Current Mortgage Rates – Mortgage Interest Rates Today

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What Are Today’s Mortgage Rates

As of Saturday, September 25, 2021, the average 30-year fixed mortgage rate is 3.040% with an APR of 3.240%. The average 30-year fixed mortgage refinance rate currently is 3.010% with an APR of 3.160%. 

Today, the average 15-year fixed mortgage rate is 2.300%, with an APR of 2.580%. And the average 15-year fixed refinance rate is %, with an APR of %.

DateAverage 30-year fixedAverage 15-year fixedAverage 5/1 ARM
Sep. 24, 20213.0329%2.302%2.7877%
Sep. 17, 20213.02%2.3058%2.7866%
Sep. 10, 20213.0351%2.3248%2.8013%
Sep. 3, 20213.0277%2.321%2.8035%
Aug. 27, 20213.034%2.3336%2.803%
Aug. 20, 20213.0217%2.3123%2.8035%
Aug. 13, 20213.0534%2.3473%2.8001%
Aug. 6, 20212.9571%2.255%2.7949%
Jul. 30, 20213.0218%2.3043%2.783%
Jul. 23, 20212.9812%2.3268%2.8022%
Jul. 16, 20213.0364%2.3817%2.8226%
Jul. 9, 20213.0684%2.3772%2.8552%

What Is a Mortgage Interest Rate?

A mortgage interest rate is the cost of borrowing money for a home loan and is expressed as a percentage. Your mortgage rate has a sizeable impact on your monthly payment and how much house you can afford. So a lower mortgage interest rate will make your mortgage payments more affordable.

What Factors Determine Mortgage Rates?

There are a number of factors that go into determining your mortgage interest rate, although many of the broader economic components are outside of your control. Inflation, housing demand, and the Federal Reserve’s policies are just some examples of what influences mortgage and refinance rates.

But there are a lot of things within your control that affect what mortgage rate you qualify for. Your credit score and loan-to-value ratio (LTV) are important. A credit score of 740 or more and an LTV of 80% or less will help you get the best rates. So saving up for a larger down payment and building up your credit score are effective ways to prepare for a home purchase. 

The property, and its location, can make a difference in your mortgage rate. Rates vary from one area to the next based on the amount of competition among lenders and the cost of doing business. You’re also likely to have a higher rate if you’re purchasing a property that isn’t a standard single-family home, such as a manufactured home or a multi-family property.

When deciding which type of home loan is best for you, keep in mind that the length of the repayment term will impact your rate. Shorter loan terms typically have lower rates, so a 15-year mortgage will have a lower interest rate than a 30-year mortgage, if everything else is the same.

How Do Your Credit Scores Affect Your Rate?

When a mortgage lender is reviewing your application, it wants to know how likely you are to repay the loan. Your credit score is an important indicator for lenders, and the higher it is the more likely you are to be approved for a loan and the lower your mortgage rate will be.

If you’re applying for a conventional loan, then your mortgage may be subject to what is known as a loan-level price adjustment (LLPA). An LLPA can be added to your loan based on your credit score, LTV, and the type of home. If your credit score is low, an LLPA can significantly increase your mortgage interest rate.

What Is the APR on a Mortgage?

A loan’s annual percentage rate (APR) is meant to show you the overall cost of the loan. An APR factors not only your interest rate, but also certain fees as well. So two mortgages can have the same interest rate, but different APRs. Closing costs such as discount points, lenders fees, and private mortgage insurance (PMI) are typically included in the APR calculation. But other fees, like attorney fees or appraisal fees usually aren’t factored into the APR.

How to Get the Best Mortgage Rate

Preparing ahead of time by building up your credit score and saving as much money as possible are important. But regardless of your personal financial situation, it’s critical that you shop around to find the best mortgage lender for you. 

Every lender will evaluate your financial situation differently, and having multiple offers give you a chance to compare not only mortgage rates, but also the upfront fees. When looking for the best deal, be sure to look at offers for the same loan types and repayment terms. And if you find a good rate, lock it in because rates fluctuate from day to day.

In order to have an accurate estimate of what rates and fees you qualify for you’ll need to submit a full application. Getting a mortgage preapproval may give you an understanding of what amount you can borrow or a ballpark estimate of the cost of a mortgage, but it’s not a good way to compare loans.