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Current mortgage rates for June 11, 2021: Rates cool off

Today some notable mortgage rates ticked downward. If you haven't looked yet, see how your finances could be affected.

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A handful of principal mortgage rates dwindled today. Fifteen-year fixed and 30-year fixed mortgage rates both trended lower. For variable rates, the 5/1 adjustable-rate mortgage also tapered off. Although mortgage rates fluctuate, they are at a historic low. For those looking to get a fixed rate, now is a great time to finance a house. But as always, make sure to first take into account your personal goals and circumstances before buying a home, and talk to multiple lenders to find a lender who can best meet your needs.

Find current mortgage rates for today

30-year fixed-rate mortgages

For a 30-year, fixed-rate mortgage, the average rate you'll pay is 3.09%, which is a decline of 1 basis point from one week ago. (A basis point is equivalent to 0.01%.) The most common loan term is a 30-year fixed mortgage. A 30-year fixed mortgage will typically have a greater interest rate than a 15-year fixed rate mortgage -- but also a lower monthly payment. You won't be able to pay off your house as quickly and you'll pay more interest over time, but a 30-year fixed mortgage is a good option if you're looking to minimize your monthly payment.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.36%, which is a decrease of 1 basis point from the same time last week. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a bigger monthly payment. However, as long as you're able to afford the monthly payments, there are several benefits to a 15-year loan. You'll usually get a lower interest rate, and you'll pay less interest in total because you're paying off your mortgage much quicker.

5/1 adjustable-rate mortgages

A 5/1 ARM has an average rate of 3.10%, a fall of 2 basis points from seven days ago. For the first five years, you'll typically get a lower interest rate with a 5/1 ARM compared to a 30-year fixed mortgage. But you may end up paying more after that time, depending on the terms of your loan and how the rate adjusts with the market rate. Because of this, an adjustable-rate mortgage may be a good option if you plan to sell or refinance your house before the rate changes. But if that's not the case, you could be on the hook for a significantly higher interest rate if the market rates change.

Mortgage rate trends

We use information collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. This table summarizes the average rates offered by lenders nationwide:

Today's mortgage interest rates

Loan termToday's RateLast weekChange
30-year mortgage rate3.09%3.10%-0.01
15-year fixed rate2.36%2.37%-0.01
30-year jumbo mortgage rate3.24%3.16%+0.08
30-year mortgage refinance rate 3.15%3.16%-0.01

Rates accurate as of June 11, 2021.

How to find personalized mortgage rates

You can get a personalized mortgage rate by connecting with your local mortgage broker or using an online calculator. Make sure to consider your current finances and your goals when searching for a mortgage. Things that affect what the interest rate you might get on your mortgage include: your credit score, down payment, loan-to-value ratio and your debt-to-income ratio. Having a higher credit score, a larger down payment, a low DTI, a low LTV, or any combination of those factors can help you get a lower interest rate. Besides the mortgage rate, other costs including closing costs, fees, discount points and taxes might also factor into the cost of your home. You should shop around with multiple lenders -- like credit unions and online lenders in addition to local and national banks -- in order to get a mortgage that's the best fit for you.

What is a good loan term?

When picking a mortgage, you should consider the loan term, or payment schedule. The most common loan terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are set for the life of the loan. For adjustable-rate mortgages, interest rates are stable for a certain number of years (commonly five, seven or 10 years), then the rate changes annually based on the current interest rate in the market.

One important factor to take into consideration when deciding between a fixed-rate and adjustable-rate mortgage is the length of time you plan on staying in your house. For people who plan on staying long-term in a new house, fixed-rate mortgages may be the better option. While adjustable-rate mortgages might have lower interest rates upfront, fixed-rate mortgages are more stable in the long term. However you could get a better deal with an adjustable-rate mortgage if you only intend to keep your house for a couple years. There is no best loan term as a rule of thumb; it all depends on your goals and your current financial situation. It's important to do your research and understand your own priorities when choosing a mortgage.