Current 30 Year Mortgage Rates, February 19, 2021: Rates higher

30 year mortgage blog

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30-year fixed mortgage rates

The average rate for a 30-year fixed-rate mortgage is 2.99 percent, climbing 16 basis points over the past week. One month ago, the average rate on a 30-year mortgage was more favorable, at 2.88 percent. Today’s 30-year rate is 114 basis points below the average annual rate of 2019, making it a great time to get a fixed-rate mortgage.

At the current average interest rate, you’ll pay principal and interest of $421.06 for every $100,000 you borrow. That’s up $8.57 from last Friday. Compared to a month ago, that’s $5.90 higher.

Use Bankrate’s mortgage rate calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll fork up over the life of your loan.

30-year fixed refi rates

The average rate to refinance a 30-year fixed-rate mortgage is 3.01 percent, up 15 basis points compared to a week ago. A month ago, the average rate on a 30-year mortgage was 2.90 percent.

At the current average rate, you’ll pay P&I of $422.14 for every $100k you borrow. Compared to last week, that’s $8.05 higher. Compared to a month ago, that’s $5.91 higher.

Bankrate average annual 30-year fixed mortgage rate, 2010-2019

Year Average 30-Year Fixed Annual Rate
2010 4.86%
2011 4.65%
2012 3.88%
2013 4.16%
2014 4.31%
2015 3.99%
2016 3.79%
2017 4.14%
2018 4.70%
2019 4.13%

Pros and cons of a 30-year mortgage term

The popular 30-year mortgage has a number of advantages, including:

  • Lower monthly payment. Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower, more affordable payments spread over time.
  • Stability. With a 30-year mortgage, you lock in a consistent principal and interest payment. Because of the predictability, you can plan your housing expenses for the long term. Remember: Your monthly housing payment can change if your homeowners insurance and property taxes go up or, less likely, down.
  • Buying power. Because you have lower payments, you can qualify for a bigger loan and a more expensive house.
  • Flexibility. Lower monthly payments can free up some of your monthly budget for other goals, like building an emergency fund, contributing to retirement or college tuition, or saving for home repairs and maintenance.
  • Strategic use of debt. Some argue that Americans focus too much on paying down their mortgages rather than adding to their retirement accounts. A 30-year mortgage with a smaller monthly payment can allow you to save more for retirement.

The 30-year mortgage also has some downsides: