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.
|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.
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.
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.
Searching for a mortgage lender?
- Movement Mortgage Review
- AmeriSave Mortgage Corporation Mortgage Review
- Anchor Home Mortgage Review
- Wyndham Capital Mortgage Review
|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 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.