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Published: Apr 10, 2021 12 min read
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Mortgage rates ended this week lower than the previous one, with the average rate on a 30-year fixed-rate loan dropping to 3.514% from 3.625%. Rates decreased for both purchase and refinance loans.

Today's lower rates should be a welcome break for borrowers. How long the downward trend will last this time is hard to tell, so now's the time to apply if you're buying a home or refinancing a mortgage.

  • The latest rate on a 30-year fixed-rate mortgage is 3.514%.
  • The latest rate on a 15-year fixed-rate mortgage is 2.573%.
  • The latest rate on a 5/1 jumbo ARM is 2.932%.
  • The latest rate on a 7/1 conforming ARM is 4.301%.
  • The latest rate on a 10/1 conforming ARM is 4.452%.

Current 30-year fixed mortgage rates

  • The 30-year rate is 3.514%.
  • That's a one-day decrease of 0.017 percentage points.
  • That's a one-month increase of 0.077 percentage points.

With a 30-year fixed-rate mortgage your interest rate and monthly payments will remain constant throughout the full term of the loan. You'll pay the loan off in 360 months unless you pay extra each month or make lump-sum payments to pay it off faster.

A 30-year loan will have a higher interest rate than a shorter-term loan. The monthly payment, however, will be lower because you're paying the loan off over a longer period of time. You'll pay more in total interest with a 30-year loan versus a 15-year because you're paying a higher rate for twice as long.

A 30-year fixed-rate mortgage is the most popular type of home loan because of the lower monthly payments.

Rates are subject to change. All information provided here is accurate as of the publish date.