A variety of important mortgage rates moved higher today. The average interest rates for both 15-year fixed and 30-year fixed mortgages both drifted higher. For variable rates, the 5/1 adjustable-rate mortgage also climbed.
Although mortgage rates fluctuate , they are at a historic low. Because of this, right now is a good time for prospective homebuyers to get a fixed rate. Before you purchase a house, remember to take into account your personal needs and financial situation, and compare offers from multiple lenders to find the right one for you.
Find current mortgage rates for today
30-year fixed-rate mortgages
For a 30-year, fixed-rate mortgage, the average rate you’ll pay is 3.28%, which is an increase of 3 basis points from one week ago. (A basis point is equivalent to 0.01%.)
Thirty-year fixed mortgages are the most common loan term. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one — but usually a higher interest rate. Although you’ll pay more interest over time — you’re paying off your loan over a longer timeframe — if you’re looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.
15-year fixed-rate mortgages
The average rate for a 15-year, fixed mortgage is 2.53%, which is an increase of 3 basis points from seven days ago.
You’ll definitely have a bigger 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, if you’re able to afford the monthly payments. You’ll usually get a lower interest rate, and you’ll pay less interest in total because you’re paying off your mortgage much quicker.
5/1 adjustable-rate mortgages
A 5/1 adjustable-rate mortgage has an average rate of 3.30%, an uptick of 4 basis points from seven days ago.
With an adjustable-rate mortgage mortgage, you’ll usually get a lower interest rate than a 30-year fixed mortgage for the first five years. But since the rate adjusts with the market rate, you may end up paying more after that time, as described in the terms of your loan.
For borrowers who plan to sell or refinance their house before the rate changes, an adjustable-rate mortgage might be a good option. Otherwise, changes in the market means your interest rate may be significantly higher once the rate adjusts.
Mortgage rate trends
We use rates collected by Bankrate, which is owned by the same parent company as CNET, to track changes in these daily rates. This table summarizes the average rates offered by lenders across the US:
|Loan type||Interest rate||A week ago||Change|
|30-year fixed rate||3.28%||3.25%||+0.03|
|15-year fixed rate||2.53%||2.50%||+0.03|
|30-year jumbo mortgage rate||3.07%||3.08%||-0.01|
|30-year mortgage refinance rate||3.36%||3.32%||+0.04|
Updated on April 6, 2021.
How to find personalized mortgage rates
When you are ready to apply for a loan, you can reach out to a local mortgage broker or search online. In order to find the best home mortgage, you’ll need to take into account your goals and overall financial situation.
A range of factors — including your down payment, credit score, loan-to-value ratio and debt-to-income ratio — will all affect your mortgage rate. Having a higher credit score, a larger down payment, a low DTI, a low LTV, or any combination of those factors can help you 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 other costs such as fees, closing costs, taxes and discount points. You should speak with several different lenders — including local and national banks, credit unions and online lenders — and comparison shop to find the best loan for you.
What is a good loan term?
When picking a mortgage, you should consider the loan term, or payment schedule.
The loan terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages.
Another important distinction is between fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are the same for the life of the loan. For adjustable-rate mortgages, interest rates are fixed for a certain number of years (typically five, seven or 10 years), then the rate adjusts annually based on the current interest rate in the market.
When deciding between a fixed-rate and adjustable-rate mortgage, you should take into consideration the length of time you plan to stay in your house. For people who plan on living long-term in a new house, fixed-rate mortgages may be the better option. Fixed-rate mortgages offer greater stability over time compared to adjustable-rate mortgages, but adjustable-rate mortgages can sometimes 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 few 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 matters to you when choosing a mortgage.