Current National Mortgage Rates, February 22nd, 2021 : Rates higher

Daily Mortgage blog

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Multiple key mortgage rates cruised higher today. Rates remain near historic lows, with the average 30-year rate 1.09 percentage points below the 2019 annual average rate. See below for an interactive rates chart, and a breakdown of today’s rates.

Average mortgage interest rates
Product Rate Last week Change
30-year fixed 3.04% 2.86% +0.18
15-year fixed 2.43% 2.34% -0.09
30-year fixed jumbo 3.09% 2.89% +0.20
30-year fixed refinance 3.07% 2.89% +0.18

Rates as of February 22, 2021.

Data source: Bankrate overnight averages data

Rates for mortgages are constantly changing, but overall, they are very low by historical standards. If you’re in the market for a mortgage, it may make sense to lock if you see a rate you like. Just be sure to shop around.

Compare mortgage interest rates from lenders across the nation.

30-year mortgages

The average rate you’ll pay for a 30-year fixed mortgage is 3.04 percent, an increase of 18 basis points from a week ago. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 2.88 percent.

At the current average rate, you’ll pay $423.76 per month in principal and interest for every $100,000 you borrow. That’s an increase of $9.67 over what you would have paid last week.

You can use Bankrate’s home loan calculator to get a handle on what your monthly payments would be and find out how much you’ll save by adding extra payments. It will also help you computehow much interest you’ll pay over the life of the loan.

15-year mortgages

The average 15-year fixed-mortgage rate is 2.43 percent, up 9 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $664 per $100,000 borrowed. That’s clearly much higher than the monthly payment would be on a 30-year mortgage at that rate, 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 ARM is 2.95 percent, adding 1 basis point over the last 7 days.

These loan types are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 2.95 percent would cost about $419 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 loan interest rates

is 3.09 percent, an increase of 20 basis points from a week ago. A month ago, the average rate for jumbo mortgages was lower, at 2.91 percent.

At the average rate today for a jumbo loan, you’ll pay a combined $426.47 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $10.78 higher.

To stay well-informed on current mortgage rates, check out Bankrate’s daily rates page.

Where to find the best rates

Interest rates can vary largely based on overall market forces, the loan amount, your location, your financial situation and how motivated lenders are to get your business. Keep in mind that the rates we quote are market averages–some people will be quoted higher or lower or that exact rate, and the rate may change daily even at the same lender.

It’s important when you’re searching for a mortgage to shop around and compare and contrast all the terms of your offers, not just the interest rate you’re being quoted. Your best rate and terms may be from an online lender, the bank down the street or perhaps through a mortgage broker. You won’t know unless you shop multiple lenders through multiple channels.

Bankrate is a great place to start, because you can take advantage of our mortgage rate comparison tool and stay up to date on current rates. If you’re not happy with the results there, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.

Searching for the right lender?

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.