April 13, 2021

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Today’s mortgage and refinance rates: March 15, 2021

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Most mortgage and refinance rates have fallen since last Monday, and rates overall remain at all-time lows.

Darrin English, senior community development loan officer at Quontic Bank, said insider fixed-rate mortgages are often one Cheaper than adjustable rate mortgages now. Fixed rates were often higher than ARM rates – he said this was no longer the case.

Currently, the ARM rates start higher than the fixed rates and there is a possibility of a future rate increase. You can consider locking a low rate for a Fixed-rate mortgage shortly, provided your financial situation is under control.

Prices from Money.com

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The interest rates on 30-year fixed-rate mortgages, 7/1 ARMs, and 10/1 ARMs have fallen since last Monday. The interest rates on 15-year fixed-rate mortgages have remained constant. All prices have increased since then in the last month.

We give you the national average prices for conventional mortgageswhat you might consider “standard mortgages”. Government sponsored mortgages by the FHA, become, or USDA could give you better prices.

Prices from Money.com

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All refinancing rates have fallen since last Monday. Interest rates on 15-year fixed-rate mortgages have changed the least, down by one basis point.

Funding rates are generally still at historic lows. Low interest rates are often an indicator of a disrupted economy. With the US remaining exposed to the economic impact of the COVID-19 pandemic, interest rates are likely to remain low.

Almost all fixed and adjustable mortgage rates have fallen since last week and are at an all-time low. You might be thinking about setting a low mortgage rate right now.

You may not need to rush if you are not ready to buy or refinance just yet. Prices are likely to remain moderately low for months, if not years. You have time to improve your financial profile and get a better interest rate. Please note the following steps:

  • Improve Your Credit Score by paying all of your bills on time. You can also pay off debts or age your credit.
  • Save more for a deposit. You may only be able to put 3% on a traditional mortgage, but the lowest down payment depends on it what kind of mortgage you’re after Most lenders reward larger down payments with better interest rates.
  • Lower your debt-to-income ratio. Your DTI ratio is the amount you pay for debt each month divided by your gross monthly income. Most lenders want a rate of 36% or less. To improve your relationship, pay off debts or look for ways to increase your income.
  • Choose a government secured mortgage. You might think of one USDA loan (for low to middle income borrowers buying in a rural area), a VA loan (aimed at military personnel and veterans) or to FHA loans (not intended for a specific group). These mortgages usually come with lower interest rates than traditional mortgages. Additionally, no down payments are required for USDA or VA loans.

If your finances are looking good, now may be a good time to get a low interest rate on a mortgage or refinance.

When you take one out 15 year fixed mortgageYou pay off your loan over a period of 15 years with a fixed interest rate.

A 15-year fixed-rate mortgage gives you higher monthly payments than a 30-year fixed-rate mortgage because you pay them back Loan capital in half the time.

On the other hand, a term of 15 years is cheaper than a longer term. You get a lower interest rate and pay off your mortgage in fewer years.

With a 30 year fixed mortgageYou pay off your mortgage over three decades and your interest rate stays constant all the time.

With a 30-year fixed-rate mortgage, you pay less per month than with a shorter term because you spread your payments over several years.

However, if you have a term of 30 years, it will cost you more interest than a term of 15 years because you will be paying a higher interest rate for longer.

An adjustable rate mortgage, often called an ARM, locks your interest rate for a set period of time and then changes regularly. A 7/1 ARM locks your rate for seven years. Then your rate will vary annually.

Although ARM rates are currently low, you may still want to get a fixed rate mortgage. The 30 year fixed rate is equal to or lower than the ARM rate, so you have the option to secure a low rate with a fixed rate mortgage. That way, with an ARM, you don’t have to bet on a future rate hike.

If you are considering getting an ARMAsk your lender about your interest rates if you would choose a fixed rate versus a variable rate mortgage.

You can get a low price today. Just make sure you are financially ready before you act.

Mortgage and refinancing rates by federal state

Check the latest prices in your state at the links below.

New Hampshire
New Jersey
New Mexico
new York
North Carolina
North Dakota
Rhode Island
South carolina
South Dakota
Washington, DC
West Virginia

Ryan Wangman is a Review Fellow at Personal Finance Insider reporting on mortgages, refinances, bank accounts and bank reviews. In his previous experience writing about personal finance, he has written about credit scores, financial literacy, and home ownership.

Laura Grace Tarpley is Associate Editor, Banking and Mortgages for Personal Finance Insider, specializing in mortgages, refinancing, bank accounts and bank reviews. She is also a certified teacher for personal finance (CEPF). During her four years in the personal finance field, she has written extensively on ways to save, invest, and navigate credit.