September 19, 2021

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Today’s mortgage and refinance rates: March 21, 2021

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Mortgage and refinance rates have risen since last Sunday, with mortgage rates for 10/1 ARMs up an astonishing 61 basis points. However, interest rates remain at historic lows.

You might want to go for one Fixed-rate mortgage instead of a variable rate mortgage if you are looking for a mortgage or refinancing. Lately, fixed rate mortgages have been a better deal than adjustable rate mortgage because ARM rates start higher and your rate may go up across the board.

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Mortgage rates have skyrocketed since last Sunday and ARM rates on 7/1 and 10/1 are up at least 40 basis points. You can still set a fixed mortgage rate below 4%.

We display the national average prices for conventional mortgageswhat you might consider “standard mortgages”. Government sponsored mortgages by the FHA, become, or USDA can grant you an improved tariff – provided you are eligible.

Prices from

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Refinance rates for all mortgages have increased since last week. Since then, prices have also risen over the last month.

Overall, the refinancing rates remain exceptionally low. Often times, low rates indicate an economy in distress. With the U.S. continuing to grapple with the economic fallout from the COVID-19 pandemic, interest rates are likely to remain low.

Fixed and adjustable mortgage rates have risen across the board since last Sunday. Even so, they are at all-time lows and you can consider setting a low mortgage rate today.

However, you don’t necessarily have to hurry. Prices are likely to remain relatively low for months, if not years. You probably have time to improve your financial situation and get a better tariff. Please note the following steps:

  • Increase Your Credit Score through timely payments or debt repayment. You can Request a copy of your credit report to check for mistakes that could affect your score.
  • Save more for a deposit. The minimum deposit you need depends on it what kind of mortgage you’re after However, if you can set more than the minimum, you will likely get a better rate.
  • Lower your debt-to-income ratio. Your DTI ratio is the amount you pay for debt each month divided by your gross monthly income. Many lenders want a DTI 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 (aimed at low to middle income borrowers buying in a rural area), a VA loan (for military and veterans) or a FHA loans (not intended for a specific group). Government-sponsored mortgages often have better interest rates than traditional mortgages. As a bonus, no down payments are required for USDA or VA loans.

If you are financially ready, you can secure yourself a great price – but there is no need to rush.

If you can get one 15 year fixed mortgageIt will take you a decade and a half to repay your loan and your interest rate will stay locked all the time.

A 15-year fixed-rate mortgage costs less than a 30-year term. You get a lower interest rate and pay off the mortgage in half the time, saving you years of interest payments.

On the other hand, your monthly payments with a term of 15 years are higher than with a term of 30 years because you pay them out immediately Loan capital in half the time.

With a 30 year fixed mortgageYou pay off your mortgage over 30 years and pay the same interest rate for the life of the loan. A 30-year term has a higher interest rate than a shorter term.

You will pay more interest on a 30-year fixed-rate mortgage than on a 15-year fixed-rate mortgage because you will be paying a higher interest rate over a longer period of time.

On the other hand, you pay less per month with a term of 30 years than with a fixed term of 15 years because you spread your payments over several years.

A fixed rate mortgage secures your interest rate for your entire repayment term. However, with a variable rate mortgage, you pay a fixed rate of interest for a set period of time. This interest rate then changes regularly. A 10/1 ARM will lock your rate in for a decade. Then your rate fluctuates annually.

ARM interest rates are now at all historical lows, but you may still want to take out a fixed rate mortgage. With an ARM, you can get away from the hassle of a rate hike and get yourself a low rate for 15 or 30 years.

If you are thinking of getting an ARMDiscuss with your lender what your interest rates would be if you chose a fixed rate versus a variable rate mortgage.

While you can now set a low interest rate, you should be financially prepared beforehand.

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.