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Mortgage Rates Plummet: Rates at Wells Fargo, Quicken Loans, Capital One – June 3

Economy

Mortgage Rates Plummet: Rates at Wells Fargo, Quicken Loans, Capital One – June 3

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Mortgage rates practically plummeted on Friday and erased two weeks’ of increases after the latest jobs report was released. This week’s shockingly bad jobs report found the economy added just 38,000 jobs in May, far lower than the expected 155,000, although the report has a large margin of error and will likely be revised. The prevailing rate today for the benchmark 30-year fixed mortgage is 3.625%.

Wells Fargo Mortgage Rates

Wells Fargo has updated its rates on Friday, but they do not reflect the latest downward trend. The benchmark 30-year fixed mortgage is quoted at 3.750% today with a 3.800% APR. An FHA mortgage is published with the same 3.750% interest rate and a higher 4.774% APR. A VA mortgage is quoted today at 3.375% and an APR of 3.659%. The shorter-term 15-year home loan is published at 3.000% on Friday with a 3.105% APR. Buyers interested in the lowest possible mortgage payment can lock into a 5/1 ARM today at 3.000% to start. The best rate for a 30-year jumbo loan on Friday is 3.500% with an APR of 3.506%, lower than the rate for a conforming loan.

Refinance rates have moved a bit higher. The best rate for a 30-year fixed refinance mortgage is 3.875% with an APR of 3.901%. Buyers can lock into the more popular 15-year fixed refi loan at 3.125% and a 3.189% APR. The best rate for a 5/1 adjustable rate refi loan is 3.125% to start.

Quicken Loans Mortgage Rates

The best rate for a 30-year fixed mortgage at Quicken Loans today is 3.50% with a 3.746% APR. Buyers can lock into a shorter-term 15-year fixed home loan with a 2.75% interest rate and an APR of 3.162%. Quicken Loans advertises a 5-year adjustable rate mortgage with a starting APR of 2.75%. The 30-year fixed VA mortgage is published today at 3.25% with a 3.443% APR.

Friday’s Mortgage Rates at Capital One

Capital One offers among the lowest mortgage rates today for well-qualified buyers. The best rate for the benchmark 30-year fixed home loan is 3.500% with a 3.561% APR. A 15-year mortgage is quoted at Capital One with a 2.875% interest rate and an APR of 3.001%. Buyers can lock into a 5/1 ARM at 2.750% to start. Capital One also offers jumbo loans for qualified buyers. A 30-year fixed jumbo mortgage is quoted at 3.375% today, lower than the conforming rate, with a 3.416% APR. A 15-year fixed jumbo loan is published at 3.125% with a 3.162% APR.

The interest rates mentioned within the article are subjected to change without any guarantee and are up-to-date at the time of publishing of the article. For the latest interest rates, make sure to check the current values.

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