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Published: Apr 28, 2021 12 min read
Money

The average interest rate for a 30-year fixed-rate mortgage ticked up 0.028 percentage points today, marking the second day in a row of rate increases. Rates were higher for all other loan types, including refinance loans.

Whether we're seeing the end of downward rate movement or these last two days of increases are just a small blip is unknown, but even with slightly higher rates you can still lock in a low monthly payment if you want to buy a home or refinance a mortgage.

  • The latest rate on a 30-year fixed-rate mortgage is 3.362%.
  • The latest rate on a 15-year fixed-rate mortgage is 2.489%.
  • The latest rate on a 5/1 jumbo ARM is 3.969%.
  • The latest rate on a 7/1 conforming ARM is 4.384%.
  • The latest rate on a 10/1 conforming ARM is 3.95%.

Current 30-year fixed mortgage rates

  • The 30-year rate is 3.362%.
  • That's a one-day increase of 0.028 percentage points.
  • That's a one-month decrease of 0.285 percentage points.

A 30-year fixed-rate mortgage is the go-to loan for most home loan borrowers. You'll pay it off in 360 months unless you make extra payments, refinance the loan or sell the home. The interest rate and monthly payments won't change for as long as you keep the loan.

The interest rate will be higher on a 30-year loan than, for example, the rate on a 15-year loan. However, you'll have a lower monthly payment because you'll be spreading them out over a longer time. On the downside, by paying a higher rate over a more years you'll end up paying more in total interest than you would with a 15-year.

More than three-quarters of all mortgage borrowers choose a 30-year loan because of the lower monthly payments.

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