Bernadette Gatsby/Unsplash

Bernadette Gatsby/Unsplash

Mortgage rates showed no clear direction today, but one key rate notched higher. The average for a 30-year fixed-rate mortgage were higher, but the average rate on a 15-year fixed receded. The average rate on 5/1 adjustable-rate mortgages, meanwhile, declined.

Rates for mortgages change daily, 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 don’t do so without shopping around first.

Compare mortgage interest rates from lenders across the nation.

30-year fixed mortgages

The average rate for a 30-year fixed mortgage is 3.57 percent, an increase of 3 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.63 percent.

At the current average rate, you’ll pay $452.96 per month in principal and interest for every $100,000 you borrow. That’s $1.68 higher compared with last week.

You can use Bankrate’s mortgage calculator to figure out your monthly payments and see how much you’ll save by adding extra payments. 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 3.03 percent, down 11 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $692 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 come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.

5/1 ARMs

The average rate on a 5/1 adjustable rate mortgageis 3.31 percent, sliding 2 basis points from a week ago.

These loan types are best for people who expect to refinance or sell 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 3.31 percent would cost about $439 for each $100,000 borrowed over the initial five years, but could ratchet higher 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 currently? 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 interest rates
Product Rate Last week Change
30-year fixed 3.57% 3.54% +0.03
15-year fixed 3.03% 3.14% -0.11
30-year fixed jumbo 3.68% 3.66% +0.02
30-year fixed refinance 3.65% 3.62% +0.03

Rates as of May 13, 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.”

Shopping for the right mortgage lender? See reviews of top lenders.

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