Several closely watched mortgage rates declined today. Rates remain near historic lows, with the average 30-year rate 1.30 percentage points below the 2019 annual average rate. See below for an interactive rates chart, and a breakdown of today’s rates.
Rates as of February 12, 2021.
Data source: Bankrate overnight averages data
Rates for mortgages are in a constant state of flux, but they have remained in a historically low range for quite some time. If you’re in the market for a mortgage, it may make sense to go ahead and lock if you see a rate you like. Just make sure you shop around first.
Find the right mortgage rate for your specific criteria.
30-year mortgage rates today
The average rate you’ll pay for a 30-year fixed mortgage is 2.83 percent, a decrease of 1 basis point from a week ago. Last month on the 12th, the average rate on a 30-year fixed mortgage was higher, at 2.91 percent.
At the current average rate, you’ll pay a combined $412.49 per month in principal and interest for every $100,000 you borrow. That represents a decline of $0.53 over what it would have been last week.
You can use Bankrate’s mortgage rate calculator to get a handle on what your monthly payments would be and see the effect of adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.
15-year fixed mortgages
The average 15-year fixed-mortgage rate is 2.34 percent, up 1 basis point over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $659 per $100,000 borrowed. That’s clearly much higher than the monthly payment would be on a 30-year mortgage at that rate, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more quickly.
5/1 Adjustable Rate Mortgage Rates
The average rate on a 5/1 adjustable rate mortgageis 2.95 percent, sliding 3 basis points over the last 7 days.
These types of loans are best for those who expect to refinance or sell before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 2.95 percent would cost about $419 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo mortgages
is 2.86 percent, a decrease of 1 basis point since the same time last week. Last month on the 12th, the average rate for jumbo mortgages was higher, at 2.96 percent.
At today’s average rate, you’ll pay a combined $414.09 per month in principal and interest for every $100k you borrow. That’s a decline of $0.54 from last week.
To follow how rates change day-to-day, see our daily rates page.
How to get the best rate
Mortgage rates can differ widely based on overall market forces, the loan amount, your location, your financial situation and how eager lenders are to get your business. Remember that the rates we quote are averages–some people will be quoted higher or lower or that exact rate, and the rate may change daily even at the same lender.
It’s crucial when you’re looking for a mortgage to shop around and compare and contrast all the terms of your offers, not just the interest rate you’re being quoted. Your best rate and terms may be from an online lender, the bank down the street or perhaps through a mortgage broker. You won’t know unless you shop multiple lenders through multiple channels.
Bankrate is a great place to start, because you can take advantage of our mortgage rate comparison tool and remain current on today’s rates. If you’re not happy with the results you see between these pages, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.
Shopping for the right lender?
Source: bankrate.com