Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
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.
|Loan type||Interest rate||A week ago||Change|
|30-year fixed rate||3.18%||3.28%||-0.10|
|15-year fixed rate||2.44%||2.53%||-0.09|
|5/1 ARM rate||3.08%||3.07%||+0.01|
|30-year fixed jumbo rate||3.19%||3.30%||-0.11|
Rates last updated on April 13, 2021.
These rates are marketplace averages based on the assumptions shown here. Actual rates displayed across the site may vary. This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Tuesday, April 13th, 2021 at 12:00pm.
Mortgage rates for home purchase
Current 30 year mortgage rate moves lower, -0.10%
The average 30-year fixed-mortgage rate is 3.18 percent, a decrease of 10 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 3.24 percent.
At the current average rate, you’ll pay a combined $431.37 per month in principal and interest for every $100k you borrow. That’s $5.48 lower, compared with last week.
30-year mortgage vs. 15-year mortgage
Traditional lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers as it allows the borrower to disperse payments out over 30 years, keeping their monthly payment lower.
With a 15-year mortgage, however, borrowers can pay off their loan in half the time — if they’re able and willing to bump up the amount of their monthly loan payment. The primary difference between qualifying for a 15-year versus a 30-year mortgage is that you’ll need a higher income and lower debt-to-income ratio to obtain a 15-year mortgage because the monthly loan payments are loftier.
15-year fixed mortgage drops,-0.09%
The average 15-year fixed-mortgage rate is 2.44 percent, down 9 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $664 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, 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 more rapidly.
5/1 ARM rate moves higher, +0.01%
The average rate on a 5/1 adjustable rate mortgageis 3.08 percent, up 1 basis point over the last 7 days.
Adjustable-rate mortgages, or ARMs, are home 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 loans. These loan types are best for those who expect to sell or refinance 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 3.08 percent would cost about $426 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo loan interest rate moves lower, -0.11%
Today’s average rate for jumbo mortgages is 3.19 percent, down 11 basis points since the same time last week. A month ago, the average rate was higher, at 3.27 percent.
At today’s average jumbo rate, you’ll pay principal and interest of $431.92 for every $100,000 you borrow. That’s down $6.04 from what it would have been last week.
Rate review: How interest rates have changed this week
- 30-year fixed mortgage rate: 3.18%, down from 3.28% last week, -0.10 15-year fixed mortgage rate: 2.44%, down from 2.53% last week, -0.09 5/1 ARM mortgage rate: 3.08%, up from 3.07% last week, +0.01 Jumbo mortgage rate: 3.19%, down from 3.30% last week, -0.11
30-year mortgage refinance rate moves lower, –0.11%
The average 30-year fixed-refinance rate is 3.25 percent, down 11 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.34 percent.
At the current average rate, you’ll pay $435.21 per month in principal and interest for every $100,000 you borrow. That’s a decline of $6.06 from last week.
6 steps to getting the best mortgage rate
- Improve your credit score Build a record of employment Save up for a down payment Go for a 15-year fixed-rate mortgage Shop among multiple lenders Lock in your rate
Learn more about how these steps can secure you a lower rate.