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Published: Mar 15, 2021 12 min read
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Mortgage rates are back up for almost all loan categories today. The rate for a 30-year fixed-rate purchase loan edged closer to 3.5% after trending down for much of last week. Rates for refinance loans are also higher.

So far this year, rates have been rising at a moderate pace. Recent economic indicators, such as rising treasury yields and improving employment figures, could point to a more substantial mortgage rate increase in the coming months. Borrowers who are planning to buy a house or refinance a mortgage are likely to find better rates sooner rather than later.

  • The average rate on a 30-year fixed-rate mortgage is 3.475% today.
  • The average rate on a 15-year fixed-rate mortgage is 2.566% today.
  • The average rate on a 5/1 jumbo ARM is 2.996% today.
  • The average rate on a 7/1 conforming ARM is 4.276% today.
  • The average rate on a 10/1 conforming ARM is 4.003% today.

Today's 30-year fixed mortgage rates

  • The 30-year rate is 3.475%.
  • That's a one-day increase of 0.038 percentage points.
  • That's a one-month increase of 0.345 percentage points.

The interest rate and monthly payment on a 30-year fixed-rate mortgage won't change throughout the life of the loan. Consistency and relatively low monthly payments make a 30-year loan the most attractive option for most home loan borrowers.

The interest rate on a 30-year mortgage will be higher than the rate on a shorter-term loan. The monthly payment, on the other hand, will be lower because the loan balance is paid over a longer period of time. However, because you're paying a higher interest rate for twice as long, you will pay more in overall interest on a 30-year mortgage.

By making the required monthly payments, the loan will be paid off in 360 months, unless you sell the home, pay more than the required minimum, or refinance the loan.

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