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Mortgage rates on Saturday, May 1st, 2021
| Mortgage type | Average price today |
| Fixed for 15 years | 2,52% |
| 30 years | 3,42% |
| 7/1 ARM | 4,32% |
| 10/1 ARM | 4,18% |
| 30 years of FHA | 2,93% |
| VA mortgage loan | 2,74% |
Conventional rates from Money.com; RedVentures Government Supported Interest Rates.
Find out more and receive quotes from multiple lenders »
The lowest mortgage rate today is the 15 year fixed mortgage rate which is 2.52%.
Conventional mortgage interest rates (what you might think of a “regular mortgage”) are generally low. However, the FHA and VA covered mortgages usually pay even lower interest rates depending on the term you choose. Government supported mortgages are a great option if you are eligible to apply.
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Refinancing rates on Saturday, May 1, 2021
| Mortgage type | Average price today |
| Fixed for 15 years | 2,71% |
| 30 years | 3,81% |
| 7/1 ARM | 4,52% |
| 10/1 ARM | 4,80% |
| 30 years of FHA | 2,89% |
| VA mortgage loan | 2,73% |
Conventional rates from Money.com; RedVentures Government Supported Interest Rates.
Compare Refinancing Lender Offers »
Mortgage refinancing rates tend to be higher than mortgage rates, but they are still at historic lows.
How do I get a good mortgage rate?
Although mortgage rates are up a bit today, overall interest rates have been trending down for a few weeks. It might be a good time to commit to a low rate.
But if you’re not ready to buy or refinance just yet, you probably don’t need to worry about missing out on cheap prices. Mortgage rates should stay low for at least a few months. In fact, you may have time to improve your finances to get an even better interest rate. Please note the following steps:
- Improve Your Credit Score through on-time payments or debt settlement. You can request a copy of your credit report to check for errors that could affect your score.
- Save more for a deposit. The smallest down payment you will need depends on the type of mortgage you want. However, if you can set more than the minimum required, you will likely get a better price.
- Decrease 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 prefer a DTI rate of 36% or less. To improve your relationship, pay off debts or look for ways to increase your income.
You can secure a low interest rate now if your finances are fine, but you don’t have to rush to get a mortgage or get refinance if you’re not ready.
Development of mortgage and refinancing rates
Hypothekenzinsentwicklung
| Mortgage type | Average price today | Average price last week | Average price last month |
| Fixed for 15 years | 2,52% | 2,44% | 2,65% |
| 30 years | 3,42% | 3,31% | 3,62% |
| 7/1 ARM | 4,32% | 4,05% | 4,64% |
| 10/1 ARM | 4,18% | 3,85% | 4,74% |
All mortgage rates have gone up since last Saturday. However, since the beginning of April interest rates have fallen, so that overall interest rates are still trending downwards.
Refinanzierungszinstrends
| Mortgage type | Average price today | Average price last week | Average price last month |
| Fixed for 15 years | 2,71% | 2,65% | 2,97% |
| 30 years | 3,81% | 3,64% | 3,90% |
| 7/1 ARM | 4,52% | 4,46% | 4,90% |
| 10/1 ARM | 4,80% | 4,51% | 5,17% |
Refinancing rates are higher today than last Saturday, but lower than on April 1st.
15 year fixed mortgage rate
If you get a fixed mortgage with a term of 15 years, you will pay the same interest rate for the 15 years that you have to repay your loan.
A term of 15 years costs less than a term of 30 years. You get a lower interest rate and pay off your mortgage in half the time.
However, with a 15-year fixed-rate mortgage, you make higher monthly payments than with a 30-year fixed-rate mortgage because you pay back the same mortgage loan over fewer years.
30 years of fixed mortgage rates
With a fixed mortgage with a term of 30 years, you pay the same interest rate over a term of 30 years.
With a 30-year fixed-rate mortgage, you pay more interest than with a 15-year fixed-rate mortgage because you pay a higher interest rate over a longer period of time.
Fortunately, your monthly payments with a 30 year term are less than the 15 year term because you spread your payments over several years.
Customizable mortgage rates
A variable rate mortgage, commonly known as an ARM, fixes your interest rate for a predetermined period of time. Then your rate fluctuates regularly. A 10/1 ARM will hold your rate constant for a decade, then your rate will vary annually.
You may want a fixed rate mortgage on an ARM even though ARM interest rates are now at all-time lows. The 30 year fixed rate is lower than the ARM rate, so it might be the right time to set a low rate with a fixed mortgage. Additionally, there is no chance the ARM rate will rise across the board.
If you are considering getting an ARM, discuss with your lender what your interest rates would be if you chose a fixed rate versus an adjustable rate mortgage.
Government sponsored mortgages
We have also provided interest rates on FHA and VA mortgages, two types of government-supported home loans.
Government mortgages are secured by government agencies. You are less risky for lenders because the agency compensates the lender if you default on payments. As a result, lenders typically offer lower interest rates than traditional mortgages.
These mortgages also have loose requirements when it comes to credit scores, debt-to-income ratios, or down payments.
Government supported mortgages can be cheap deals if you are eligible. Here are your options:
- FHA Mortgage: This type of loan is not limited to any particular type of person. But it’s especially useful when your credit score isn’t high enough to get a traditional mortgage.
- VA Mortgage: You may be eligible if you are an active military member or a veteran or family member of someone connected with the military.
- USDA Mortgage: You qualify if you live in a rural area and have low to moderate income.
Mortgage and refinancing rates by federal state
Check the latest prices in your state at the links below.
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New-Mexiko
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
Süddakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington, D.C
West Virginia
Wisconsin
Wyoming
Laura Grace Tarpley is an editor at Personal Finance Insider, specializing in mortgages, refinancing, bank accounts and bank reviews. She is also a certified pedagogue 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.
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.
Associated content module: More mortgage coverage
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