Current mortgage rates for March 19, 2021: Rates tick upMarch 19, 2021
A few significant mortgage rates boasted increases today. The average interest rates for both 15-year fixed and 30-year fixed mortgages both crept higher. For variable rates, the 5/1 adjustable-rate mortgage also floated higher. Although mortgage rates fluctuate, they are lower than they’ve been in years. Because of this, right now is an excellent time for prospective homebuyers to secure a fixed rate. Before you buy a home, remember to take into account your personal needs and financial situation, and compare offers from different lenders to find the best one for you.
Check out mortgage rates that meet your distinct needs
30-year fixed-rate mortgages
The average interest rate for a standard 30-year fixed mortgage is 3.32%, which is a growth of 12 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) 30-year fixed mortgages are the most frequently used loan term. A 30-year fixed mortgage will often have a greater interest rate than a 15-year fixed rate mortgage — but also a lower monthly payment. 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 2.52%, which is an increase of 6 basis points from the same time last week. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a bigger monthly payment. But a 15-year loan will usually be the better deal, if you can afford the monthly payments. You’ll typically 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 3.35%, an addition of 12 basis points from seven days ago. For the first five years, you’ll usually get a lower interest rate with a 5/1 ARM compared to a 30-year fixed mortgage. However, changes in the market might cause your interest rate to increase after that time, as detailed in the terms of your loan. Because of this, an adjustable-rate mortgage might be a good option if you plan to sell or refinance your house before the rate changes. If not, changes in the market may significantly increase your interest rate.
Mortgage rate trends
We use information collected by Bankrate, which is owned by the same parent company as CNET, to track rates changes over time. 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||3.32%||3.20%||+0.12|
|15-year fixed rate||2.52%||2.46%||+0.06|
|30-year jumbo mortgage rate||3.12%||3.05%||+0.07|
|30-year mortgage refinance rate||3.43%||3.25%||+0.18|
Updated on March 19, 2021.
How to find personalized mortgage rates
To find a personalized mortgage rate, meet with your local mortgage broker or use an online mortgage service. In order to find the best home mortgage, you’ll need to take into account your goals and overall financial situation. Specific mortgage rates will vary based on factors including credit score, down payment, debt-to-income ratio and loan-to-value ratio. Generally, you want a higher credit score, a higher down payment, a lower DTI and a lower LTV to get a lower interest rate. Apart from the interest rate, additional costs including closing costs, fees, discount points and taxes might also factor into the cost of your house. Make sure you talk to a variety of lenders — for example, local and national banks, credit unions and online lenders — and comparison shop to find the best mortgage for you.
How does the loan term impact my mortgage?
When picking a mortgage, it’s important to consider the loan term, or payment schedule. The mortgage terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are the same for the life of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only set for a certain amount of time (most frequently five, seven or 10 years). After that, the rate changes annually based on the market interest rate.
One important factor to think about when deciding between a fixed-rate and adjustable-rate mortgage is how long you plan on staying in your home. If you plan on staying long-term in their new house, fixed-rate mortgages may be the better option. Fixed-rate mortgages offer more stability over time in comparison to adjustable-rate mortgages, but adjustable-rate mortgages can sometimes offer lower interest rates upfront. If you aren’t planning to keep your new home for more than three to 10 years, however, an adjustable-rate mortgage may give you a better deal. The “best” loan term all is entirely dependent on your situation and goals, so make sure to take into consideration what’s important to you when choosing a mortgage.
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