Current mortgage rates

Mortgage type Average rate today
15-year fixed 2.40%
30-year fixed 3.30%
7/1 ARM 4.73%
10/1 ARM 4.45%
30-year FHA 2.62%
VA mortgage loan 2.71%

Conventional rates from Money.com; government-backed rates from RedVentures.

Current refinance rates

Mortgage type Average rate today
15-year fixed 2.52%
30-year fixed 3.48%
7/1 ARM 4.90%
10/1 ARM 4.71%
30-year FHA 2.65%
VA mortgage loan 2.77%

Conventional rates from Money.com; government-backed rates from RedVentures.

How mortgage rates have changed

Mortgage rate trends

Mortgage type Average rate today Average rate last week
15-year fixed 2.40% 2.33%
30-year fixed 3.30% 3.23%
7/1 ARM 4.73% 4.23%
10/1 ARM 4.45% 4.13%
30-year FHA 2.62% 2.59%
VA mortgage loan 2.71% 2.62%

Conventional rates from Money.com; government-backed rates from RedVentures.

Although mortgage rates fluctuate from day to day, and even more so from week to week, they've stayed low overall for months now.

The highest rates available are for adjustable-rate mortgages, which experts tend not to recommend right now in favor of applying for 15 or 30-year fixed-rate loans for exactly this reason: Not only are rates for ARMs currently high, but they're subject to increase over the life of your loan. It's generally cheaper to lock in a low fixed rate now and be able to keep that rate as long as you have the loan.

Popular Articles

Average 401k balance Average 401k balance
Best online high-yield savings accounts
Best tax software in 2021
Best rewards credit cards
Average stock market returns

The spread between rates is relatively wide right now: The average rate for a 15-year fixed mortgage is just 2.40%, while the average rate for a 10/1 ARM is significantly higher, at 4.45%. 

Refinance rate trends

Mortgage type Average rate today Average rate last week
15-year fixed 2.52% 2.47%
30-year fixed 3.48% 3.41%
7/1 ARM 4.90% 4.61%
10/1 ARM 4.71% 4.46%
30-year FHA 2.65% 2.50%
VA mortgage loan 2.77% 2.57%

Conventional rates from Money.com; government-backed rates from RedVentures.

The forecast for mortgage rates in 2021

Mortgage rates will probably stay low into the fall.

Mortgage rates heavily rely on employment and inflation in the US. When employment numbers and inflation improve, mortgage rates increase; when they get worse, mortgage rates decrease.

Unemployment and inflation need to have long-term, steady growth for mortgage rates to increase, though. If both continue to improve over the next couple of months, we could see higher rates.
Laura Grace Tarpley, CEPF
Editor, Banking & Mortgages
Laura Grace Tarpley is an editor at Insider, responsible for banking and mortgage coverage on Personal Finance Insider. She covers mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips. She is also a Certified Educator in Personal Finance (CEPF). Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@insider.com.
More Mortgage Coverage
The average mortgage interest rate
The best mortgage refinance lenders
The average refinance closing costs
The best mortgage lenders
Fixed-rate vs adjustable-rate mortgages
How to qualify for a mortgage

Best Mortgage Rates Today: Sunday August 8, 2021

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.