Several benchmark mortgage rates advanced today. Rates remain near historic lows, with the average 30-year rate 1.17 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||2.96%||2.82%||+0.14|
|15-year fixed rate||2.40%||2.33%||-0.07|
|30-year fixed jumbo rate||3.01%||2.84%||+0.17|
|30-year fixed refinance rate||3.00%||2.84%||+0.16|
Rates last updated on February 18, 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 change daily, but they remain low by historical standards. If you’re in the market for a mortgage, it may make sense to go ahead and lock if you see a rate you like. Just be sure to shop around.
30-year mortgage rates
The average rate for a 30-year fixed mortgage is 2.96 percent, an increase of 14 basis points since the same time last week. 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 principal and interest of $419.45 for every $100,000 you borrow. Compared to last week, that’s $7.49 higher.
You can use Bankrate’s mortgage rate 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 determinehow much interest you’ll pay over the life of the loan.
The average 15-year fixed-mortgage rate is 2.40 percent, up 7 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $662 per $100,000 borrowed. The bigger payment may be a little more difficult to find room for in your monthly budget than a 30-year mortgage payment would, 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 ARM is 2.94 percent, ticking down 1 basis point over the last week.
These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be considerably 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 increase by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo loan interest rates
The average jumbo mortgage rate is 3.01 percent, an increase of 17 basis points over the last week. Last month on the 18th, the average rate was lower, at 2.92 percent.
At today’s average rate, you’ll pay principal and interest of $422.14 for every $100k you borrow. Compared to last week, that’s $9.12 higher.
To stay up to date with daily mortgage rates, check out our rates hub.
How to find the best rates
Mortgage rates can differ largely based on overall market forces, the loan amount, your location, your financial situation and how motivated mortgage lenders are to get your business. Remember that the rates we quote are 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 remain current on today’s 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.
Shopping for a mortgage lender?
- Optimum First Mortgage Review
- Cardinal Financial Mortgage Review
- Churchill Mortgage Review
- PennyMac Mortgage Review
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.