Compare Today’s Mortgage & Refinance Rates, April 19, 2021

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Mortgage rates were mostly lower compared to a week ago. Rates for 30-year fixed, 15-year fixed and jumbo loans declined, while rates for adjustable rate mortgages rose.

Current average home loan 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
5/1 ARM rate 3.20% 3.10% +0.10
30-year fixed jumbo rate 3.06% 3.18% -0.12

Rates last updated on April 19, 2021.

The rates listed here are Bankrate’s overnight average rates and are based on the assumptions shown here. Actual rates displayed on-site may vary. This story has been reviewed by Bill McGuire. All rate data accurate as of Monday, April 19th, 2021 at 12:00pm.

Mortgage rates

Current 30 year mortgage rate trends down, -0.11%

The average rate you’ll pay for a 30-year fixed mortgage is 3.07 percent, a decrease of 11 basis points since the same time last week. Last month on the 19th, the average rate on a 30-year fixed mortgage was higher, at 3.32 percent.

At the current average rate, you’ll pay principal and interest of $425.39 for every $100,000 you borrow. That represents a decline of $5.98 over what it would have been last week.

While the 30-year rate is the most popular mortgage term, as with any financial product, the 30-year fixed-rate mortgage also has some downsides:

    • More total interest paid. Stretching out repayment to a 30-year term means you pay more overall in interest than you would with a shorter-term loan. Higher mortgage rates. Lenders charge higher interest rates for 30-year mortgages compared to 15-year loans. That’s because they’re taking on the risk of not being repaid for a longer time span. Slower equity growth. The amortization table for a 30-year mortgage reveals a harsh reality: In the early years, almost all of your payments go to interest rather than principal. A 15-year loan brings a higher monthly payment but much faster retirement of the loan amount. Buying more house than you should. Just because you might be able to afford more house with a 30-year loan doesn’t mean you should stretch your budget to the breaking point. Give yourself some breathing room for other financial goals and unexpected expenses. Use Bankrate’s home affordability calculator to determine how much house you can afford.

15-year fixed mortgage rate falls,-0.02%

The average rate for a 15-year fixed mortgage is 2.41 percent, down 2 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $663 per $100k 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 faster.

5/1 adjustable rate mortgage rises, +0.10%

The average rate on a 5/1 ARM is 3.20 percent, rising 10 basis points from a week ago.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate can change from time to time throughout the life of the loan, unlike fixed-rate mortgages. These loan types are best for those who expect to refinance or sell before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 3.20 percent would cost about $432 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Current jumbo mortgage rate eases, -0.12%

is 3.06 percent, down 12 basis points from a week ago. A month ago, the average rate was higher, at 3.35 percent.

At today’s average jumbo rate, you’ll pay a combined $424.85 per month in principal and interest for every $100,000 you borrow. That’s lower by $6.52 than it would have been last week.

Rate review: How mortgage interest rates have shifted

      • 30-year fixed mortgage rate: 3.07%, down from 3.18% last week, -0.11 15-year fixed mortgage rate: 2.41%, down from 2.43% last week, -0.02 5/1 ARM mortgage rate: 3.20%, up from 3.10% last week, +0.10 Jumbo mortgage rate: 3.06%, down from 3.18% last week, -0.12

Interested in refinancing? See rates for home refinance

30-year mortgage refinance moves lower, –0.12%

The average 30-year fixed-refinance rate is 3.13 percent, down 12 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.40 percent.

At the current average rate, you’ll pay $428.65 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $6.56 lower.

Factors that influence mortgage rates

A number of economic factors influence mortgage rates. Among them are inflation and unemployment. Higher inflation typically leads to higher mortgage rates. The opposite is also true; when inflation is low, mortgage rates typically are as well. As inflation increases, the dollar loses value. That drives investors away from mortgage-backed securities (MBS), which causes the prices to decrease and yields to increase. When yields move higher, rates become more expensive for borrowers.

Generally speaking, when the economy is strong, more people buy homes. That drives demand for mortgages. Increased demand for mortgages can cause rates to increase. The opposite is also true; less demand can lead to lower rates.

What next:

      • Loans and programs for first time homebuyers Everything to know about FHA loans What is mortgage escrow?

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