Compare countrywide mortgage rates from various lenders
30-year fixed-rate mortgages
The average 30-year fixed mortgage interest rate is 3.09%, which is the same as seven days ago. (A basis point is equivalent to 0.01%.) The most common loan term is a 30-year fixed mortgage. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one -- but often a higher interest rate. 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 2.37%, which is the same rate compared to a week ago. You’ll definitely have a bigger monthly payment with a 15-year fixed mortgage compared to a 30-year fixed mortgage, even if the interest rate and loan amount are the same. But a 15-year loan will usually be the better deal, if you're able to afford the monthly payments. These include typically being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.5/1 adjustable-rate mortgages
A 5/1 adjustable-rate mortgage has an average rate of 3.10%, a decrease of 1 basis point compared to last week. 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 could cause your interest rate to increase after that time, as detailed in the terms of your loan. Because of this, an adjustable-rate mortgage could be a good option if you plan to sell or refinance your house before the rate changes. Otherwise, changes in the market means your interest rate could be much higher once the rate adjusts.Mortgage rate trends
We use rates 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 US:| Loan type | Interest rate | A week ago | Change |
|---|---|---|---|
| 30-year fixed rate | 3.09% | 3.09% | N/C |
| 15-year fixed rate | 2.37% | 2.37% | N/C |
| 30-year jumbo mortgage rate | 3.14% | 3.15% | -0.01 |
| 30-year mortgage refinance rate | 3.13% | 3.15% | -0.02 |
Updated on May 27, 2021.
How to find the best mortgage rates
You can get a personalized mortgage rate by connecting with your local mortgage broker or using an online calculator. When researching home mortgage rates, consider your goals and current finances. Specific interest rates will vary based on factors including credit score, down payment, debt-to-income ratio and loan-to-value ratio. Having a higher credit score, a higher down payment, a low DTI, a low LTV, or any combination of those factors can help you get a lower interest rate. Besides the mortgage interest rate, additional costs including closing costs, fees, discount points and taxes might also factor into the cost of your house. Make sure to shop around with multiple lenders -- such as credit unions and online lenders in addition to local and national banks -- in order to get a mortgage that's best for you.What’s the best loan term?
One important factor to consider when choosing a mortgage is 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. The interest rates in a fixed-rate mortgage are the same for the duration of the loan. For adjustable-rate mortgages, interest rates are stable for a certain number of years (typically five, seven or 10 years), then the rate fluctuates annually based on the market interest rate.
When deciding between a fixed-rate and adjustable-rate mortgage, you should think about how long you plan to stay in your home. For those who plan on staying long-term in a new house, fixed-rate mortgages may be the better option. Fixed-rate mortgages offer more stability over time compared to adjustable-rate mortgages, but adjustable-rate mortgages might offer lower interest rates upfront. However you might get a better deal with an adjustable-rate mortgage if you're only planning to keep your home for a couple years.
The best loan term all all depends on your personal situation and goals, so make sure to think about what’s important to you when choosing a mortgage.
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