Binyamin Mellish/stocksnap.io

Binyamin Mellish/stocksnap.io

Several benchmark mortgage rates fell today. The average for a 30-year fixed-rate mortgage were down, but the average rate on a 15-year fixed were higher. Meanwhile, the average rate on 5/1 adjustable-rate mortgages tapered off.

Rates for mortgages are in a constant state of flux, but they have remained in a historically low range for quite some time. If you’re in the market for a mortgage, it could be a great time to lock in a rate. Just make sure you shop around first.

Find the right mortgage rate for your specific criteria.

30-year fixed mortgages

The average rate for the benchmark 30-year fixed mortgage is 3.51 percent, a decrease of 1 basis point since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.69 percent.

At the current average rate, you’ll pay a combined $449.60 per month in principal and interest for every $100,000 you borrow. That represents a decline of $0.56 over what it would have been last week.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be and see how much you’ll save by adding extra payments. It will also help you computehow much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.12 percent, up 1 basis point from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $696 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

5/1 ARMs

The average rate on a 5/1 adjustable rate mortgageis 3.31 percent, ticking down 3 basis points since the same time last week.

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

Monthly payments on a 5/1 ARM at 3.31 percent would cost about $439 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars 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 across the nation respond to our 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 3.51% 3.52% -0.01
15-year fixed 3.12% 3.11% -0.01
30-year fixed jumbo 3.60% 3.64% -0.04
30-year fixed refinance 3.58% 3.57% +0.01

Rates as of May 11, 2020.

Searching for a mortgage lender? See Bankrate’s lender reviews here.

Check rates for specific loan types
Product Purchase Rates Refinance Rates
The table above links out to loan-specific content to help our readers learn more about rates by product type.
30-Year Loan 30-Year Mortgage Rates 30-Year Refinance Rates
20-Year Loan 20-Year Mortgage Rates Current 20-Year Refinance Rates
15-Year Loan 15-Year Mortgage Interest Rates 15-Year Refinance Rates
10-Year Loan 10-Year Fixed Mortgage Rates 10-Year Mortgage Refinance Rates
FHA Loan Current FHA Mortgage Rates FHA Refinance Interest Rates
VA Loan VA Loan Interest Rates VA Mortgage Refinance Rates
ARM Loan ARM Interest Rates ARM Refinance Rates
Jumbo Loan Jumbo Mortgage Rates Jumbo Mortgage 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.”