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Several major mortgage rates inched up today. The average rates for both the 15-year and 30-year fixed-rate mortgages saw a slight increase. The average rate for the 5/1 adjustable-rate mortgage — the most common adjustable-rate home loan — also went up. While mortgage rates fluctuate constantly, right now, they’re at an all time low. If you’re in the market for a mortgage, now is an opportune time to lock in a low fixed-rate on your home loan. Be sure to shop around and compare mortgage types and rates across lenders to find the best home loan for you.

Here are mortgage rates for different types of loan

30-year fixed-rate mortgages

The average interest rate for a standard 30-year fixed mortgage is 3.16%, which is an increase of 8 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most frequently used loan term. A 30-year fixed rate mortgage will usually have a lower monthly payment than a 15-year one — but often a higher interest rate. Although you’ll pay more interest over time — you’re paying off your loan over a longer timeframe — if you’re looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.42%, which is an increase of 6 basis points compared to a week ago. You’ll definitely have a bigger monthly payment with a 15-year fixed mortgage compared to a 30-year fixed mortgage, even if the interest rate and loan amount are the same. But a 15-year loan will usually be the better deal, if you’re able to afford the monthly payments. You’ll usually get a lower interest rate, and you’ll pay less interest in total because you’re paying off your mortgage much quicker.

5/1 adjustable-rate mortgages

A 5/1 adjustable-rate mortgage has an average rate of 3.19%, an increase of 10 basis points from the same time last week. For the first five years, you’ll typically get a lower interest rate with a 5/1 ARM compared to a 30-year fixed mortgage. But shifts in the market could cause your interest rate to increase after that time, as detailed in the terms of your loan. For borrowers who plan to sell or refinance their house before the rate changes, an adjustable-rate mortgage could be a good option. But if that’s not the case, you could be on the hook for a much higher interest rate if the market rates change.

Mortgage rate trends

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

Current average mortgage interest rates

Loan type Interest rate A week ago Change
30-year fixed rate 3.16% 3.08% +0.08
15-year fixed rate 2.42% 2.36% +0.06
30-year jumbo mortgage rate 3.20% 3.24% -0.04
30-year mortgage refinance rate 3.22% 3.14% +0.08

Updated on June 17, 2021.

How to find personalized mortgage rates

When you are ready to apply for a loan, you can reach out to a local mortgage broker or search online. Make sure to consider your current finances and your goals when looking for a mortgage. Specific mortgage rates will vary based on factors including credit score, down payment, debt-to-income ratio and loan-to-value ratio. Having a higher credit score, a larger down payment, a low DTI, a low LTV, or any combination of those factors can help you get a lower interest rate. The interest rate isn’t the only factor that affects the cost of your home — be sure to also consider other costs such as fees, closing costs, taxes and discount points. Make sure to shop around with multiple lenders — including credit unions and online lenders in addition to local and national banks — in order to get a loan that’s the right fit for you.

What is a good loan term?

One important thing you should consider when choosing a mortgage is the loan term, or payment schedule. The most common mortgage terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Another important distinction is between fixed-rate and adjustable-rate mortgages. The interest rates in a fixed-rate mortgage are set for the loan’s duration. For adjustable-rate mortgages, interest rates are stable for a certain number of years (commonly five, seven or 10 years), then the rate changes annually based on the market rate.  

When deciding between a fixed-rate and adjustable-rate mortgage, you should take into consideration how long you plan to live in your house. Fixed-rate mortgages might be a better fit for people who plan on staying in a home for quite some time. Fixed-rate mortgages offer greater stability over time compared to adjustable-rate mortgages, but adjustable-rate mortgages may offer lower interest rates upfront. However you might get a better deal with an adjustable-rate mortgage if you only intend to keep your house for a few years. The best loan term all is entirely dependent on your personal situation and goals, so be sure to take into consideration what’s important to you when choosing a mortgage.

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