Compare current mortgage rates for today

For today, Wednesday, May 12, 2021, the benchmark 30-year fixed mortgage rate is 3.050% with an APR of 3.270%. The average 15-year fixed mortgage rate is 2.350% with an APR of 2.650%. The 5/1 adjustable-rate mortgage (ARM) rate is 3.150% with an APR of 3.990%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders.

Compare today's mortgage and refinance rates and get quotes tailored to you below.

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Customers: Advertisers may have different loan terms on their own website from those advertised through To receive the rate, you must identify yourself to the Advertiser as a customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

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How to use our mortgage rate table

This table will show you estimated mortgage rates from different lenders, tailored to you. Fill out the fields above as accurately as possible so we can get a sense of where you live, what you’re looking to do and your financial situation. Based on the information provided, you will get custom quotes and be on your way to getting a new mortgage. This is an estimate; your actual rate will depend on a number of factors.

How mortgage rates work

Mortgage interest is basically how much you pay the bank to borrow its money. If you’re taking out a $100,000 mortgage, you’ll pay back more than $100,000 over time for the privilege. Generally speaking, shorter-term loans have lower interest rates than longer-term ones. With that lower interest rate and more-rapid payback, a 15-year mortgage, for example, will be a lot less expensive overall than a 30-year one. The flip side is, shorter-term loans mean higher monthly payments, so even though they save you money overall, they can squeeze your monthly budget unless you go for a cheaper home to offset the higher payment.

Why explore quotes?

Shopping around for quotes from multiple lenders is one of Bankrate’s most important pieces of advice for every mortgage applicant. When you shop, it’s important to think about not just the interest rate you’re being quoted, but also all the other terms of the loan. Be sure to compare APRs, which include many additional costs of the mortgage not shown in the interest rate. Keep in mind that some institutions may have lower closing costs than others, or your current bank may extend you a special offer. There’s always some variability between lenders on both rates and terms, so make sure you understand the full picture of each offer, and think about what will suit your situation best.

What to know before getting a mortgage

By Jeff Ostrowski
Reviewed by Greg McBride, CFA, Chief Financial Analyst for Bankrate

The information below consists of information and tips that will be helpful in selecting the best mortgage for your financial situation.

Mortgage News


Bankrate’s Housing Heat Index: Which state real estate markets are doing the best, worst during the coronavirus boom?

Before the coronavirus recession, Utah’s housing market was on fire. Then came the COVID-19 pandemic, which sent residents of Northern California and Seattle in search of affordable homes and more space, and an already-hot market grew hotter.

Dave Robison, president of the Utah Association of Realtors, sums up the activity simply. “It’s insane,” says Robison, a real estate broker in Salt Lake City.

His assessment isn’t just salesmanship. Utah home prices have been soaring as Californians stream into the state. Utah boasts the nation’s strongest pace of job growth, along with rock-bottom unemployment, few mortgage delinquencies and low state and local taxes.

All those factors pushed Utah into first place in Bankrate’s Housing Heat Index for the fourth quarter of 2020. Residential real estate has boomed during the coronavirus recession, and Utah has emerged as a particularly desirable market.

Other states in the Mountain time zone also are thriving. Montana, Idaho and Arizona rank second, fourth and sixth, respectively, in Bankrate’s index.

At the opposite end of the list is Hawaii, a state that has been hit hard by the COVID-19 pandemic. Its tourism industry has ground to a halt, and Hawaii’s jobs picture has darkened.

The 5 states with the hottest housing economies

The Housing Heat Index shows how states’ real estate markets are faring in the coronavirus-fueled housing boom, and how they might perform in the future. To calculate the ranking, Bankrate analyzed six data points: annual home price appreciation reported by the Federal Housing Finance Agency’s Home Price Index; share of mortgages past due as reported by the Mortgage Bankers Association; unemployment and job growth from the U.S. Labor Department; the cost of living index from the Center for Regional Economic Competitiveness; and state-by-state tax burdens as reported by the Tax Foundation.

These five states had the strongest housing economies in the fourth quarter of 2020:

  1. Utah – Its home values jumped 15.4 percent in the 12-month period that ended Dec. 31, third-best among U.S. states, according to the Federal Housing Finance Agency. Utah posted the second-strongest job growth in the nation from December 2019 to December 2020, according to a Bankrate analysis of Labor Department data. And its tax burden is among the lowest in the nation, according to the Tax Foundation.
  2. Montana – Home prices rose 15.5 percent in the past year, and Montana has the nation’s lowest level of past-due mortgage payments, according to the Mortgage Bankers Association.
  3. Nebraska – A state not usually associated with housing booms, Nebraska had the nation's lowest unemployment in December, at just 3 percent. Its home price appreciation was a robust 12 percent for the year.
  4. Idaho – Idaho’s home prices have been the hottest in the nation, soaring 21.1 percent in the year ending Dec. 31. And job growth is the strongest in the country. However, Idaho’s overall ranking was tempered by middle-of-the pack readings for cost of living and taxes.
  5. Indiana – The state's home prices jumped 12.3 percent in 2021, and its tax burden is the ninth-lowest in the nation.


The 5 states with the coolest housing economies

As a nationwide housing boom rages, every state saw property values increase during the 12 months that ended in December. However, some state economies are struggling with weak job growth and other challenges. The bottom 5 on our index:

  1. Illinois – High unemployment and tepid price appreciation placed Illinois near the bottom of the pack.
  2. Louisiana – It ranks worst in past-due loans, with nearly 11 percent of homeowners behind on their mortgage payments. Louisiana also fares poorly on price appreciation, job growth and tax burden.
  3. New York – Hit hard by the pandemic, New York is facing a number of headwinds. It ranks near the bottom in job growth, unemployment, tax burden and past-due loans.
  4. Washington, D.C. – The district ranked last in home price appreciation, with an increase of just 1.5 percent for the year. The city also ranked last in cost of living, and near the bottom in unemployment.
  5. Hawaii – This tourism-dependent state ranks dead last in job growth and unemployment and near the bottom in price appreciation. “The overall picture is one of a very weak economy,” says Carl Bonham, executive director of the University of Hawaii Economic Research Organization.

Do you already own a home and want to refinance?

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.

Check out Bankrate’s guide to paying for repairs and 203(k) mortgages for more information.


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