September 17, 2021

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Mortgage rates for June 21, 2021: Rates climb

022-cnet-finance-mortgage-build-your-own-house

Luke Sharrett / Getty

A variety of notable mortgage rates have risen higher today. The average interest rates on both 15-year fixed-rate mortgages and 30-year fixed-rate mortgages rose. At the same time, the average interest rate for 5/1 variable rate mortgages was also increased. Although mortgage rates are dynamic, they are lower than they have been in years. If you are planning to buy a home, now may be a good time to set a fixed price. But as always, before buying a home, you should first consider your personal goals and circumstances, and compare quotes to find a lender that best suits your needs.

Find the current mortgage rates for today

30-year fixed-rate mortgages

The average 30-year mortgage rate is 3.17%, an increase of 9 basis points over seven days. (One basis point is 0.01%.) 30-year fixed-rate mortgages are the most common loan term. A 30-year fixed-rate mortgage often has a higher interest rate than a 15-year fixed-rate mortgage – but it also has a lower monthly payment. Although you’ll pay more interest over time – you pay off your loan over a longer period of time – if you’re looking for a lower monthly payment, a 30 year fixed-rate mortgage can be a good option.

15-year fixed-rate mortgages

The average interest rate on a 15-year fixed-rate mortgage is 2.43%, which is an increase of 7 basis points over the previous week. With a 15-year fixed-rate mortgage, you definitely have a higher monthly rate than with a 30-year fixed-rate mortgage, even if the interest rate and loan amount are the same. But a 15 year loan is usually a better deal as long as you can afford the monthly payments. You will usually get a lower interest rate and pay less overall interest because you will pay off your mortgage much faster.

5/1 adjustable rate mortgages

A 5/1 variable rate mortgage has an average interest rate of 3.19%, an increase of 10 basis points from the previous week. Typically, you get a lower interest rate for the first five years of the mortgage (compared to a 30-year fixed-rate mortgage) with a 5/1 variable rate mortgage. However, depending on the terms of your loan and how the interest rate adjusts to the market rate, you may be able to pay more after this time. Because of this, an adjustable rate mortgage can be a good option if you are planning to sell or refinance your home before the interest rate changes. However, if it doesn’t, you may be looking for a significantly higher interest rate if market rates change.

Mortgage rate trends

We use the interest rates collected by Bankrate, owned by the same parent company as CNET, to keep track of daily mortgage rate trends. This table summarizes the average rates offered by lenders across the country:

Average mortgage rates
product rating Last week change
30 years 3.17% 3.08% +0.09
15 years fixed 2.43% 2.36% +0.07
30 year jumbo mortgage rate 3.20% 3.24% -0.04
30 year mortgage refinancing rate 3.23% 3.15% +0.08

Prices from June 21, 2021.

How to Find the Best Mortgage Rates

You can get a personalized mortgage rate by connecting with your local mortgage broker or using an online calculator. To find the best mortgage for your home, you need to consider your goals and current finances. Specific mortgage rates vary based on factors such as creditworthiness, down payment, debt-to-income ratio, and loan-to-value ratio. In general, you want a higher credit score, higher down payment, lower DTI, and lower LTV to get a lower interest rate. The interest rate isn’t the only factor that affects the cost of your home – consider other costs too, such as fees, closing costs, taxes, and discount points. You should speak to multiple lenders – local and national banks, credit unions, and online lenders, for example – and a comparison shop to find the best loan for you.

What is a good repayment term?

When choosing a mortgage, it is important to consider the repayment term or payment schedule. The most common mortgage terms are 15 years and 30 years, but there are also 10, 20 and 40 year mortgages. Another important distinction is between fixed rate and adjustable rate mortgages. The interest rates on a fixed-rate mortgage are fixed for the term of the loan. With variable rate mortgages, the interest rates are fixed for a certain number of years (usually five, seven or 10 years), then the interest rate changes annually based on the market rate.

When deciding between a fixed rate mortgage or an adjustable rate mortgage, consider how long you want to live in your home. For people looking to live in a new home for the long term, fixed-rate mortgages may be the better option. Fixed rate mortgages offer greater stability over time compared to adjustable rate mortgages, but adjustable rate mortgages can sometimes offer lower interest rates upfront. However, you can get a better deal on an adjustable rate mortgage if you only want to keep your home for a few years. The best repayment term depends entirely on your situation and your goals. So when choosing a mortgage, think about what is important to you.

022-cnet-finance-mortgage-build-your-own-house

Luke Sharrett / Getty

A variety of notable mortgage rates have risen higher today. The average interest rates on both 15-year fixed-rate mortgages and 30-year fixed-rate mortgages rose. At the same time, the average interest rate for 5/1 variable rate mortgages was also increased. Although mortgage rates are dynamic, they are lower than they have been in years. If you are planning to buy a home, now may be a good time to set a fixed price. But as always, before buying a home, you should first consider your personal goals and circumstances and compare quotes to find a lender that best suits your needs.

Find the current mortgage rates for today

30-year fixed-rate mortgages

The average 30-year mortgage rate is 3.17%, an increase of 9 basis points over seven days. (One basis point is 0.01%.) 30-year fixed-rate mortgages are the most common loan term. A 30-year fixed-rate mortgage often has a higher interest rate than a 15-year fixed-rate mortgage – but it also has a lower monthly payment. Although you’ll pay more interest over time – you pay off your loan over a longer period of time – if you’re looking for a lower monthly payment, a 30-year fixed-rate mortgage can be a good option.

15-year fixed-rate mortgages

The average interest rate for a 15-year fixed-rate mortgage is 2.43%, which is an increase of 7 basis points over the previous week. With a 15-year fixed-rate mortgage, you definitely have a higher monthly rate than with a 30-year fixed-rate mortgage, even if the interest rate and loan amount are the same. But a 15 year loan is usually a better deal as long as you can afford the monthly payments. You will usually get a lower interest rate and pay less overall interest because you will pay off your mortgage much faster.

5/1 adjustable rate mortgages

A 5/1 floating rate mortgage has an average interest rate of 3.19%, an increase of 10 basis points from the previous week. Typically, you get a lower interest rate for the first five years of the mortgage (compared to a 30-year fixed-rate mortgage) with a 5/1 variable rate mortgage. However, depending on the terms of your loan and how the interest rate adjusts to the market rate, you may be able to pay more after this time. Because of this, an adjustable rate mortgage can be a good option if you are planning to sell or refinance your home before the interest rate changes. However, if it doesn’t, you may be looking for a significantly higher interest rate if market rates change.

Mortgage rate trends

We use the interest rates collected by Bankrate, owned by the same parent company as CNET, to keep track of daily mortgage rate trends. This table summarizes the average rates offered by lenders across the country:

Average mortgage rates
product rating Last week change
30 years 3.17% 3.08% +0.09
15 years fixed 2.43% 2.36% +0.07
30 year jumbo mortgage rate 3.20% 3.24% -0.04
30 year mortgage refinancing rate 3.23% 3.15% +0.08

Prices from June 21, 2021.

How to Find the Best Mortgage Rates

You can get a personalized mortgage rate by connecting with your local mortgage broker or using an online calculator. To find the best mortgage for your home, you need to consider your goals and current finances. Specific mortgage rates vary based on factors such as creditworthiness, down payment, debt-to-income ratio, and loan-to-value ratio. In general, you want a higher credit score, higher down payment, lower DTI, and lower LTV to get a lower interest rate. The interest rate isn’t the only factor that affects the cost of your home – consider other costs too, such as fees, closing costs, taxes, and discount points. You should speak to multiple lenders – local and national banks, credit unions, and online lenders, for example – and a comparison shop to find the best loan for you.

What is a good repayment term?

When choosing a mortgage, it is important to consider the repayment term or payment schedule. The most common mortgage terms are 15 years and 30 years, but there are also 10, 20 and 40 year mortgages. Another important distinction is between fixed rate and adjustable rate mortgages. The interest rates on a fixed-rate mortgage are fixed for the term of the loan. With variable rate mortgages, the interest rates are fixed for a certain number of years (usually five, seven or 10 years), then the interest rate changes annually based on the market rate.

When deciding between a fixed rate mortgage or an adjustable rate mortgage, consider how long you want to live in your home. For people looking to live in a new home for the long term, fixed-rate mortgages may be the better option. Fixed rate mortgages offer greater stability over time compared to adjustable rate mortgages, but adjustable rate mortgages can sometimes offer lower interest rates upfront. However, you can get a better deal on an adjustable rate mortgage if you only want to keep your home for a few years. The best repayment term depends entirely on your situation and your goals. So when choosing a mortgage, think about what is important to you.