Mortgage rate deals for February 12, 2021: Top offers from lenders

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Mortgage offers advertised on Bankrate.com keep getting better. The average rate on mortgages clicked on by Bankrate readers Thursday dipped to 2.37 percent, down from 2.39 percent a week ago.

The average “clicked-on” rate reflects purchase mortgages and refinances with all terms, including 30- and 15-year loans. The rates may include discount points.

The sweetest deals come with caveats. For instance, to score the best rate, you’ll generally need a credit score of 740 or higher and a down payment of 20 percent or more. And many of the lowest rates posted on Bankrate.com include discount points, a way of buying down the rate by paying more at closing.

Rates for mortgages are constantly changing, but they remain much lower overall than they were at any point before the onset of the pandemic. If you’re in the market for a mortgage, it could make sense to lock if you see a rate you like. Just don’t do so without shopping around first.

Compare mortgage rates in your area now.

Average clicked on rate for purchase loans

The average rate clicked on by Bankrate readers for 30-year purchase mortgages was 2.41 percent, down 9 basis points over the past seven days. A month ago, the average clicked-on rate on a 30-year fixed mortgage was higher, at 2.43 percent.

At the current average rate, you’ll pay $392.01 per month in principal and interest for every $100,000 you borrow.

Average clicked on rate for refinance loans

The average rate clicked on by Bankrate readers for 30-year refinances was 2.48 percent, down from 2.56 percent a week ago. A month ago, the average rate on a 30-year fixed mortgage was the same, at 2.56 percent.

You can use Bankrate’s mortgage payment calculator to find your monthly payments and see the effects of making extra payments. The tool also will help you determine how much interest you’ll pay over the life of the loan.
Compare refinance rates in your area now

Written by
Jeff Ostrowski
Senior mortgage reporter
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.