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Published: Apr 15, 2021 12 min read
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Mortgage rates for average borrowers fell today for the second time. The declines are across the board, including fixed-rate and adjustable rate mortgages, a range of loan lengths and both purchase and refinance loans.

The average rate for a 30-year fixed-rate loan fell to 3.391%, the first time the rate has fallen below 3.4% since early-March. A month ago, the rate was 3.608%.

Today's lower rates could help ease the affordability crunch the housing market has felt over the last few weeks. How long they'll stay this low remains to be seen.

  • The latest rate on a 30-year fixed-rate mortgage is 3.391%.
  • The latest rate on a 15-year fixed-rate mortgage is 2.542%.
  • The latest rate on a 5/1 jumbo ARM is 2.912%.
  • The latest rate on a 7/1 conforming ARM is 4.315%.
  • The latest rate on a 10/1 conforming ARM is 4.19%.

30-year fixed mortgage rates today

  • The 30-year rate is 3.391%.
  • That's a one-day decrease of 0.089 percentage points.
  • That's a one-month decrease of 0.217 percentage points.

A 30-year fixed-rate mortgage will have a monthly payment that won't change over the term of the loan. As a result, the monthly payment won't change either. The mortgage will be paid off in 360 months. Less if you pay extra, refinance or sell the home. Extra mortgage payments applied to the principal will also reduce the amount of total interest you pay.

The interest rate on a 30-year loan will be higher than the rate on a short-term loan like a 15-year, however, the monthly payment will be lower because you're dividing the balance over twice the months. Because you're paying a higher rate over a longer term, you'll pay more in total interest on a 30-year loan compared to a 15-year.

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