Bernadette Gatsby/Unsplash

Bernadette Gatsby/Unsplash

Several closely watched mortgage rates fell today. The average rates on 30-year fixed and 15-year fixed mortgages both slid down. The average rate on 5/1 adjustable-rate mortgages, meanwhile, also slid lower.

Mortgage rates are constantly changing, but overall, they are very low by historical standards. If you’re in the market for a mortgage, it could make sense to go ahead and lock if you see a rate you like. Just be sure to shop around.

Viewmortgage rates for a variety of rate terms.

30-year fixed mortgages

The average 30-year fixed-mortgage rate is 3.52 percent, a decrease of 3 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.82 percent.

At the current average rate, you’ll pay $450.16 per month in principal and interest for every $100,000 you borrow. That represents a decline of $1.68 over what it would have been last week.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.03 percent, down 15 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $692 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.

5/1 ARMs

The average rate on a 5/1 adjustable rate mortgageis 3.35 percent, down 6 basis points over the last 7 days.

These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 3.35 percent would cost about $441 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.

Where rates are headed

To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.

Want to see where rates are right now? Lenders nationwide respond to Bankrate.com’s weekday mortgage rates survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans:

Average mortgage rates
Product Rate Last week Change
30-year fixed 3.52% 3.55% -0.03
15-year fixed 3.03% 3.18% -0.15
30-year fixed jumbo 3.63% 3.67% -0.04
30-year fixed refinance 3.59% 3.61% -0.02

Rates as of May 1, 2020.

Shopping for a mortgage lender? Check out reviews of top lenders.

Learn more about specific loan type rates
Loan Type Purchase Rates Refinance Rates
The index above links out to loan-specific pagesto help you learn more about rates by mortgage type.
30-Year Loan 30-Year Mortgage Rates 30-Year Refinance Rates
20-Year Loan 20-Year Fixed Mortgage Rates 20-Year Refinance Interest Rates
15-Year Loan 15-Year Mortgage Rates Current 15-Year Refinance Rates
10-Year Loan Current 10 Year Mortgage Rates 10-Year Refinance Rates
FHA Loan FHA Mortgage Loan Rates Current FHA Loan Refinance Rates
VA Loan VA Loan Interest Rates VA Refi Interest Rates
ARM Loan ARM Mortgage Rates ARM Refinance Rates
Jumbo Loan Jumbo Mortgage Rates Current Jumbo Refinance Rates

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”