Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research may determine where and how companies appear. Learn more about how we make money.

By:
Published: Mar 20, 2021 12 min read
Money; Getty Images

Mortgage rates increased every day this week. For the first time since mid-November, the average rate for a 30-year fixed rate mortgage is now above 3.6%. Average rates are higher than they were a week ago for most other loan categories, with the exception of some adjustable-rate options.

Though rates have been trending higher since January, the increases have been relatively slow and rates are still considered low historically. Many well-qualified buyers who want to either buy a house or refinancing a mortgage can still find attractive rates.

  • The average rate on a 30-year fixed-rate mortgage is 3.628% today.
  • The average rate on a 15-year fixed-rate mortgage is 2.68% today.
  • The average rate on a 5/1 jumbo ARM is 2.994% today.
  • The average rate on a 7/1 conforming ARM is 4.697% today.
  • The average rate on a 10/1 conforming ARM is 4.614% today.

Current 30-year fixed mortgage rates

  • The 30-year rate is 3.628%.
  • That's a one-day increase of 0.02 percentage points.
  • That's a one-month increase of 0.381 percentage points.

The interest rate and monthly payment on a 30-year fixed-rate mortgage won't change for the length of the loan. By making the required monthly payments, the loan will be paid off in 360 months unless you pay extra, refinance or sell the home.

Compared to a shorter-term mortgage like a 15-year loan, the rate on a 30-year mortgage will be higher. The monthly payments, on the other hand, will be lower because the loan balance is being spread out over a longer time period. Despite the lower payments, you'll pay more in overall interest on a 30-year than a 15-year since you'll be paying a higher rate over a longer term.

Low monthly payments make a 30-year mortgage the most popular choice for home loan borrowers.

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