Mortgage rates were mostly lower compared to a week ago. Rates for 30-year fixed, 15-year fixed and jumbo loans declined, while rates for adjustable rate mortgages rose.
Rates last updated on March 12, 2021.
These rates are Bankrate’s overnight average rates and are based on the assumptions here. Actual rates displayed across the site may vary.
Current 30 year mortgage rate eases
The average rate you’ll pay for a 30-year fixed mortgage is 3.20 percent, down 1 basis point over the last seven days. Last month on the 12th, the average rate on a 30-year fixed mortgage was lower, at 2.83 percent.
At the current average rate, you’ll pay principal and interest of $432.47 for every $100k you borrow. That’s $0.54 lower, compared with last week.
15-year mortgage moves down
The average rate for a 15-year fixed mortgage is 2.46 percent, down 4 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $665 per $100,000 borrowed. That’s clearly 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 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 advances
The average rate on a 5/1 ARM is 3.05 percent, up 6 basis points over the last 7 days.
Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. In other words, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate loans. These loan types are best for people who expect to refinance or sell before the first or second adjustment. Rates could be considerably higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.05 percent would cost about $424 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Current jumbo mortgage rate retreats
The average jumbo mortgage rate is 3.23 percent, down 2 basis points from a week ago. This time a month ago, jumbo mortgages’ average rate was below that, at 2.86 percent.
At the average rate today for a jumbo loan, you’ll pay $434.11 per month in principal and interest for every $100,000 you borrow. That represents a decline of $1.10 over what it would have been last week.
Recap: How mortgage rates have changed
- 30-year fixed mortgage rate: 3.20%, down from 3.21% last week, -0.01
- 15-year fixed mortgage rate: 2.46%, down from 2.50% last week, -0.04
- 5/1 ARM mortgage rate: 3.05%, up from 2.99% last week, +0.06
- Jumbo mortgage rate: 3.23%, down from 3.25% last week, -0.02
Rate trend forecasts for the upcoming week (March 11-17)
Mortgage professionals were divided over where rates will go in the coming week (March 11-17). In response to Bankrate’s weekly rate trends poll, 56 percent said rates will stay the same, 25 percent think they will go down and 19 percent said they will rise.
Dick Lepre, senior loan officer for RPM Mortgage, Inc., expects rates to fall. He stated: “Trend: Lower. Market reaction to Fed Chairman Powell’s words of March 4 spiked rates last week and we should see modest relief in the coming week. The Fed operates under the dual mandate of minimizing unemployment and containing inflation. The Fed Chairman made it clear that the Fed will keep money supply enormous even if CPI exceeds 2 percent for a few months. The priority is getting folks back to work.”
What factors determine my mortgage rate?
Lenders consider several items when pricing your interest rate:
- Credit score
- Down payment
- Property location
- Loan amount/closing costs
- Loan type
- Loan term
- Interest rate type
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