A couple of principal mortgage rates were stable today. Average 15-year fixed mortgage rates moved higher, while average 30-year fixed mortgage rates didn't move. At the same time, average rates for 5/1 adjustable-rate mortgages didn't change. Although mortgage rates fluctuate, they are quite low right now. Because of this, right now is a good time for prospective homebuyers to secure a fixed rate. But as always, make sure to first take into account your personal goals and circumstances before purchasing a house, and shop around for a lender who can best meet your needs.
Find current mortgage rates for today
30-year fixed-rate mortgages
The average interest rate for a standard 30-year fixed mortgage is 3.05%, which is unchanged from 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 often a higher interest rate. You won't be able to pay off your house as quickly and you'll pay more interest over time, but a 30-year fixed mortgage is a good option if you're looking to minimize your monthly payment.
15-year fixed-rate mortgages
The average rate for a 15-year, fixed mortgage is 2.35%, which is an increase of 4 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, if you're able to afford the monthly payments. You'll usually get a lower interest rate, and you'll pay less interest in total because you're paying off your mortgage much quicker.
5/1 adjustable-rate mortgages
A 5/1 adjustable-rate mortgage has an average rate of 3.07%, the same rate from the same time last week. You'll typically get a lower interest rate (compared to a 30-year fixed mortgage) with a 5/1 ARM in the first five years of the mortgage. But you may end up paying more after that time, depending on the terms of your loan and how the rate shifts with the market rate. For borrowers who plan to sell or refinance their house before the rate changes, an ARM may be a good option. If not, shifts in the market might 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 changes in these daily rates. This table summarizes the average rates offered by lenders across the country:
Current average mortgage interest rates
| Loan type | Interest rate | A week ago | Change |
|---|---|---|---|
| 30-year fixed rate | 3.05% | 3.05% | N/C |
| 15-year fixed rate | 2.35% | 2.31% | +0.04 |
| 30-year jumbo mortgage rate | 2.80% | 2.80% | N/C |
| 30-year mortgage refinance rate | 3.03% | 3.02% | +0.01 |
Updated on Aug. 24, 2021.
How to find personalized mortgage rates
To find a personalized mortgage rate, speak to your local mortgage broker or use an online mortgage service. Make sure to consider your current financial situation and your goals when looking for a mortgage. Things that affect what mortgage rate you might get 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. The interest rate isn't the only factor that affects the cost of your home -- be sure to also consider additional factors such as fees, closing costs, taxes and discount points. You should speak with several different lenders -- like local and national banks, credit unions and online lenders -- and comparison shop to find the best mortgage loan for you.
How does the loan term impact my mortgage?
When picking a mortgage, it's important to consider the loan term, or payment schedule. The most common loan terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Another important distinction is between fixed-rate and adjustable-rate mortgages. The interest rates in a fixed-rate mortgage are the same for the duration of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only set for a certain amount of time (most frequently five, seven or 10 years). After that, the rate fluctuates annually based on the market rate.
One important 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. For people who plan on living long-term in a new house, fixed-rate mortgages may be the better option. While adjustable-rate mortgages can sometimes offer lower interest rates upfront, fixed-rate mortgages are more stable over time. If you don't plan to keep your new house for more than three to 10 years, though, an adjustable-rate mortgage could give you a better deal. There is no best loan term as a general rule; it all depends on your goals and your current financial situation. It's important to do your research and know your own priorities when choosing a mortgage.
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August 24, 2021 at 08:00PM
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Current mortgage rate for Aug. 24, 2021: Rates remain unchanged - CNET
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