Current 30 Year Interest Rates, February 15, 2021: Benchmark rate rises - Bankrate.com

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30-year fixed mortgage rates

The average rate for a 30-year fixed-rate mortgage is 2.86 percent, rising 1 basis point over the previous seven days. A month ago, the average rate on a 30-year loan was worse, at 2.89 percent. The current rate is 127 basis points below the average annual rate of 2019, making it a fantastictime to get a 30-year mortgage.

At today’s average rate, you’ll pay principal and interest of $414.09 for every $100k you borrow. That’s up $0.53 from last Monday.

Use Bankrate’s mortgage rate calculator to calculate your monthly payments and see how much you’ll save by adding extra payments. This calculator will also help you calculate how much interest you’ll pay over the life of the loan.

30-year mortgage refinance rates

The average rate to refinance a 30-year fixed-rate mortgage is 2.89 percent, increasing 1 basis point compared to a week ago. This time last month, the average rate on a 30-year mortgage was 2.93 percent.

At the current average rate, you’ll pay P&I of $415.69 for every $100,000 you borrow. Compared to last week, that’s $0.53 higher.

Bankrate average annual 30-year fixed mortgage rate, 2015-2019

Year	Average 30-Year Fixed Annual Rate
2015	3.99%
2016	3.79%
2017	4.14%
2018	4.70%
2019	4.13%

Pros and cons of a 30-year mortgage term

The popular 30-year mortgage has a number of advantages, including:

• Lower monthly payment. Compared to a shorter-term mortgage, such as 15 years, the 30-year mortgage offers more affordable monthly payments spread over time.
• Stability. With a 30-year mortgage, you lock in a consistent principal and interest payment. Because of the predictability, you can plan your housing expenses for the long term. Remember: Your monthly housing payment can change if your homeowners insurance and property taxes go up or, less likely, down.
• Buying power. With lower payments, you can qualify for a larger loan amount and a more expensive home.
• Flexibility. Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
• Strategic use of debt. Some argue that Americans focus too much on paying down their mortgages rather than adding to their retirement accounts. A 30-year fixed mortgage with a lower monthly payment can allow you to save more for retirement.

As with any financial product, the 30-year mortgage has some downsides, including:

• More total interest paid. A 30-year term means you’ll pay more overall in interest compared with what you’d pay with a shorter-term loan.
• Higher mortgage rates. Compared to 15-year loans, lenders charge higher interest rates for 30-year loans because they’re taking on the risk of not being repaid for a longer time span.
• Slower equity growth. The amortization table for a 30-year mortgage reveals a harsh reality: In the early years, almost all of your payments go to interest rather than principal. A 15-year loan brings a higher monthly payment but much faster payoff of the loan amount.
• Buying a pricier house than you should. Just because you might be able to afford more house with a 30-year loan doesn’t mean you should stretch your budget to the breaking point. Give yourself some breathing room for other financial goals and unexpected expenses. Use Bankrate’s home affordability calculator to determine how much house you can afford.

Where rates are headed

Each week, Bankrate asks a panel of mortgage experts where they think mortgage rates will go over the next week. See Bankrate’s Rate Trend Index for weekly forecasts.

To provide the freshest rates, mortgage lenders nationwide respond to Bankrate’s weekday mortgage rates survey to bring you the most current rates available. Here you can see our latest marketplace average rates and an up to date analysis on current interest rates..

Searching for the right lender? See Bankrate’s lender reviews here.

Shopping for the right lender?

• GoodMortgage Review
• ConsumerDirect Mortgage Review
• USAA Mortgage Review
• Check out all reviews of lenders nationwide

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.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s on-site rate averages”.

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