Today’s mortgage and refinance rates
Average mortgage rates fell last Friday. And they ended April much lower than they had started.
Judging by previous market movements Mortgage rates today can drop a few centimeters again or remain stable.
Current mortgage and refinancing rates
|program||Mortgage rates||APR *||change|
|Conventional set for 30 years||2,985%.||2.99%.||Unchanged|
|Conventional 15 years fixed||2,188%.||2,305%.||Unchanged|
|Conventional set for 20 years||2.75%.||2,842%.||Unchanged|
|Conventional 10 years fixed||1,823%.||2.013%.||+ 0.01%|
|Fixed FTA for 30 years||2.745%.||3,402%.||Unchanged|
|Fixed FTA for 15 years||2,482%.||3.067%.||Unchanged|
|5 years ARM FHA||2.5%.||3,194%.||-0.01%|
|30 years permanent VA||2,372%.||2.544%.||Unchanged|
|15 years fixed VA||2.25%.||2.571%.||Unchanged|
|5 years ARM VA||2.5%.||2,372%.||-0.01%|
|Prices are provided by our partner network and may not reflect the market. Your rate could be different. Click here for a personalized price offer. See our tariff assumptions Here.|
COVID-19 Mortgage Updates: Mortgage lenders are changing interest rates and rules due to COVID-19. For the latest information on how coronavirus can affect your home loan, Click here.
Should You Lock A Mortgage Rate Today?
It’s easy to see the daily reports of rising and falling mortgage rates and assume they are going somewhere. But there was only a tiny decrease in the last two weeks of April.
In the meantime, I’m pretty sure that these rates will soon resume their rising trend.
However, since no one knows when these increases might start, my personal recommendations on tariff blocking must remain:
- LOCK when you approach 7th Days
- LOCK when you approach fifteen Days
- LOCK when you approach 30th Days
- LOCK when you approach 45 Days
- LOCK when you approach 60 Days
But I don’t claim perfect foresight. And your personal analysis could turn out to be as good as mine – or better. So you can be guided by your instincts and your personal risk tolerance.
Market Data Affecting Mortgage Rates Today
Here’s a snapshot of the current status this morning at 9:50 a.m. (ET). The dates, compared to roughly the same time last Friday, were:
- The Return on 10 year treasury fell from 1.64% to 1.62% (Good for mortgage rates.) More than any other market, mortgage rates usually tend to follow these particular government bond yields, albeit more recently
- Important stock indices were higher When opening. (Bad for mortgage rates.Often times, when investors buy stocks, they sell bonds, which drives down the prices of those stocks and increases yields and mortgage rates. The opposite happens when the indices are lower
- Oil prices rose from $ 63.75 a barrel to $ 64.14. ((Neutral for mortgage rates *.) Energy prices play a major role indicate in the creation of inflation and also future economic activity.
- Gold prices increased from $ 1,770 an ounce to $ 1,788. ((Neutral for mortgage rates*.) In general, it is better for interest rates when gold rises and worse for interest rates when gold falls. Gold tends to rise when investors worry about the economy. And worried investors tend to cut rates
- CNN Business Fear & Greed Index – fell to 56 out of 60 out of 100. (Good for mortgage rates.) “Greedy” investors Push bond prices down (and interest rates up) as they exit the bond market and invest in stocks, while “fearful” investors do the opposite. So lower readings are better than higher ones
* A change of less than $ 20 in gold prices or 40 cents in oil prices is a fraction of 1%. Hence, we count significant differences in mortgage rates only as good or bad.
Reservations about markets and prices
Before the pandemic and the Federal Reserve’s intervention in the mortgage market, you could look at the numbers above and make a pretty good guess as to what would happen to mortgage rates that day. But that is no longer the case. We still use the phone every day. And are usually right. But our record for accuracy will not reach its former high level until things settle down.
Use markets only as a rough guide. Because they have to be exceptionally strong or weak to be relied on. But with this restriction so far Mortgage rates today are likely to be unchanged or only slightly lower. Note, however, that intraday fluctuations (when prices change direction during the day) are a common feature these days.
Important information about today’s mortgage rates
Here are some things you need to know:
- Typically, mortgage rates go up when the economy is doing well and go down when they are in trouble. There are exceptions, however. Read ‘How are mortgage rates determined and why should you do so? maintenance
- Only top notch borrowers (with great credit scores, high down payments, and very healthy finances) will get the ultra-low mortgage rates you see advertised
- Lenders vary. Yours may or may not follow the crowd when it comes to daily interest rate movements – though they all usually follow the broader trend over time
- When the daily rate changes are small, some lenders adjust closing costs and leave their rate cards the same
- The refinancing rates are usually close to those for purchases. However, some types of refinancing are higher after a regulatory change
So there is a lot going on here. And no one can claim to know for sure what will happen to mortgage rates in the coming hours, days, weeks, or months.
Are mortgage and refinancing rates rising or falling?
today and so on
On Saturday Weekend edition of this reportI admitted I was confused as to why mortgage rates weren’t going up already. The positive attitude towards the country’s economic outlook always leads to higher bond yields and mortgage rates.
Well, almost always. There must be exceptions. But the current situation seems more extraordinary than any other I can remember.
The financial press has had good wall-to-wall news about the domestic economy for weeks. Yes, some say investors are concerned about the global economic impact of the COVID-19 pandemic. And there are dark murmurs about variant viruses.
But if investors were really concerned about this, why are stock indices so high? The Wall Street Journal looked at exactly this last Friday afternoon:
Thanks to robust corporate earnings, major indices hit records during the month. The data were also encouraging. Figures released on Friday show US household incomes rose by a record 21% in March. More recently, however, a surge in COVID-19 cases in Brazil and India, as well as signs of a slowdown in Chinese manufacturing, have dashed the optimism of some investors.
– WSJ (Paywall), Stocks fall but hold on to monthly gainsApril 30, 2021
I think that’s probably true. But how long can investors go on like this – or rather keep mortgage rates low? Nobody knows. But I doubt it can take long.
For much of 2020, the general trend in mortgage rates was down significantly. According to Freddie Mac, a new weekly all-time low was hit 16 times in the past year.
The latest weekly record low was recorded on January 7th when 30-year fixed rate mortgages stood at 2.65%. But then the trend was reversed and interest rates rose.
However, those spikes have been largely replaced by falls in April, though these have eased since the middle of the month. According to Freddie’s April 29 report, that weekly average is 2.98% (with 0.7 fees and points) compared to 2.97% the previous week.
Mortgage rate forecasting experts
Looking ahead, Fannie Mae, Freddie Mac, and the Mortgage Bankers Association (MBA) each have a team of economists devoted to monitoring and forecasting the impact on the economy, housing and mortgage rates.
And here are their current interest rate forecasts for the remaining quarters of 2021 (Q2 / 21, Q3 / 21, Q4 / 21) and the first quarter of 2022 (Q1 / 22).
The numbers in the table below are for a 30-year fixed rate mortgage. Freddies updated on April 14th, Fannies updated on April 12th, and the MBA updated on April 22nd.
|Forecaster||Q2 / 21||Q3 / 21||Q4 / 21||Q1 / 22|
However, with so many unknowns, the current number of predictions might be even more speculative than usual.
Find your lowest price today
Some lenders have been terrified by the pandemic. And they limit their offerings to the most vanilla-flavored mortgages and refinances.
But others remain brave. And you can still likely find the withdrawal refinance, investment mortgage, or jumbo loan that you want. You just need to shop broader.
But of course, no matter what type of mortgage you want, you should do a lot of shopping in comparison. As the federal regulatory authority, the Consumer Financial Protection Office says:
Shopping for your mortgage can result in real savings. It may not sound like much, but If you save even a quarter point in interest on your mortgage, you will save thousands of dollars over the life of your loan.
Mortgage rate method
The mortgage reports get interest rates based on selected criteria from multiple credit partners every day. We’ll find an average rate and an annual interest rate for each type of loan that we want to show on our chart. Since we calculate a series of average prices, this will give you a better idea of what you might find in the market. We also calculate average interest rates for the same types of loans. For example, FHA was fixed with FHA. The end result is a good snapshot of the daily rates and how they change over time.