Mortgage Rates Today; Minor Fluctuations but Still Low

Mortgage Rates Today Minor Fluctuations but Still Low

Tuesday, 2 June, 2021


With respect to last week, there hasn’t been a major difference in the mortgage rates. Instead, the rates fluctuate within the low ranges, with mere changes of 1-3 basis points daily. As of today, the purchase home and the refinance rates are as follows:

  • 30-year fixed mortgage: 3.100% (purchase home) and 3.140% (refinance rate)
  • 15-year fixed mortgage: 2.380% (purchase home) and 2.420% (refinance rate)
  • 5/1 ARM mortgage: 3.150% (purchase home) and 3.010% (refinance rate)           
  • 30-year fixed Jumbo mortgage: 3.120 (purchase home) and 3.160% (refinance rate)

Comparing it with yesterday’s rate, there have been minor fluctuations of about 1-2 basis points in each type of mortgage. So, moving forward, we’ll look at each mortgage in general and identify the trend line as well as the causes for it. 

What Is the Trend of Different Mortgages?

30-year fixed mortgage

Beginning with a 30-year term mortgage, we can see that the mortgage rate has increased by two basis points since yesterday. Moreover, it has risen by around one basis point compared to last week’s mortgage. However, the change is very insignificant, and there is stagnancy due to future uncertainty about the rates. 

15-year fixed mortgage

There has been an incline of one basis point since yesterday in a 15-year term mortgage. Coincidentally, there is a similar change in the rates compared to last week. According to the trend, the rates are floating around a few basis points, with no significant change. 

5/1 ARM mortgage

Likewise, there is an incline of one basis point since yesterday, and a similar change is witnessed compared to last week. Meanwhile, the refinance rates are constant. 

30-year fixed Jumbo Mortgage

It’s up by around two basis points since yesterday. A similar change was witnessed compared to last week’s rate. 

Why Are Mortgage Rates Stagnant?

Several reasons come into play to support this statement. Firstly, the mortgage rates are low and stagnant because of the poor and uncertain economic condition globally. Since people have less to spend and their income is going low, the central authority keeps the rates low to encourage spending in the economy. 

Since there is still an upsurge of COVID-19 in many states, the economic condition has dampened, and many people have lost their job. Therefore, rates are low so that individuals can purchase mortgages and take loans. According to a recent report by Freddie Mac, there was a loss of jobs that caused the rate to drop. 

However, the future expectations are that the rates will shoot up for several reasons:

  1. The economy will recover due to the hype of COVID vaccines saturating the market.
  2. There was an increase in consumer inflation, which indicates a rise in the rate.
  3. There is a rise in longer-term Treasury yields. 

There is a very close relationship between long-term treasury yields and home mortgage loans. As indicated that there was a general increase in a 10-year term treasury bond, there will be a rise in the mortgage rates in the future. Therefore, the stagnancy in rates will reduce in the future, and the rates will spike soon. 


As per the prevailing circumstances, we see that rates are remaining low for quite some time. Therefore, this is one of the best opportunities to take out a purchase loan. Moreover, if you have a previous mortgage at a higher rate, you can refinance it right now and enjoy a lower rate. If you want to get a personalized free quote, visit the rate checker