June Market News

🏡 Today's Mortgage Market Snapshot (June 21, 2025)

According to Bankrate, the average 30‑year fixed mortgage rate has dropped to 6.82%, down 5 bps from last week. Meanwhile, the 30‑year fixed refinance rate stands at 6.79%, and the 15‑year fixed is at 6.11%, both reflecting modest weekly declines bankrate.com.

🔄 Is Now a Good Time to Refinance?

Mortgage.com highlights several factors to weigh when considering refinancing mortgage.com:

✅ Refinance may be worth it if:

• Current refinance rates are lower than what you're paying.
  
  

• Your credit score has significantly improved.
  
  

• You aim to switch mortgage types (e.g., ARM → fixed rate).
  
  

• You want to tap into equity for home improvements or debt consolidation.
  
  

• You plan to shorten your loan term and cut interest costs.
  
  

⏳ Maybe wait if:

• You’ll move before recouping closing costs.
  
  

• Your credit hasn’t improved.
  
  

• Rates exceed your current mortgage.
  
  

• You’ve paid off much of the current loan.
  
  

• You can't cover the typical 2–6% refinance fees.
  
  

🔐 Understanding Mortgage Insurance (PMI)

Mortgage.com explains the mechanics and cost of PMI for conventional loans with less than 20% down mortgage.com+4mortgage.com+4businessinsider.com+4mortgage.com:

• PMI is a monthly premium that protects the lender—not the borrower—on low-down-payment loans.
  
  

• Requirement persists until you build 20% home equity.
  
  

• Ways to avoid PMI include making a 20% down payment or refinancing once sufficient equity is reached.
  
  

🤔 Top Questions First-Time Buyers Should Ask

From Mortgage.com’s “10 Essential Questions,” key topics include mortgage.commortgage.com:

1. Is the property in a high-risk natural disaster zone?
   
   

2. Are there hidden hazards (mold, asbestos)?
   
   

3. How old is the roof—and what’s its condition?
   
   

4. Are HVAC, plumbing, and electrical systems up to scratch?
   
   

5. What do utility costs look like year‑round?
   
   

6. Which appliances are included, and what’s their condition?
   
   

7. Were any renovations permitted and code-compliant?
   
   

Asking the right questions helps uncover issues early and gives you better negotiating power.