A handful of principal mortgage rates crept higher today. 15-year fixed and 30-year fixed mortgage rates both increased. We also saw an increase in the average rate of 5/1 adjustable-rate mortgages. Mortgage interest rates are never set in stone, but interest rates are historically low. For those looking to get a fixed rate, now is a good time to finance a house. Before you buy a home, remember to consider your personal needs and financial situation, and compare offers from various lenders to find the right one for you.
Take a look at mortgage rates for different styles of loan
30-year fixed-rate mortgages
The 30-year fixed-mortgage rate average is 3.11%, which is an increase of 3 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most common loan term. A 30-year fixed rate mortgage will usually have a lower monthly payment than a 15-year one -- but usually a higher interest rate. Although you'll pay more interest over time -- you're paying off your loan over a longer timeframe -- if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.
15-year fixed-rate mortgages
The average rate for a 15-year, fixed mortgage is 2.40%, which is an increase of 2 basis points from seven days ago. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a larger monthly payment. But a 15-year loan will usually be the better deal, as long as you're able to afford the monthly payments. These include usually being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.
5/1 adjustable-rate mortgages
A 5/1 ARM has an average rate of 3.12%, an increase of 5 basis points from seven days ago. With an adjustable-rate mortgage, you'll usually get a lower interest rate than a 30-year fixed mortgage for the first five years. But changes in the market might cause your interest rate to increase after that time, as detailed in the terms of your loan. If you plan to sell or refinance your house before the rate changes, an adjustable-rate mortgage could make sense for you. If not, changes in the market may significantly increase your interest rate.
Mortgage rate trends
We use data collected by Bankrate, which is owned by the same parent company as CNET, to track rates changes over time. This table summarizes the average rates offered by lenders nationwide:
Today's mortgage interest rates| Loan term | Today's Rate | Last week | Change |
|---|---|---|---|
| 30-year mortgage rate | 3.11% | 3.08% | +0.03 |
| 15-year fixed rate | 2.40% | 2.38% | +0.02 |
| 30-year jumbo mortgage rate | 3.26% | 3.24% | +0.02 |
| 30-year mortgage refinance rate | 3.16% | 3.14% | +0.02 |
Rates accurate as of April 29, 2021.
How to shop for the best mortgage rate
When you are ready to apply for a loan, you can connect with a local mortgage broker or search online. In order to find the best home mortgage, you'll need to take into account your goals and overall financial situation. Things that affect what the interest rate you might get on your mortgage include: your credit score, down payment, loan-to-value ratio and your debt-to-income ratio. Having a higher credit score, a larger down payment, a low DTI, a low LTV, or any combination of those factors can help you get a lower interest rate. Aside from the mortgage interest rate, other costs including closing costs, fees, discount points and taxes might also affect the cost of your home. Be sure to comparison shop with multiple lenders -- including credit unions and online lenders in addition to local and national banks -- in order to get a loan that's best for you.
How does the loan term impact my mortgage?
When picking a mortgage, remember to consider the loan term, or payment schedule. The loan terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. Another important distinction is between fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are stable for the life of the loan. For adjustable-rate mortgages, interest rates are the same for a certain number of years (usually five, seven or 10 years), then the rate changes annually based on the market rate.
One factor to consider when deciding between a fixed-rate and adjustable-rate mortgage is the length of time you plan on staying in your home. Fixed-rate mortgages might be a better fit for those who plan on staying in a home for a while. While adjustable-rate mortgages might offer lower interest rates upfront, fixed-rate mortgages are more stable over time. If you don't have plans to keep your new house for more than three to 10 years, though, an adjustable-rate mortgage might give you a better deal. The "best" loan term all depends on your specific situation and goals, so make sure to think about what's important to you when choosing a mortgage.
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April 29, 2021 at 06:00PM
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Current mortgage interest rates on April 29, 2021: Rates move higher - CNET
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