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Published: Aug 14, 2021 11 min read
Money; Getty Images

The average rate for a 30-year fixed-rate mortgage ended the week at 3.31%. While rates increased during the first half of the week, they slid over the past two days. Still, rates were higher than they were on Monday.

Mortgage rates are down for the second day in a row as the average rate for a 30-year fixed-rate mortgage dropped to 3.31%. Rates for other loan categories were lower as well, although the rates on 5/1 adjustable-rate purchase and refinance loans stayed the same.

Lower rates are good news for those with good credit who plan on applying for a new mortgage or refinancing their old loan, as they should be able to lock in favorable terms.

  • The latest rate on a 30-year fixed-rate mortgage is 3.31%.
  • The latest rate on a 15-year fixed-rate mortgage is 2.415%.
  • The latest rate on a 5/1 jumbo ARM is 2.193%.
  • The latest rate on a 7/1 conforming ARM is 4.696%.
  • The latest rate on a 10/1 conforming ARM is 4.47%.

Current mortgage rates: 30-year fixed-rate mortgage rates

  • The 30-year rate is 3.31%.
  • That's a one-day decrease of 0.038 percentage points. ⇓
  • That's a one-month increase of 0.009 percentage points. ⇑

Fixed-rate loans are the most common type of mortgage taken out by home loan borrowers. The interest rate and monthly payment won't change throughout the full term of the loan. The 30-year mortgage is the most popular of all fixed-rate loans thanks to its long payback time, which results in lower monthly payments. The downside is that the interest rate will be higher compared to a shorter-term loan, so you'll pay more in interest over the life of the loan.

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