For today, Wednesday, March 03, 2021, the benchmark 30-year fixed mortgage rate is 3.130% with an APR of 3.330%. The average 15-year fixed mortgage rate is 2.490% with an APR of 2.760%. The 5/1 adjustable-rate mortgage (ARM) rate is 3.000% with an APR of 3.990%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders. Check out our mortgage calculator for rates customized to your specific financial needs.
The information below consists of information and tips that will be helpful in selecting the best mortgage for your financial situation.
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 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:
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:
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.