Today's mortgage rates

Current National Mortgage & Refinance Rates, May 3, 2021 | Majority of rates rise

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

Mortgage interest rates were mostly higher compared to a week ago. Rates for 30-year fixed, 15-year fixed and jumbo loans moved higher, while 5/1 ARM rates declined.

Average home loan rates
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% 3.27% -0.01
30-year fixed jumbo 3.13% 3.07% +0.06

Rates as of May 3, 2021.

The rates listed above are Bankrate’s overnight average rates and are based on the assumptions here. Actual rates available within the site may vary. This story has been reviewed by Bill McGuire. All rate data accurate as of Monday, May 3rd, 2021 at 12:00pm.

Mortgage interest rates

Current 30 year mortgage rate moves upward, +0.04%

The average rate for the benchmark 30-year fixed mortgage is 3.11 percent, up 4 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.27 percent.

At the current average rate, you’ll pay $427.56 per month in principal and interest for every $100k you borrow. That’s $2.17 higher compared with last week.

15-year mortgage rises,+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 approximately $662 per $100,000 borrowed. The bigger payment may be a little harder 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 faster.

5/1 ARM rate moves down, -0.01%

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

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. In other words, the interest rate can change from time to time throughout the life of the loan, unlike fixed-rate mortgages. 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 3.26 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 interest rate moves up, +0.06%

The average rate for the benchmark jumbo mortgage is 3.13 percent, up 6 basis points from a week ago. Last month on the 3rd, the average rate on a jumbo mortgage was greater than 3.13, at 3.29 percent.

At the current average rate, you’ll pay $428.65 per month in principal and interest for every $100k you borrow. That’s $3.26 higher compared with last week.

Summary: How interest rates have changed

  • 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%, down from 3.27% last week, -0.01
  • Jumbo mortgage rate: 3.13%, up from 3.07% last week, +0.06

Interested in refinancing? See mortgage refinance rates

Current 30 year mortgage refinance rate moves higher, +0.04%

The average 30-year fixed-refinance rate is 3.17 percent, up 4 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.36 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 extra $2.18 compared with last week.

Rate lock advice and recommendations

A rate lock guarantees your interest rate for a specified period of time. Lenders often offer 30-day rate locks for a nominal fee or roll the price of the lock into your loan. Some lenders will lock rates for longer periods of time, even exceeding 60 days, but those locks can be expensive. In today’s unstable market, some lenders will lock an interest rate for just two weeks to avoid unnecessary risk.

With a rate lock, if interest rates rise, you’re locked into the guaranteed rate. You may be able to find a lender that offers a floating rate lock. A floating rate lock lets you get a lower rate if interest rates decline before closing your loan. It could be worth the cost in a declining rate environment. Because mortgage rates are not predictable, there’s no guarantee that rates will stay where they are from week to week or even day to day. So, if you can lock in a low rate, then you should do so rather than gamble on interest rates falling even lower.

Keep in mind that during the pandemic, all aspects of real estate and mortgage closings are taking much longer than usual. Expect the closing on a new mortgage to take at least 60 days, with refinancing taking at least a month.

What next:

Today’s featured lenders, May 3, 2021