Mortgage Rates Tuesday, June 6: Dropping to 7-Month Lows

Finding the Right Mortgage, Mortgage Rates, Mortgages
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Mortgage rates for 30-year and 15-year fixed loans, as well as 5/1 ARMs, all fell sharply today, according to a NerdWallet survey of current mortgage rates published by national lenders Tuesday morning.

Ten-year Treasury bonds are in favor today due to global political worries and news that China is set to start buying U.S. bonds again. In 2016, as China’s currency weakened, the nation sold off large stakes in U.S. Treasurys.

British elections are once again steering some of the geopolitical concern, with the balance of power between rival political parties at stake. The U.K. general election is set for Thursday.

Growing demand causes bond prices to rise and yields to fall. As a barometer for mortgage rates, when 10-year Treasury yields move lower, mortgage rates often do as well. That is certainly the case today. Thirty-year fixed home loan rates are at their lowest level since Nov. 10, 2016.

MORTGAGE RATES TODAY, TUESDAY, JUNE 6:

(Change from 6/5)
30-year fixed: 4.00% APR (-0.04)
15-year fixed: 3.38% APR (-0.06)
5/1 ARM: 3.75% APR (-0.08)

» MORE: How much home can you afford?

Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.

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Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: hal@nerdwallet.com. Twitter: @halmbundrick.

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