Today’s national mortgage rates, April 6th, 2021 | Majority of rates rise

Daily Mortgage blog

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National mortgage rates were mostly higher compared to a week ago. Rates for 30-year fixed, 15-year fixed and jumbo loans ticked up, while 5/1 ARM rates declined.

Current average mortgage rates
Loan term Today’s Rate Last week Change
30-year mortgage rate 3.28% 3.25% +0.03
15-year mortgage rate 2.53% 2.50% +0.03
5/1 ARM mortgage rate 3.07% 3.08% -0.01
30-year jumbo mortgage rate 3.30% 3.26% +0.04

Rates accurate as of April 6, 2021.

The rates listed above are Bankrate’s overnight average rates and are based on the assumptions indicated here. Actual rates available on-site may vary.

This story has been reviewed by Bill McGuire. All rate data accurate as of Tuesday, April 6th, 2021.

Today’s 30-year mortgage rate advances

The average 30-year fixed-mortgage rate is 3.28 percent, up 3 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.24 percent.

At the current average rate, you’ll pay principal and interest of $436.85 for every $100k you borrow. That’s $1.64 higher compared with last week.

When to consider a 30-year fixed mortgage

Choosing the right home loan is an important step in the homebuying process, and you have a lot of options. You need to take several factors into consideration, including your credit score, income, down payment amount, budget, and financial goals.

15-year fixed mortgage increases

The average 15-year fixed-mortgage rate is 2.53 percent, up 3 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $668 per $100,000 borrowed. That’s obviously 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 save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

5/1 ARM eases

The average rate on a 5/1 ARM is 3.07 percent, sliding 1 basis point from a week ago.

Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. To put it another way, the interest rate can change intermittently throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for those who expect to refinance or sell 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 3.07 percent would cost about $425 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.

Jumbo mortgage trends higher

The average jumbo mortgage rate today is 3.30 percent, an increase of 4 basis points since the same time last week. Last month on the 6th, the average rate for jumbo mortgages was below that, at 3.28 percent.

At the current average rate, you’ll pay a combined $437.96 per month in principal and interest for every $100k you borrow. That’s an increase of $2.20 over what you would have paid last week.

In summary: How mortgage rates have shifted over the past week

  • 30-year fixed mortgage rate: 3.28%, up from 3.25% last week, +0.03
  • 15-year fixed mortgage rate: 2.53%, up from 2.50% last week, +0.03
  • 5/1 ARM mortgage rate: 3.07%, down from 3.08% last week, -0.01
  • Jumbo mortgage rate: 3.30%, up from 3.26% last week, +0.04

Mortgage rate movement forecasts for this week (April 1-7)

Mortgage experts were divided over where rates will go in the week ahead (April 1-7). In response to Bankrate’s rate trends poll, 46 percent said rates will rise, 38 percent think they will remain the same and just 15 percent expect them to fall.

Ken H. Johnson, real estate economist for Florida Atlantic University, expects rates to rise this week. About rates, he said: “30-year mortgage rates will move up slightly this week. It looks like the firewall provided by foreign bank interest in 10-year U.S. Treasurys has been burned through, resulting in a rise in yield. Currently, the 10-year sits slightly above 1.7 percent. The spread between 10-year Treasurys and 30-year mortgage rates is typically 170 to 190 basis points. Splitting the difference in the spread, a reasonable intermediate expectation for 30-year mortgage rates is 3.5 percent. This expectation will lead to an increase in 30-year mortgage rates for the coming week.”

Are mortgage rates rising or falling?

Mortgage rates have hovered around all-time lows in recent months, but where they go from here is nearly impossible to predict. Much depends on the direction of the economy, and how well public health officials can contain the coronavirus pandemic. The general consensus: If the economy continues to bounce back, and if drugmakers are successful in developing a vaccine, rates will rise. However, if the economy suffers pandemic-related setbacks, rates will stay low or even fall further.

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