Mortgage rates today: Monday, May 3, 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 »
Today mortgage rates are generally low. Fixed rates are much lower than adjustable rates.
Conventional mortgage rates (which you may consider “standard mortgages”) are generally low. However, mortgages backed by the FHA and VA offer even better interest rates. Government supported mortgages are a great option if you qualify.
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Today’s refinancing rates: Friday, April 30, 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.
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The adjustable interest rates are higher than the fixed interest rates. Hence, you may want to refinance yourself into a fixed rate mortgage.
How to Get a Low Mortgage Rate
Although mortgage rates have risen since last week, interest rates have generally been trending down for a few weeks. You may want to set a low rate today.
You probably don’t need to rush if you are not ready to buy or refinance, as mortgage rates are likely to stay low for at least a few months. You could use this time to improve your financial situation and get a lower rate. Remember the following tips:
- Increase Your Credit Score through timely payments or debt settlement. You can request a copy of your credit report to check for mistakes that could lower your score.
- Put more for a deposit.If you are going for a conventional mortgage, you may only be able to cut 3%, but the smallest amount depends on what type of mortgage you want. You will likely get a better rate with a larger deposit.
- Decrease your debt-to-income ratio. Your DTI ratio is the amount you pay for debt each month divided by your gross monthly income. To improve your relationship, pay off debts or look for ways to increase your income.
You can now set a low interest rate if your finances are in good shape.
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% | 3,63% |
| 7/1 ARM | 4,32% | 4,05% | 4,43% |
| 10/1 ARM | 4,18% | 3,85% | 4,73% |
Mortgage rates have risen since last Monday. All prices are up at least eight basis points since last week, although all prices are down from that point in the last month.
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% | 3,92% |
| 7/1 ARM | 4,52% | 4,46% | 4,82% |
| 10/1 ARM | 4,80% | 4,51% | 5,09% |
Refinancing rates have risen across the board since last Monday.
15 year fixed rate mortgage
With a fixed mortgage with a term of 15 years, you pay a blocked interest rate for your term of 15 years.
Your monthly payments are higher with a 15 year fixed rate mortgage than with a 30 year fixed rate mortgage because you will be paying back the same mortgage loan in fewer years.
On the positive side, a term of 15 years is cheaper than a term of 30 years. You get a lower interest rate and you pay off your loan in half the time.
30 year fixed rate mortgage
When you take out a 30-year fixed-rate mortgage, you pay off your mortgage over 30 years and your interest rate is fixed over the entire period. A 30-year term has a higher interest rate than a shorter term.
With a term of 30 years, you pay less per month than with a shorter term because you spread your payments over a longer period.
However, with a 30-year fixed-rate mortgage, you pay more total interest than with a 15-year fixed-rate mortgage because you pay a higher interest rate for more years.
Adjustable rate mortgages
An adjustable rate mortgage, often called an ARM, locks your interest rate for a set period of time. Then your rate will change regularly. A 7/1 ARM will hold your rate constant for seven years, then your rate will go up or down once a year.
You may want to consider a fixed rate mortgage instead of an ARM, although ARM rates are currently at historic lows. The 30 year interest rate is lower than the ARM interest rate. Hence, you may want to secure a low interest rate on a fixed mortgage. In addition, you do not risk a future increase in the ARM rate.
When considering 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 also display interest rates for FHA and VA mortgages. These are two types of government supported mortgages. Another type is a USDA mortgage, a less common loan for buyers who live in rural areas.
Government sponsored mortgages are sponsored by government agencies. If you default on your payments, the agency will pay back the lender. Because these mortgages are less risky than traditional mortgages, lenders have fewer requirements on your creditworthiness, debt-to-income ratio, or down payment. They also often have lower interest rates.
Government supported mortgages can be cheap deals if you qualify. Here are your options:
- FHA Mortgage: This type of loan is not limited to any particular type of person. However, it is especially useful if your creditworthiness is insufficient to qualify for a traditional mortgage.
- VA Mortgage: You can qualify if you are an active military member or a veteran.
- USDA Mortgage: Eligible if you live in a rural area and you are below a certain income limit.
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.
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