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Review current mortgage rates for June 24, 2017 and get personalized mortgage quotes from top lenders
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Mortgage Rate ReportSaturday, June 24, 2017
Mortgage rates stabilized and continue to remain near their low for the year despite the Federal Reserve's decision to raise the its key federal funds rate .250% in its June meeting. The Fed pointed to labor market strength as well as improved household spending and business investment in deciding to raise the target range for the federal funds rate to 1.000% to 1.250%. The Fed also noted relatively low inflation, including a recent decline, in explaining its decision to raise its target interest rate.
Perhaps because the Fed's rate hike action was so widely anticipated, mortgage rates were mostly unchanged following the Fed's announcement, which is certainly a relief for borrowers as purchase and refinance activity continues to gain momentum.
Instead of following the Fed's lead and climbing, mortgage rates were stable across the board as compared to last week. The interest rate for a 30 year fixed rate mortgage remained at 3.750% while the interest rate for a 15 year mortgage held steady at 2.750%. The interest rate on a 5/1 adjustable rate mortgage (ARM) also stayed put at a low 2.750% as lenders seek to pull borrowers into shorter-termed loan products. FHA and VA mortgage rates were both unchanged at 3.250%, remaining appealing for home buyers seeking low down payment loan options.
Bucking the trend, Jumbo mortgage rates increased .125% to 3.875% and non-owner occupied also rose .125% to 4.125%.
After a relatively turbulent first quarter of 2017, mortgage rates have been relatively stable and attractive for much of the past two months. The trend looks to continue as we move deeper into June, especially in light of mortgage rates' non-reaction to the Fed'smove. We are approaching six weeks of relatively stable mortgage rates that have brought a sense of calm and increased certainty to the marketplace for both borrowers and lenders.
Although recent events reinforce that mortgage rates are impossible to predict, the Fed’s decision to increase the Fed Funds rate and the pullback in mortgage rates over the past month does not change the expectation that rates are likely to rise over the course of 2017, potentially at an accelerated pace. In fact, the Fed reaffirmed its outlook for one more rate increase in 2017. Prospective borrowers looking to buy a home or refinance may be able to lock in a lower interest rate by acting sooner rather than later, before mortgage rates go up again.
Because interest rates fluctuate daily, we continue to actively monitor the mortgage marketplace for changes. Borrowers should check the FREEandCLEAR mortgage rate tables regularly to review customized, updated mortgage rates for lenders in their area. Our rate tables are free to use and require no personal information.
How to Compare Mortgage Rates on FREEandCLEAR
Customize Your Mortgage Search.
Personalize your mortgage search by selecting numerous options in the "Refine Your Search" menu including your location, loan amount, mortgage program and credit score. Understand the difference in interest rates between a 15 and 30 year mortgage. Select the boxes for FHA and VA loans to review rates and fees for these low / no down payment mortgage programs. The table provides updated, real-time interest rates in response to each selection you make. Plus, our rate tables are free to use so borrowers can run numerous scenarios to evaluate their personalized mortgage options.
Compare Mortgage Rates and Fees.
Use our mortgage rate tables to compare current rates and fees for multiple lenders. Our tables put you in control by enabling you to review rates without providing any personal information. The rate tables also enable you to understand how your estimated monthly mortgage payment changes depending on the interest rate. The APR (Annual Percentage Rate), highlighted in blue, enables borrowers to more easily compare interest rates and fees using a single figure. You can also use our Mortgage Comparison Calculator to compare mortgages with different interest rates and fees to select the loan that is right for you.
Contact Multiple Lenders.
Just like with any other major purchase, you should shop your mortgage business to find the best offer. Contacting multiple lenders takes a little more time but can save you thousands of dollars. For example, on a $300,000 mortgage, lowering your interest rate by .125% saves you almost $8,000 in interest. FREEandCLEAR recommends that you contact three-to-four lenders to find the mortgage with the most attractive terms and our rate tables make the process easy. Simply click on a lender logo or green arrow to be directed to the lender’s web site. You can also use our Personalized Mortgage Quote form to receive personalized loan quotes from multiple lenders.
Select Your Lender.
When you contact lenders request that they provide you a written summary or a Loan Estimate that outlines the key terms of their mortgage proposal. Lenders will ask you some questions regarding your financial profile so that they can confirm the details of their proposal and pre-approve you for your mortgage. Please note that lenders should not charge you to provide a mortgage proposal. When speaking with lenders you should ask them questions and make sure they have the right experience to close your mortgage. Narrow your options down to a handful of lenders and negotiate the best terms possible. Comparing mortgage proposals, asking the right questions and doing a little negotiating will help ensure that you select the lender that best meets your needs.
Why Borrowers Compare Mortgage Rates on FREEandCLEAR
Comparing mortgages can save you thousands. Use our rate tables to find the mortgage with the lowest rates and fees
Our rate tables put you in control. You can compare lenders anonymously plus you never need to provide your social security number
Review mortgage rates from leading lenders. Our lenders offer highly competitive terms to win your mortgage business
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