karamysh/Shutterstock

karamysh/Shutterstock

Mortgage rates showed no clear direction today, but one key rate floated higher. The average for a 30-year fixed-rate mortgage cruised higher, but the average rate on a 15-year fixed decreased. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of variable rate mortgage, dropped.

Mortgage rates are constantly changing, but they remain low by historical standards. If you’re in the market for a mortgage, it could be a great time to lock in a rate. Just be sure to shop around.

Viewmortgage rates for a variety of rate terms.

30-year fixed mortgages

The average rate you’ll pay for a 30-year fixed mortgage is 3.56 percent, an increase of 2 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was unchanged, at 3.56 percent.

At the current average rate, you’ll pay principal and interest of $452.40 for every $100,000 you borrow. Compared to last week, that’s $1.12 higher.

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

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.00 percent, down 15 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $691 per $100,000 borrowed. The bigger payment may be a little more difficult to find room for in your monthly budget than a 30-year mortgage payment would, 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 3.31 percent, ticking down 2 basis points over the last 7 days.

These types of loans are best for people who expect to refinance or sell before the first or second adjustment. Rates could be considerably 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 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 at this moment? Lenders nationwide 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 interest rates
Product Rate Last week Change
30-year fixed 3.56% 3.54% +0.02
15-year fixed 3.00% 3.15% -0.15
30-year fixed jumbo 3.67% 3.66% +0.01
30-year fixed refinance 3.64% 3.62% +0.02

Rates as of May 14, 2020.

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.”

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

Compare mortgage rates for various loan types
Loan term Purchase Rates Refinance Rates
The chart above links out to loan-specific content to help our readers learn more about rates by product type.
30-Year Loan Current 30 Year Mortgage Rates 30-Year Mortgage Refinance Rates
20-Year Loan Current 20 Year Mortgage Rates 20-Year Refinance Interest Rates
15-Year Loan Current 15 Year Mortgage Rates 15-Year Refi Interest Rates
10-Year Loan Current 10 Year Mortgage Rates 10-Year Refinance Rates
FHA Loan FHA Mortgage Interest Rates FHA Mortgage Refi Rates
VA Loan VA Loan Interest Rates VA Mortgage Refinance Rates
ARM Loan ARM Mortgage Rates Current ARM Refinance Rates
Jumbo Loan Jumbo Loan Rates Jumbo Refi Interest Rates