30-Year Refinance Rate Slips to 6.72% as 15-Year Rate Drops 8bp
Updated
Updated · Norada Real Estate Investments · Jun 3
30-Year Refinance Rate Slips to 6.72% as 15-Year Rate Drops 8bp
1 articles · Updated · Norada Real Estate Investments · Jun 3
Summary
Zillow’s national average 30-year fixed refinance rate edged down to 6.72% on June 3, while the 15-year fixed rate fell more sharply to 5.69% and the 5-year ARM held at 6.50%.
A slight pullback in the 10-year Treasury yield after a late-May peak drove the move, even as sticky inflation and the Federal Reserve’s higher-for-longer stance keep broader upward pressure on borrowing costs.
For most homeowners already locked into mortgages below 5%, the 1-basis-point decline is unlikely to make a standard refinance worthwhile once closing costs are included.
The bigger opening may be in shorter-term refinancing or equity borrowing, with the lower 15-year rate and alternatives such as HELOCs potentially more attractive than cash-out refinances.
The latest dip points more to rate stabilization than a sustained decline, with mortgage costs still vulnerable to economic data, energy prices and geopolitical shocks.