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Published: Oct 04, 2021 11 min read
Money; Getty Images

The average rate for a 30-year fixed-rate mortgage is starting the week at 3.372%, a drop of 0.062 percentage points from last week. Most other loan categories also saw rates slide. The exception was the 5/1 adjustable-rate mortgage, which has maintained a steady rate of 2.664% since last Thursday.

Rates had been increasing steadily for about a week, so today's decrease will be welcome news for borrowers who are still planning on applying for a new mortgage or refinancing their current home loan.

  • The latest rate on a 30-year fixed-rate mortgage is 3.372%.
  • The latest rate on a 15-year fixed-rate mortgage is 2.468%.
  • The latest rate on a 5/1 jumbo ARM is 2.361%.
  • The latest rate on a 7/1 conforming ARM is 2.874%.
  • The latest rate on a 10/1 conforming ARM is 3.962%.

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 3.372%.
  • That's a one-day decrease of 0.062 percentage points. ⇓
  • That's a one-month increase of 0.109 percentage points. ⇑

Most borrowers opt for the unchanging interest rates and stable monthly payments of fixed-rate mortgages. The 30-year fixed-rate mortgage is the go-to for most people because its long payback time means monthly payments will be relatively low. Compared to a shorter-term loan the interest rate will be higher, so borrowers will ultimately spend more for the loan.

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