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Mortgage Rates Today, Monday, June 20

A survey of national lenders early Monday finds mortgage rates mostly unchanged. Of the lenders who repriced their terms early this morning, the move was unanimous: mark up loan rates.

However, moves made were small — and not enough to move overall averages for most loan terms. And there appears that there is little on the horizon to urge rates to move higher in the coming days. Worries over a British exit from the European Union have faded ever so slightly in recent days, though the referendum will be voted on Thursday.

NerdWallet compiles lender interest rates plus fees (APR) — the most accurate way for consumers to compare rates. Here are the average rates for the most popular loan terms:

Mortgage Rates: June 20, 2016

(Change from 6/17)

30-year fixed: 3.69% APR (NC)

15-year fixed: 3.05% APR (NC)

5/1 ARM: 3.32% APR (+0.01)

Federal Reserve Chair Janet Yellen will appear before Congress for two days of testimony this week, beginning Tuesday. The markets will be looking for any sign of change in the central bank’s monetary strategy. For now, many observers believe the Fed may wait on raising interest rates a while longer, until the global economy gains more solid footing.

Little else is on the economic calendar which could motivate mortgage rates to rise or fall this week.

Lock or float your mortgage rate?

With mortgage rates hugging three-year lows, analysts are expecting little change in the near term. However, with the Fed seeking an opportunity to raise short-term rates prior to the end of the year, mortgage lenders are bound to follow — at some point.

“Taking everything together, my expectation would be for a minimal increase in mortgage rates when the Fed first tightens,” Brad Hunter, chief economist for HomeAdvisor, tells NerdWallet. “Between now and the end of the year, however, I would expect mortgage rates to begin moving higher. I am forecasting gradual increases in mortgage rates over the next two years.”

As always, any decision to lock a mortgage rate should be based on the borrowers’ risk tolerance and their short- and long-term goals.

NerdWallet daily mortgage rates are an average of the lowest published APR for each loan term offered by a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providing a more accurate view of the costs a borrower might pay.

Hal Bundrick is a staff writer at NerdWallet, a personal finance website. 

The article Mortgage Rates Today, Monday, June 20 originally appeared on NerdWallet.