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Published: Mar 22, 2021 11 min read
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Mortgage rates are up for most loan categories today. An average borrower interested in a 30-year fixed-rate purchase loan will be offered a rate just above 3.6%. For those interested in refinancing a mortgage, rates are mixed.

Despite the recent increases, mortgage rates are still very low compared to rates prior to the pandemic. Well-qualified borrowers can still take advantage of these low rates to either buy a home or refinance a mortgage.

  • The average rate on a 30-year fixed-rate mortgage is 3.631% today.
  • The average rate on a 15-year fixed-rate mortgage is 2.692% today.
  • The average rate on a 5/1 jumbo ARM is 2.991% today.
  • The average rate on a 7/1 conforming ARM is 5.064% today.
  • The average rate on a 10/1 conforming ARM is 4.902% today.

Current 30-year fixed mortgage rates

  • The 30-year rate is 3.631%.
  • That's a one-day increase of 0.003 percentage points.
  • That's a one-month increase of 0.375 percentage points.

Both the interest rate and the monthly payment on a 30-year fixed-rate mortgage will be constant throughout the full term of the loan. Paying the required monthly payment, you will pay off the loan in 360 months unless you pay extra toward the balance, sell the home or refinance the loan.

The interest rate on a 30-year mortgage will be higher than on a shorter loan, but the monthly payments will be lower since the balance is spread over more months. However, paying a higher interest rate over a longer period of time means ultimately paying more in total interest.

The lower monthly payments make 30-year loans the most common type of loan.

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