Mortgage and Refinance Rates Today, April 1, 2021 – Most Rates Go Up
Average mortgage rates were mostly higher than a week ago. 30-year fixed, 15-year fixed and jumbo loan rates have increased, while ARM 5/1 rates have fallen.
|Type of loan||Interest rate||A week ago||Switch|
|30-year fixed rate||3.27%||3.23%||+0.04|
|15-year fixed rate||2.51%||2.47%||+0.04|
|ARM rate 5/1||3.08%||3.14%||-0.06|
|30-year jumbo fixed rate||3.29%||3.25%||+0.04|
Prices updated April 1, 2021.
These rates are averages based on assumptions here. Actual prices displayed on the site may vary.
Today’s 30-year mortgage rate advances
The average rate on a 30-year fixed mortgage is 3.27%, up 4 basis points from the same period last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.18%.
At the current average rate, you’ll pay a combined amount of $ 436.30 per month in principal and interest for every $ 100,000 you borrow. That’s $ 2.19 more per $ 100,000 compared to last week.
Use Bankrate’s mortgage rate calculator to calculate your monthly payments and see how much you’ll save by adding additional payments. This calculator will also help you calculate the amount of interest you will need to pay over the life of your loan.
The 15-year mortgage goes up
The average 15-year benchmark fixed mortgage rate is 2.51%, up 4 basis points from last week.
Monthly payments on a 15-year fixed mortgage at this rate will cost about $ 667 per $ 100,000 borrowed. This is obviously much higher than the monthly payment of a 30-year mortgage at this rate, but it has big advantages: you will save thousands of dollars over the life of the loan in total interest paid and you will build up a lot more. equity. quickly.
ARM 5/1 rate drops
The average rate for a 5/1 variable rate mortgage is 3.08%, down 6 basis points over the past week.
Variable Rate Mortgages, or ARMs, are mortgage terms with a variable interest rate. In other words, the interest rate can change from time to time throughout the life of the loan, unlike fixed rate loans. These types of loans are the best for those who expect refinance or sell before the first or second adjustment. The rates could be much higher when the loan is first adjusted and afterwards.
Monthly payments on a 5/1 at 3.08% ARM would cost around $ 426 for every $ 100,000 borrowed in the first five years, but could increase by several hundred dollars thereafter, depending on loan terms.
The giant mortgage is increasing
The average rate for a jumbo mortgage is 3.29%, up 4 basis points over the past seven days. A month ago, the average rate for jumbo mortgages was lower at 3.20%.
At the current average rate, you’ll pay $ 437.40 per month in principal and interest for every $ 100,000 you borrow. That’s $ 2.19 up from what it would have been last week.
Summary: How mortgage interest rates have evolved over the past week
- 30-year fixed mortgage rate: 3.27%, compared to 3.23% last week, + 0.04
- 15-year fixed mortgage rate: 2.51%, compared to 2.47% last week, +0.04
- Mortgage rate 5/1 ARM: 3.08%, compared to 3.14% last week, -0.06
- Jumbo mortgage rate: 3.29%, up from 3.25% last week, + 0.04
Mortgage rate movement predictions for the week (April 1-7)
Mortgage advisors were divided over the development of rates over the coming week (April 1-7, 2021). In response to Bankrate Weekly Survey, 46% said the rates would go up, 38% think they will stay the same and only 15% expect them to go down.
Derek Egeberg, certified mortgage planning specialist and branch manager for Academy Mortgage, expects rates to rise. He just said, “Higher. As the price of gasoline over the past 4 months dropping from $ 2 to $ 3 per gallon, you might not recognize the market downturn just yet, but looking back several months from now it will be painfully painful. obvious.
Where to get the best rates
Mortgage rates can vary largely depending on overall market forces, loan size, location, financial situation, and lenders’ eagerness to get your business. Remember that the rates we publish 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.
When looking for a loan, it is essential to compare all the terms of your offers and not just the interest rate offered to you. Your best rate and best deal could come from an online lender, the local bank, or maybe a mortgage broker. You won’t know it unless you buy from multiple lenders through multiple channels.
Bankrate is a great place to start, as you can take advantage of our mortgage rate comparison tool and stay up to date on current rates. If you are not happy with the results there, you should check with the institution where you do your banking and other small lenders like local credit unions or banks.
After that :
Featured Lenders Today, April 1, 2021