then, rates have held steady.

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What will mortgage rates be May 2023? ›

Today's Mortgage Rates & Trends - May 31, 2023: Rates Sink

National Averages of Lenders' Best Rates
Loan Type	Purchase	Refinance
Jumbo 30-Year Fixed	6.39%	6.39%
15-Year Fixed	6.61%	6.72%
5/6 ARM	7.17%	7.35%

2 more rows

May 31, 2023

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