April 13, 2021

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Here are today’s mortgage rates on April 2, 2021: Rates move higher

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Jim Lane / Getty

A handful of home mortgage rates have risen today. Both the 15-year fixed mortgage rate and the 30-year fixed mortgage rate increased. With variable interest rates, the variable rate mortgage also rose 5/1 higher. Mortgage rates are never set in stone, but interest rates are at all-time lows. For those looking to secure a fixed price, now is an ideal time to buy a home. Before buying a home, remember to consider your personal needs and financial situation, and speak to multiple lenders to find the right one for you.

Compare the national mortgage rates of different lenders

30 year fixed rate mortgage

For a 30-year fixed-rate mortgage, the average interest rate is 3.26%, which is an increase of 3 basis points over a week. (One basis point is 0.01%.) 30-year fixed-rate mortgages are the most common loan term. A 30-year fixed-rate mortgage usually has a higher interest rate than a 15-year fixed-rate mortgage – but it also has a lower monthly payment. You won’t be able to repay your home anytime soon, and you will pay more interest over time, but a 30-year fixed-rate mortgage is a great option if you want to minimize your monthly payment.

15 year fixed rate mortgage

The average interest rate on a 15-year fixed-rate mortgage is 2.51%, which is an increase of 4 basis points over the previous week. You definitely have a larger monthly payment with a 15 year fixed rate mortgage compared to a 30 year fixed rate mortgage, even if the interest rate and loan amount are the same. However, if you can afford the monthly payments, then a 15 year loan offers several advantages. This usually includes getting a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

5/1 variable rate mortgages

A 5/1 ARM has an average rate of 3.27%, an increase of 3 basis points from a week ago. For the first five years of the mortgage, you usually get a lower interest rate (compared to a 30-year fixed-rate mortgage) with a 5/1 ARM. However, changes in the market can cause your interest rate to rise after this time as stated in the terms of your loan. Because of this, an ARM can be a great option if you are planning to sell or refinance your home before the interest rate changes. However, if it doesn’t, you could go for a significantly higher interest rate if market rates change.

Mortgage rate trends

We use data collected by Bankrate, owned by the same parent company as CNET, to track changes in these daily rates. This table summarizes the average interest rates offered by US lenders:

Today’s mortgage rates
Loan term Today’s rate Last week change
30 year mortgage rate 3.26% 3.23% +0.03
15 year fixed rate 2.51% 2.47% +0.04
30 year jumbo mortgage rate 3.08% 3.14% -0.06
30 year refinancing rate for mortgages 3.34% 3.31% +0.03

Prices valid from April 2nd, 2021.

How to Find Personalized Mortgage Rates

You can get a personalized mortgage rate by contacting your local mortgage broker or using an online calculator. As you research mortgage rates, keep your goals and current financial situation in mind. The specific mortgage rates vary based on factors such as your credit score, down payment, debt-to-income ratio, and credit-to-value ratio. Good credit, a higher down payment, a lower DTI, a lower LTV, or a combination of these factors can help you get a lower interest rate. The interest rate isn’t the only factor that affects the cost of your home. Also consider other factors such as fees, closing costs, taxes, and discount points. You should check out multiple lenders such as credit unions and online lenders, as well as local and national banks, to get a mortgage loan that suits you.

What is the best loan term?

When choosing a mortgage, remember to consider the loan term or payment schedule. The most common mortgage terms on offer are 15 years and 30 years, although you can also find mortgages with terms of 10, 20, and 40 years. Another important difference is between fixed rate and adjustable rate mortgages. With fixed-rate mortgages, the interest rates are stable for the life of the loan. Unlike a fixed rate mortgage, the interest rate on a variable rate mortgage is only fixed for a specific period of time (usually five, seven, or ten years). After that, the interest rate fluctuates annually based on the market rate. When choosing between a fixed rate mortgage and an adjustable rate mortgage, consider how long you plan to stay in your home. If you are planning on staying in their new home for the long term, fixed rate mortgages may be a better option. While adjustable rate mortgages can offer lower interest rates upfront, fixed rate mortgages are more stable over the long term. However, you may get a better deal with an adjustable rate mortgage if you only plan to keep your home for a few years. As a rule of thumb, there is no “best” loan term. It all depends on your goals and your current financial situation. Make sure you do your research and think about what is important to you when choosing a mortgage.