Current National Mortgage & Refinance Rates, April 12th, 2021 – Most rates fall

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Average mortgage rates were mostly down 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 3.18% 3.27% -0.09
15-year fixed rate 2.43% 2.51% -0.08
5/1 ARM rate 3.10% 3.07% +0.03
30-year fixed jumbo rate 3.18% 3.29% -0.11

Rates last updated on April 12, 2021.

The rates listed above are averages based on the assumptions indicated here. Actual rates displayed on-site may vary. This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Monday, April 12th, 2021 at 12:00pm.

Mortgage interest rates

Current 30 year mortgage rate moves down, -0.09%

The average 30-year fixed-mortgage rate is 3.18 percent, a decrease of 9 basis points over the last week. Last month on the 12th, the average rate on a 30-year fixed mortgage was higher, at 3.23 percent.

At the current average rate, you’ll pay a combined $431.37 per month in principal and interest for every $100,000 you borrow. That represents a decline of $4.93 over what it would have been last week.

15-year mortgage slides,-0.08%

The average rate for the benchmark 15-year fixed mortgage is 2.43 percent, down 8 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $664 per $100k borrowed. The bigger payment may be a little more difficult to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much faster.

5/1 adjustable rate mortgage moves up, +0.03%

The average rate on a 5/1 adjustable rate mortgageis 3.10 percent, climbing 3 basis points over the last week.

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 intermittently throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for people who expect to refinance or sell before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 3.10 percent would cost about $427 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 moves down, -0.11%

is 3.18 percent, a decrease of 11 basis points since the same time last week. A month ago, the average rate for jumbo mortgages was higher, at 3.27 percent.

At today’s average jumbo rate, you’ll pay principal and interest of $431.37 for every $100k you borrow. That’s lower by $6.03 than it would have been last week.

Summary: How mortgage rates have shifted

    30-year fixed mortgage rate: 3.18%, down from 3.27% last week, -0.09 15-year fixed mortgage rate: 2.43%, down from 2.51% last week, -0.08 5/1 ARM mortgage rate: 3.10%, up from 3.07% last week, +0.03 Jumbo mortgage rate: 3.18%, down from 3.29% last week, -0.11

Interested in refinancing? See rates for home refinance

Current 30 year mortgage refinance rate moves lower, –0.11%

The average 30-year fixed-refinance rate is 3.25 percent, down 11 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.31 percent.

At the current average rate, you’ll pay $435.21 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $6.06 lower.

What factors determine my mortgage rate?

Lenders consider several items when pricing your interest rate:

    Credit score Down payment Property location Loan amount/closing costs Loan type Loan term Interest rate type

Keep reading:

    How to buy a house in 2021 Everything to know about FHA loans What’s the point of a cash out refinance?

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