Today's mortgage rates

Today’s mortgage and refinance rates, April 30, 2021 – Rates rise

Daily Mortgage blog

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National mortgage rates jumped for all loan terms compared to a week ago. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans increased.

Average mortgage rates for home purchase
Product Rate Last week Change
30-year fixed 3.11% 3.07% +0.04
15-year fixed 2.39% 2.35% +0.04
5/1 ARM 3.26% 3.24% +0.02
30-year fixed jumbo 3.13% 3.07% +0.06

Rates as of April 30, 2021.

The rates listed here are marketplace averages based on the assumptions shown here. Actual rates available on-site may vary. This story has been reviewed by Bill McGuire. All rate data accurate as of Friday, April 30th, 2021 at 12:00pm.

Mortgage rates for home purchase

Today’s 30-year mortgage rate moves up, +0.04%

The average rate you’ll pay for a 30-year fixed mortgage is 3.11 percent, an increase of 4 basis points since the same time last week. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 3.26 percent.

At the current average rate, you’ll pay principal and interest of $427.56 for every $100k you borrow. That’s an increase of $2.17 over what you would have paid last week.

15-year fixed mortgage climbs,+0.04%

The average rate for a 15-year fixed mortgage is 2.39 percent, up 4 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $662 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 ARM moves higher, +0.02%

The average rate on a 5/1 adjustable rate mortgageis 3.26 percent, climbing 2 basis points over the last 7 days.

Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate mortgages. These loan types are best for those 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 3.26 percent would cost about $436 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.

Jumbo mortgage rate advances, +0.06%

The average jumbo mortgage rate is 3.13 percent, up 6 basis points over the last seven days. Last month on the 30th, the average rate on a jumbo mortgage was higher, at 3.27 percent.

At today’s average rate, you’ll pay $428.65 per month in principal and interest for every $100,000 you borrow. That’s up $3.26 from what it would have been last week.

Recap: How interest rates have changed this week

  • 30-year fixed mortgage rate: 3.11%, up from 3.07% last week, +0.04
  • 15-year fixed mortgage rate: 2.39%, up from 2.35% last week, +0.04
  • 5/1 ARM mortgage rate: 3.26%, up from 3.24% last week, +0.02
  • Jumbo mortgage rate: 3.13%, up from 3.07% last week, +0.06

Interested in refinancing? See mortgage refinance rates

Today’s 30-year mortgage refinance rate increases, +0.03%

The average 30-year fixed-refinance rate is 3.17 percent, up 3 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.34 percent.

At the current average rate, you’ll pay $430.83 per month in principal and interest for every $100,000 you borrow. That’s an increase of $1.64 over what you would have paid last week.

How does credit score affect my mortgage rate?

A credit score of 760 or higher generally will help you qualify for the best rates offered by any mortgage lender. However, you don’t need excellent credit to qualify for a mortgage. Loans insured by the Federal Housing Administration, or FHA, have a minimum credit score requirement of just 580.

Ideally if you have a lower score, you want to work on your credit to get the best loan offers possible. While you can get a mortgage with poor or bad credit, your mortgage interest rate and terms may not be as cheap.

What next:

Today’s featured lenders, April 30, 2021