Refer Bankrate.com June 15, 2020. There has never been a better time to refinance or 
apply for a home loan. Several benchmark mortgage rates sunk lower today. The average rates on 30-year fixed and 15-year fixed mortgages both declined. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages also dropped.
Mortgage rates are in a constant state of flux, but they have remained in a historically low range for quite some time. If you’re in the market for a mortgage, it could be a great time to lock in a rate. Just make sure you’ve looked around for the best rate first.
30-year fixed mortgages
The average rate for the benchmark 30-year fixed mortgage is 3.39 percent, down 13 basis points from a week ago. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 3.52 percent.
At the current average rate, you’ll pay a combined $442.93 per month in principal and interest for every $100,000 you borrow. That represents a decline of $7.23 over what it would have been last week.
15-year fixed mortgages
The average 15-year fixed-mortgage rate is 2.85 percent, down 2 basis points over the last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $683 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.
5/1 ARMs
The average rate on a 5/1 ARM is 3.14 percent, ticking down 5 basis points over the last 7 days.
These types of loans are best for those who expect to refinance or sell before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.14 percent would cost about $429 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.