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Here are today’s mortgage rates on April 16, 2021: Rates decrease



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A variety of key mortgage rates slumped today. The average interest rates for both 15-year fixed and 30-year fixed mortgages fell down. For variable rates, the 5/1 adjustable-rate mortgage also slid lower. Mortgage interest rates are never set in stone, but interest rates are at historic lows. If you’re looking to secure a fixed rate, now is an optimal time to buy a house. But as always, make sure to first take into account your personal goals and circumstances before buying a home, and talk to multiple lenders to find one who can best meet your needs.

Take a look at mortgage rates for different styles of loan

30-year fixed-rate mortgages

The average interest rate for a standard 30-year fixed mortgage is 3.07%, which is a decline of 11 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most frequently used loan term. A 30-year fixed mortgage will usually have a greater interest rate than a 15-year fixed rate mortgage — but also a lower monthly payment. You won’t be able to pay off your house as quickly and you’ll pay more interest over time, but a 30-year fixed mortgage is a good option if you’re looking to minimize your monthly payment.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.41%, which is a decrease of 2 basis points from the same time last week. You’ll definitely have a larger monthly payment with a 15-year fixed mortgage compared to a 30-year fixed mortgage, even if the interest rate and loan amount are the same. But a 15-year loan will usually be the better deal, as long as you’re able to afford the monthly payments. These include typically being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

5/1 adjustable-rate mortgages

A 5/1 ARM has an average rate of 3.06%, a downtick of 12 basis points compared to last week. You’ll typically get a lower interest rate (compared to a 30-year fixed mortgage) with a 5/1 ARM in the first five years of the mortgage. However, since the rate shifts with the market rate, you may end up paying more after that time, as described in the terms of your loan. If you plan to sell or refinance your house before the rate changes, an ARM might make sense for you. But if that’s not the case, you may be on the hook for a much higher interest rate if the market rates change.

Mortgage rate trends

We use data collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. This table summarizes the average rates offered by lenders across the country:

Current average mortgage interest rates

Loan type Interest rate A week ago Change
30-year fixed rate 3.07% 3.18% -0.11
15-year fixed rate 2.41% 2.43% -0.02
30-year jumbo mortgage rate 3.19% 3.07% +0.12
30-year mortgage refinance rate 3.13% 3.25% -0.12

Updated on April 16, 2021.

How to find personalized mortgage rates

You can get a personalized mortgage rate by reaching out to your local mortgage broker or using an online calculator. In order to find the best home mortgage, you’ll need to consider your goals and current finances. Specific interest rates will vary based on factors including credit score, down payment, debt-to-income ratio and loan-to-value ratio. Generally, you want a good credit score, a larger down payment, a lower DTI and a lower LTV to get a lower interest rate. The interest rate isn’t the only factor that affects the cost of your home — be sure to also consider additional factors such as fees, closing costs, taxes and discount points. Be sure to talk to several different lenders — including local and national banks, credit unions and online lenders — and comparison shop to find the best mortgage for you.

What is a good loan term?

One important thing to keep in mind when choosing a mortgage is the loan term, or payment schedule. The most common mortgage terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are stable for the life of the loan. For adjustable-rate mortgages, interest rates are stable for a certain number of years (most frequently five, seven or 10 years), then the rate changes annually based on the current interest rate in the market. One important factor to take into consideration when deciding between a fixed-rate and adjustable-rate mortgage is the length of time you plan on staying in your house. 

Fixed-rate mortgages might be a better fit for those who plan on living in a home for quite some time. Fixed-rate mortgages offer greater stability over time in comparison to adjustable-rate mortgages, but adjustable-rate mortgages may offer lower interest rates upfront. However you may get a better deal with an adjustable-rate mortgage if you’re only planning to keep your house for a couple years. There is no “best” loan term as a rule of thumb; it all depends on your goals and your current financial situation. Make sure to do your research and think about what you want when choosing a mortgage.



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