Multiple key mortgage rates declined today. The average rates on 30-year fixed and 15-year fixed mortgages both trended down. The average rate on 5/1 adjustable-rate mortgages, meanwhile, increased.
|30-year fixed jumbo||2.95%||3.00%||-0.05|
|30-year fixed refinance||2.95%||3.01%||-0.06|
Rates as of January 20, 2021.
Data source: Bankrate overnight averages data
Rates for mortgages are constantly changing, but they remain much lower overall than they were before the Great Recession. If you’re in the market for a mortgage, it could make sense to lock if you see a rate you like. Just don’t do so without shopping around first.
Compare mortgage rates in your area now.
30-year mortgage rates today
The average 30-year fixed-mortgage rate is 2.90 percent, down 4 basis points over the last seven days. Last month on the 20th, the average rate on a 30-year fixed mortgage was lower, at 2.88 percent.
At the current average rate, you’ll pay $416.23 per month in principal and interest for every $100,000 you borrow. That’s down $2.14 from what it would have been last week.
You can use Bankrate’s mortgage payment calculator to figure out your monthly payments and see what the effects of making extra payments would be. It will also help you determinehow much interest you’ll pay over the life of the loan.
15-year fixed mortgages
The average 15-year fixed-mortgage rate is 2.38 percent, down 2 basis points over the last seven days.
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Monthly payments on a 15-year fixed mortgage at that rate will cost around $661 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, 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 2.98 percent, climbing 8 basis points over the last 7 days.
These loan types are best for people who expect to refinance or sell before the first or second adjustment. Rates could be considerably higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 2.98 percent would cost about $421 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.
Jumbo mortgage rates
The current average rate you’ll pay for jumbo mortgages is 2.95 percent, a decrease of 5 basis points over the last week. This time a month ago, jumbo mortgages’ average rate was below that, at 2.90 percent.
At today’s average jumbo rate, you’ll pay a combined $418.91 per month in principal and interest for every $100,000 you borrow. That’s a decline of $2.69 from last week.
To stay up to date with daily mortgage rates, check out our daily rates page.
Where to get the best rates
Interest rates can vary largely based on overarching market forces, the size of the loan, your location, your financial situation and how motivated mortgage lenders are to get your business. Keep in mind that the rates we post are market 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 important when you’re searching 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 there, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.
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Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.