Home loans hold up at insanely low rates

Mortgage rates are holding up today, with the 30- and 20-year loan tight to less than 3% and the 15-year loan just a notch above 2.4%. Rates are largely unchanged from yesterday and average as follows:

The data source: The Ascent National Mortgage Interest Rate Tracker.

6 simple tips to get a 1.75% mortgage rate

Secure access to The Ascent’s free guide that reveals how to get the lowest mortgage rate on your new home purchase or when refinancing. Rates are still at their lowest for decades, so act today to avoid missing out.

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30-year mortgage rates

The 30-year average fixed mortgage rate today stands at 2.946%, up 0.008% from yesterday. At today’s rate, you’ll pay principal and interest of $ 419.02 for every $ 100,000 you borrow. This figure does not include expenses such as property taxes and home insurance premiums.

Discover The Ascent’s mortgage calculator to see what your monthly payment could be and how much your loan will ultimately cost. Also, find out how much money you would save by saving a lower interest rate, making a larger down payment, or choosing a shorter loan term.

20-year mortgage rates

The 20-year average fixed mortgage rate today stands at 2.831%, down 0.14% from yesterday. At today’s rate, you’ll pay principal and interest of $ 546.23 for every $ 100,000 you borrow. Although your monthly payment increases by $ 127.20 with a 20-year loan compared to a 30-year mortgage, you will save $ 19,753 in interest over your repayment period for every $ 100,000 you borrow. .

15-year mortgage rates

The 15-year average fixed mortgage rate today stands at 2.424%, an increase of 0.01% from yesterday. At today’s rate, you’ll pay principal and interest of $ 663.22 for every $ 100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $ 244.20 higher. However, your interest savings will total $ 31,468 over the duration of your repayment period per $ 100,000 of mortgage debt.

5/1 arm

The average interest rate for a 5/1 ARM is 3.307%, down 0.149% from yesterday. With an ARM 5/1, the interest rate initially offered will remain in effect for five years, after which it will adjust up or down once a year. For comparison, when you take out a 30-year fixed rate mortgage, you lock in the same mortgage rate for the duration of your repayment period. Since the average ARM 5/1 interest rate is currently higher than the 30-year loan, a 30-year fixed mortgage is a better bet.

Should I lock in my mortgage rate now?

A mortgage rate freeze guarantees you a certain interest rate for a specified period of time – typically 30 days, but you may be able to guarantee your rate for up to 60 days. You will usually pay a fee to lock in your mortgage rate, but this way you are protected in the event of a rate hike before your mortgage closes.

If you plan to close your home in the next 30 days, it pays to lock in your mortgage rate based on today’s rates, especially since they are still quite competitive. But if your close is more than 30 days away, you might want to choose an adjustable rate lock instead for what will usually be a higher fee, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your mortgage if rates drop before you close, and while rates today are still quite low, we don’t know if rates will go up or down. over the next few months. As such, it is beneficial to:

  • LOCK if closing 7 days
  • LOCK if the closure 15 days
  • LOCK if the closure 30 days
  • FLOAT if closing 45 days
  • FLOAT if closing 60 days

If you’re ready to apply for a home loan, be sure to compare rates with different mortgage lenders rather than settling for the first offer you get. In doing so, look not only at the rates themselves, but also at the closing costs that you will be paying on your loan to make sure that you are really getting the best deal.


The Ascent team is partnering with market-leading data provider Optimal Blue to track the seven-day average of daily mortgage rates that actual borrowers are locking in across the country. Learn more about our mortgage rate tracking methodology.

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