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Average mortgage rates dropped across the board from a week ago. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all receded.
|Loan type||Interest rate||A week ago||Change|
|30-year fixed rate||3.18%||3.26%||-0.08|
|15-year fixed rate||2.43%||2.51%||-0.08|
|5/1 ARM rate||3.07%||3.08%||-0.01|
|30-year fixed jumbo rate||3.18%||3.27%||-0.09|
Rates last updated on April 9, 2021.
The rates listed above are marketplace averages based on the assumptions shown here. Actual rates listed on-site may vary.
This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Friday, April 9th, 2021 at 12:30pm.
Today’s 30-year mortgage rate moves down
The average rate you’ll pay for a 30-year fixed mortgage is 3.18 percent, down 8 basis points since the same time last week. Last month on the 9th, the average rate on a 30-year fixed mortgage was higher, at 3.20 percent.
At the current average rate, you’ll pay $431.37 per month in principal and interest for every $100k you borrow. That represents a decline of $4.39 over what it would have been last week.
How do I view personalized 30-year mortgage rates?
Use the loan widgets on this page or head to our primary rates page to see what kind of rates are available in your situation. You just need to give us a little information about your finances and where you live. With that data, Bankrate can show you real-time estimates of mortgages available to you from a number of providers.
15-year fixed mortgage rate drops
The average rate for the benchmark 15-year fixed mortgage is 2.43 percent, down 8 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost $664 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more quickly.
5/1 ARM rate declines
The average rate on a 5/1 ARM is 3.07 percent, falling 1 basis point over the last week.
Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate loans. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be considerably higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.07 percent would cost about $425 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo mortgage interest rate drops
The average jumbo mortgage rate today is 3.18 percent, a decrease of 9 basis points over the last week. Last month on the 9th, jumbo mortgages’ average rate was higher, at 3.23 percent.
At the average rate today for a jumbo loan, you’ll pay $431.37 per month in principal and interest for every $100k you borrow. That’s $4.93 lower, compared with last week.
Rate review: How mortgage interest rates have shifted
- 30-year fixed mortgage rate: 3.18%, down from 3.26% last week, -0.08 15-year fixed mortgage rate: 2.43%, down from 2.51% last week, -0.08 5/1 ARM mortgage rate: 3.07%, down from 3.08% last week, -0.01 Jumbo mortgage rate: 3.18%, down from 3.27% last week, -0.09
Are mortgage rates going up?
Throughout 2021, mortgage rates are expected to begin rising again. The National Association of Realtors expects rates to average 3.1% and the Mortgage Bankers Association (MBA) says mortgage rates will average 3.3% in 2021. These rate estimates are both up from the 3.0% mortgage rate average in 2020 but lower than 2019’s average rates. Many experts say it could be years before mortgage rates return to their pre-pandemic levels.