Current National Mortgage Rates, February 23rd, 2021 : Rates trend upward

Daily Mortgage blog

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Multiple benchmark mortgage rates climbed higher today. Rates remain near historic lows, with the average 30-year rate 1.04 percentage points below the 2019 annual average rate. See below for an interactive rates chart, and a breakdown of today’s rates.

Today’s mortgage interest rates
Loan term Today’s Rate Last week Change
30-year mortgage rate 3.09% 2.88% +0.21
15-year mortgage rate 2.47% 2.37% -0.10
30-year jumbo mortgage rate 3.13% 2.91% +0.22
30-year mortgage refinance rate 3.13% 2.92% +0.21

Rates accurate as of February 23, 2021.

Data source: Bankrate overnight averages data

Mortgage rates 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 go ahead and lock if you see a rate you like. Just don’t do so without shopping around first.

Compare mortgage interest rates from lenders nationally.

30-year mortgage rates today

The average rate you’ll pay for a 30-year fixed mortgage is 3.09 percent, up 21 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 2.86 percent.

At the current average rate, you’ll pay principal and interest of $426.47 for every $100,000 you borrow. That’s $11.31 higher compared with last week.

You can use Bankrate’s mortgage loan calculator to estimate your monthly payments 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 fixed mortgages

The average 15-year fixed-mortgage rate is 2.47 percent, up 10 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $665 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 ARMs

The average rate on a 5/1 ARM is 2.97 percent, climbing 3 basis points over the last 7 days.

These loan types are best for people 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 2.97 percent would cost about $420 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.

Current jumbo mortgage rates

The average jumbo mortgage rate is 3.13 percent, an increase of 22 basis points from a week ago. A month ago, the average rate on a jumbo mortgage was below that, at 2.89 percent.

At the current average rate, you’ll pay principal and interest of $428.65 for every $100k you borrow. That’s an increase of $11.88 over what you would have paid last week.

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

Where to find the best rates

Mortgage rates can vary widely based on overall market forces, the loan amount, your location, your financial situation and how eager lenders are to get your business. Remember that the rates we post 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 key when you’re looking 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 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.

Shopping for the right mortgage lender?

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.