Today’s Best Mortgage Rates, February 19th, 2021 | Rates move higher

Daily Mortgage blog

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Several closely watched mortgage rates climbed higher today. Rates remain near historic lows, with the average 30-year rate 1.14 percentage points below the 2019 annual average rate. See below for an interactive rates chart, and a breakdown of today’s rates.

Current average mortgage interest rates
Loan type Interest rate A week ago Change
30-year fixed rate 2.99% 2.83% +0.16
15-year fixed rate 2.39% 2.34% -0.05
30-year fixed jumbo rate 3.03% 2.86% +0.17
30-year fixed refinance rate 3.01% 2.86% +0.15

Rates last updated on February 19, 2021. These rates are averages based on the assumptions shown here. Actual rates on-site may vary.

Data source: Bankrate overnight averages data

Rates for mortgages are in a constant state of flux, but they continue to represent a bargain compared to rates before the Great Recession. 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 rates in your area now.

Current 30 year mortgage rates

The average rate for a 30-year fixed mortgage is 2.99 percent, an increase of 16 basis points over the last seven days. 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 principal and interest of $421.06 for every $100,000 you borrow. That’s an extra $8.57 compared with last week.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be and see what the effects of making extra payments would be. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year mortgages

The average 15-year fixed-mortgage rate is 2.39 percent, up 5 basis points since the same time last week.

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 come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.

5/1 Adjustable Rate Mortgage Rates

The average rate on a 5/1 adjustable rate mortgageis 2.94 percent, down 1 basis point from a week ago.

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

Monthly payments on a 5/1 ARM at 2.94 percent would cost about $418 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.

Current jumbo mortgage rates

The current average rate you’ll pay for jumbo mortgages is 3.03 percent, up 17 basis points from a week ago. This time a month ago, the average rate on a jumbo mortgage was below that, at 2.91 percent.

At today’s average jumbo rate, you’ll pay $423.22 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $9.13 higher.

To follow how rates change day-to-day, see Bankrate’s daily rates news hub.

Where to find the best rates

Interest rates can differ largely based on overall market forces, the size of the loan, your location, your financial situation and how motivated mortgage lenders are to get your business. Remember that the rates we cite 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 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.

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See rates for a variety of loan types
Product Purchase Rates Refinance Rates
The index above links out to loan-specific content to help our readers learn more about rates by mortgage type.
30-Year Loan 30-Year Mortgage Rates Current 30 Year Refinance Rates
20-Year Loan 20-Year Mortgage Rates Current 20-Year Refinance Rates
15-Year Loan 15-Year Mortgage Interest Rates 15-Year Refi Interest Rates
10-Year Loan 10-Year Fixed Mortgage Rates 10-Year Refinance Rates
FHA Loan FHA Loan Interest Rates FHA Mortgage Refi Rates
VA Loan VA Loan Interest Rates VA Refinance Loan Rates
ARM Loan ARM Loan Rates ARM Refinance Rates
Jumbo Loan Jumbo Loan Rates Jumbo Mortgage Refinance Rates

Methodology: The rates you see above are 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. site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “ 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.