The average rate for a 30-year fixed-rate mortgage is up to 3.533% today. That’s a 0.064 percentage point jump from Friday. It’s the first time in five days the 30-year rate has moved higher. The 30-year refinance rate is also higher today at 3.675%.
Despite the jump, rates are still historically low. Well-qualified borrowers can get attractive rates for a home purchase loan or a mortgage refinance, though the number of people who can save by refinancing goes down as rates go up.
- The latest rate on a 30-year fixed-rate mortgage is 3.533%.
- The latest rate on a 15-year fixed-rate mortgage is 2.605%.
- The latest rate on a 5/1 ARM is 3.069%.
- The latest rate on a 7/1 ARM is 3.083%.
- The latest rate on a 10/1 ARM is 3.663%.
Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate 8,000 lenders offered to applicants the previous business day. Freddie Mac’s weekly rates will generally be lower, since they measure rates offered to borrowers with higher credit scores.
Current mortgage rates: 30-year fixed-rate mortgage rates
- The 30-year rate is 3.533%.
- That’s a one-day increase of 0.064 percentage points. ⇑
The 30-year fixed- rate mortgage is the most common home loan in America. Borrowers like the predictability of a fixed-rate and that the decades-long payback period results in more affordable monthly payments. However, the long payback usually means a higher interest rate and paying more for the loan in the overtime.
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Average Mortgage Rates
Data based on US mortgage loans closed on Oct 28, 2021
| Loan Type | Oct 28 | Last Week | Change |
|---|---|---|---|
| 15 Year Fixed Conventional | 2.57% | 2.58% | 0.01% |
| 30 Year Fixed Conventional | 3.47% | 3.54% | 0.07% |
| 7/1 ARM Rate | 3.42% | 3.07% | 0.35% |
| 10/1 ARM Rate | 3.6% | 4.01% | 0.41% |
Your actual rate may vary
Current mortgage rates: 15-year fixed-rate mortgage rates
- The 15-year rate is 2.605%.
- That’s a one-day increase of 0.038 percentage points. ⇑
If you can …….
Source: https://money.com/todays-mortgage-rates-november-1-2021/