Today’s best mortgage and refinance rates, October 13th, 2021 | Majority of rates rise

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Mortgage interest rates were mostly up compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo loans moved higher, while 5/1 ARM rates remained flat.

Today’s mortgage rates for home purchase
Loan type Interest rate A week ago Change
30-year fixed rate 3.19% 3.11% +0.08
15-year fixed rate 2.43% 2.38% +0.05
5/1 ARM rate 2.79% 2.79% N/C
30-year fixed jumbo rate 3.21% 3.11% +0.10

Rates last updated on October 13, 2021.

The rates listed above are marketplace averages based on the assumptions shown here. Actual rates displayed on-site may vary. This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Wednesday, October 13th, 2021 at 7:30am.

You can save thousands of dollars over the life of your mortgage by getting multiple offers. “It is so important to shop around,” says Greg McBride, CFA, Bankrate chief financial analyst. “Not everyone offers the same price, and some lenders may have motivation to be very competitive on price.”

Mortgage rates for home purchase

Today’s 30-year mortgage rate trends upward, +0.08%

The average 30-year fixed-mortgage rate is 3.19 percent, up 8 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.02 percent.

At the current average rate, you’ll pay a combined $428.10 per month in principal and interest for every $100k you borrow. That’s an increase of $6.50 over what you would have paid last week.

30-year mortgage vs. 15-year mortgage

Standard lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers buying a home as it allows the borrower to disperse mortgage payments out over 30 years, keeping their monthly payment lower.

With a 15-year mortgage, however, borrowers are able to pay off their loan in half the time — if they’re able and willing to expand the amount of their monthly loan payment. The primary difference between qualifying for a 15-year versus a 30-year mortgage is that you’ll need a higher income and lower debt-to-income ratio to obtain the former because the monthly loan payments are loftier.

15-year mortgage goes up,+0.05%

The average rate for a 15-year fixed mortgage is 2.43 percent, up 5 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $390 per $100k borrowed. The bigger payment may be a little harder 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 quickly.

5/1 ARM rate holds firm

The average rate on a 5/1 ARM is 2.79 percent, unchanged since the same time last week.

Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. To put it another way, the interest rate can change from time to time throughout the life of the loan, unlike fixed-rate mortgages. These loan types are best for those who expect to refinance or sell 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 2.79 percent would cost about $409 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 mortgage interest rate goes up, +0.10%

The average rate you’ll pay for a jumbo mortgage is 3.21 percent, an increase of 10 basis points from a week ago. This time a month ago, jumbo mortgages’ average rate was below that, at 3.03 percent.

At the current average rate, you’ll pay $428.10 per month in principal and interest for every $100,000 you borrow. That’s up $6.50 from what it would have been last week.

Summary: How mortgage rates have moved

  • 30-year fixed mortgage rate: 3.19%, up from 3.11% last week, +0.08
  • 15-year fixed mortgage rate: 2.43%, up from 2.38% last week, +0.05
  • 5/1 ARM mortgage rate: 2.79%, unchanged from last week
  • Jumbo mortgage rate: 3.21%, up from 3.11% last week, +0.10

Mortgage refinance rates

30-year mortgage refinance rate increases, +0.09%

The average 30-year fixed-refinance rate is 3.17 percent, up 9 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower, at 2.99 percent.

At the current average rate, you’ll pay $428.10 per month in principal and interest for every $100,000 you borrow. That’s an increase of $6.50 over what you would have paid last week.

6 steps to getting the best mortgage rate

  1. Improve your credit score
  2. Build a record of employment
  3. Save up for a down payment
  4. Go for a 15-year fixed-rate mortgage
  5. Shop among multiple lenders
  6. Lock in your rate

Learn more about how these steps can secure you a lower rate.

What comes next:

Featured lenders, October 13, 2021