Mortgage Rate Blues!


Let’s get the bad news out of the way first.

Mortgage rates on a 30-Year Fixed-Rate Mortgage are higher, on average, this year than they were last year. According to Wells Fargo:

Product Interest Rate APR
Conforming and Government Loans
30-Year Fixed Rate 4.875% 4.994%
30-Year Fixed-Rate VA 4.750% 5.112%
20-Year Fixed Rate 4.750% 4.896%
15-Year Fixed Rate 4.375% 4.559%
7/1 ARM 4.250% 4.942%
5/1 ARM 4.000% 4.989%
Jumbo Loans– Amounts that exceed conforming loan limits
30-Year Fixed-Rate Jumbo 4.500% 4.545%
15-Year Fixed-Rate Jumbo 4.125% 4.240%
7/1 ARM Jumbo 3.875% 4.703%
10/1 ARM Jumbo 4.125% 4.643%


So much for the bad news.

The good news is that according to FreddieMac the average interest rate going back to 1971 has been 8.21%.  So even if the interest rate is higher than it was last year, it is still lower than it was as little as 10 years ago.

More from the blog

Path to homeownership

June marks National Homeowner’s Month, a time dedicated to celebrating the joys and benefits of owning a home. For prospective buyers, this

Read More

Looking to buy or sell a property in the Greater Boston Area?