Mortgage Rates Wednesday, June 7: Bouncing Higher

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 rose today, according to a NerdWallet survey of mortgage interest rates published by national lenders Wednesday morning.

Mortgage rates bounced off of yesterday’s lows, with adjustable-rate mortgages making the biggest move higher.

The futures market, where institutional investors hedge the prices of everything from currencies to corn, is all but ensuring a short-term rate hike by the Federal Reserve one week from today.

How would a Fed interest rate bump affect mortgage rates?

“Even with the Fed approving an interest rate hike, this will not impact consumers looking to purchase a home or refinance,” Mat Ishbia, CEO of United Wholesale Mortgage, said in a statement. “This rate hike has been anticipated and has been priced into the market already.”

MORTGAGE RATES TODAY, WEDNESDAY, JUNE 7:

(Change from 6/6)
30-year fixed: 4.01% APR (+0.01)
15-year fixed: 3.39% APR (+0.01)
5/1 ARM: 3.83% 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.