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Published: Apr 09, 2021 12 min read
Money; Getty Images

Today's mortgage rates are once again lower than the day before, as all loan categories decreased. It's the third day in a row of declines. The average for a 30-year fixed-rate mortgage slid to 3.514%.

Applications for both purchase and refinance loans slowed last week in part because of higher interest rates. With today's lower rates, those who are interested in either buying a house or refinancing a mortgage can find attractive rates and monthly payments.

  • 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%.

30-year fixed mortgage rates today

  • 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.

A 30-year fixed-rate mortgage will have an interest rate and monthly payment that won't change over the life of the loan. By paying only the required monthly payment, you would pay off the loan in 360 months unless you decide to refinance. You can also pay the loan off faster by paying extra each month or making extra lump-sum payments.

The interest rate on a 30-year loan will be higher than the rate on a shorter-term loan like a 15-year, but because you're spreading the balance over a longer term the monthly payment will be lower. However, you'll pay more in total interest with a 30-year mortgage than you would with a 15-year loan.

The lower monthly payments make a 30-year mortgage the most common among borrowers.

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