Mortgage rates today, April 16, 2020 | Rates slide

Daily Mortgage blog

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for .

Expect Best/stocksnap.io

Expect Best/stocksnap.io

Multiple closely watched mortgage rates trended down today. The average rates on 30-year fixed and 15-year fixed mortgages both were down. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, also trended down.

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 make sense to go ahead and lock if you see a rate you like. Just make sure you’ve looked around for the best rate first.

Compare mortgage rates in your area now.

30-year fixed mortgages

The average rate for the benchmark 30-year fixed mortgage is 3.56 percent, a decrease of 17 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.98 percent.

At the current average rate, you’ll pay principal and interest of $452.40 for every $100,000 you borrow. That’s $9.58 lower, compared with last week.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be and see the effect of 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 3.09 percent, down 14 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $695 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 more rapidly.

5/1 ARMs

The average rate on a 5/1 ARM is 3.37 percent, down 12 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 3.37 percent would cost about $442 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 nationwide respond to Bankrate’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 3.56% 3.73% -0.17
15-year fixed 3.09% 3.23% -0.14
30-year fixed jumbo 3.69% 3.86% -0.17
30-year fixed refinance 3.69% 3.84% -0.15

Rates as of April 16, 2020.

See mortgage rates for a variety of loan types here.

Learn more about specific loan type rates
Loan Type Purchase Rates Refinance Rates
The indexabove links out to loan-specific content to help our readerslearn more about rates by product type.
30-Year Loan 30-Year Mortgage Rates Current 30 Year Refinance Rates
20-Year Loan 20-Year Mortgage Rates 20-Year Mortgage Refinance Rates
15-Year Loan 15 Year Fixed Mortgage Rates Current 15-Year Refinance Rates
10-Year Loan 10-Year Mortgage Interest Rates Current 10-Year Refinance Rates
FHA Loan FHA Mortgage Interest Rates FHA Refinance Interest Rates
VA Loan VA Mortgage Interest Rates VA Refi Interest Rates
ARM Loan Adjustable Rate Mortgage Rates Current ARM Refinance Rates
Jumbo Loan Jumbo Loan Interest 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.”