According to Bankrate’s latest survey of the nation’s largest mortgage lenders: For today, Wednesday, January 27, 2021, the benchmark 30-year fixed mortgage rate is 2.870% with an APR of 3.170%. The average 15-year fixed mortgage rate is 2.360% with an APR of 2.690%. The 5/1 adjustable-rate mortgage (ARM) rate is 2.980% with an APR of 4.000%. Check out our mortgage calculator for rates customized to your specific financial needs.
Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase and refinance loans. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single family residence. To learn more, see understanding Bankrate rate averages.
Bankrate has been the authority in personal finance since it was founded in 1976 as the “Bank Rate Monitor,” a print publication for the banking industry. Bankrate has been surveying and collecting mortgage rate information from the nation’s largest lenders for more than 30 years. Hundreds of top publications, such as The New York Times, Wall Street Journal, CNBC and others, depend on Bankrate as a trusted source of financial information, so you know you’re getting information you can trust.
The information below consists of education and tips that will be helpful in selecting the best mortgage for your financial situation.
The coronavirus contagion continues to take a toll on the economy — but the effects vary widely by state and region.
In September 2020, the tourism-heavy economies of Hawaii and Nevada suffered the most from COVID-19, according to the Bankrate Housing Hardship Index, while the economies of Louisiana and Mississippi, with high numbers of homeowners struggling to pay their mortgages, moved up the list of hardest-hit states. Some states — especially those in the Rockies and upper Great Plains — have weathered the coronavirus storm well.
Unemployment in a handful of struggling states also lingered in the double digits in September. Our metric sums mortgage delinquencies and unemployment to show which states are enduring the most extreme slowdowns during the pandemic. For now, foreclosures are at historically low levels, but housing economists expect defaults in 2021.
The fallout for real estate and labor markets is severe in some corners of the country. These five states fared the worst in September 2020:
Refinancing your mortgage can be a good financial move if you lock in a lower rate. However, there are upfront costs associated with refinancing, such as appraisals, underwriting fees and taxes, so you’ll want to be sure the savings outpace the refinance price tag in a reasonable amount of time, say 18 to 24 months.
Learn more about refinance rates.