Average mortgage rates were mostly higher compared to a week ago. Rates for 30-year fixed, 15-year fixed and jumbo loans ticked up, while 5/1 ARM rates remained flat.
Rates last updated on August 9, 2021.
The rates listed here are marketplace averages based on the assumptions here. Actual rates listed within the site may vary. This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Monday, August 9th, 2021 at 7:30am.
>>See historical mortgage interest rate movements
Mortgage rates
Current 30 year mortgage rate climbs, +0.05%
The average rate you’ll pay for a 30-year fixed mortgage is 3.03 percent, up 5 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.06 percent.
At the current average rate, you’ll pay a combined $421.60 per month in principal and interest for every $100k you borrow. That’s an increase of $6.44 over what you would have paid last week.
How do I view personalized 30-year mortgage rates?
Use the loan widgets on this page or head to our primary rates page to see what kind of rates are available in your situation. You just need to give us a little information about your finances and where you live. With that data, Bankrate can show you real-time estimates of mortgages available to you from a number of providers.
15-year fixed mortgage rate moves higher,+0.05%
The average rate you’ll pay for a 15-year fixed mortgage is 2.33 percent, up 5 basis points since the same time last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost $384 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage 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 rapidly.
5/1 ARM flat for the week
The average rate on a 5/1 ARM is 2.80 percent, unchanged over the last week.
Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate loans. These types of loans are best for people 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 2.80 percent would cost about $409 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.
Current jumbo mortgage rate moves higher, +0.07%
Today’s average rate for jumbo mortgages is 3.06 percent, an increase of 7 basis points from a week ago. This time a month ago, the average rate on a jumbo mortgage was higher, at 3.12 percent.
At today’s average jumbo rate, you’ll pay $421.60 per month in principal and interest for every $100k you borrow. That’s $6.44 higher compared with last week.
Recap: How mortgage interest rates have moved over the past week
- 30-year fixed mortgage rate: 3.03%, up from 2.98% last week, +0.05
- 15-year fixed mortgage rate: 2.33%, up from 2.28% last week, +0.05
- 5/1 ARM mortgage rate: 2.80%, the same as last week
- Jumbo mortgage rate: 3.06%, up from 2.99% last week, +0.07
Refinance rates
Current 30 year mortgage refinance rate moves upward, +0.07%
The average 30-year fixed-refinance rate is 3.04 percent, up 7 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 3.10 percent.
At the current average rate, you’ll pay $421.60 per month in principal and interest for every $100,000 you borrow. That’s $6.44 higher compared with last week.
Are mortgage rates going up?
Throughout 2021, mortgage rates are expected to begin rising again. The National Association of Realtors expects rates to average 3.1% and the Mortgage Bankers Association (MBA) says mortgage rates will average 3.3% in 2021. These rate estimates are both up from the 3.0% mortgage rate average in 2020 but lower than 2019’s average rates. Many experts say it could be years before mortgage rates return to their pre-pandemic levels.
Sources:
- National Association of Real Estate Editors
- Freddie Mac Federal Home Loan Mortgage Corporation
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