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Published: Oct 27, 2021 10 min read
Money; Getty Images

The average rate for a 30-year fixed-rate mortgage slid to 3.532% today, the second day in a row that rates have moved lower. Rates have been drifting lower after nearly crossing the 3.6% mark earlier this week. The 30-year refinance rate also edged lower, decreasing to 3.666%.

Lower rates means borrowers with strong credit can still lock in a lower monthly payment for either a new home purchase or a mortgage refinance.

  • The latest rate on a 30-year fixed-rate mortgage is 3.532%.
  • The latest rate on a 15-year fixed-rate mortgage is 2.578%.
  • The latest rate on a 5/1 jumbo ARM is 2.36%.
  • The latest rate on a 7/1 conforming ARM is 3.093%.
  • The latest rate on a 10/1 conforming ARM is 3.635%.

Money's daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day's rates are based on the average rate 8,000 lenders offered to applicants the previous business day. Freddie Mac's weekly rates will generally be lower, since they measure rates offered to borrowers with higher credit scores.

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

  • The 30-year rate is 3.532%.
  • That's a one-day decrease of 0.041percentage points. ⇓
  • That's a one-month increase of 0.134 percentage points. ⇑

Fixed-rate mortgages offer borrowers stability since the interest rate and monthly payments won't change for the life of the loan. The 30-year term is the most popular thanks also to its long payback time, which results in lower monthly payments. Compared to shorter-term loans, however, the interest rate will be higher so you'll actually spend more money on a 30-year mortgage.

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