Today’s Mortgage Rates, February 22, 2021 | Rates Ticked Up

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Looking at today’s mortgage rates a few notable rates increased. The averages for both 30-year fixed and 15-year fixed mortgages both made gains. At the same time, average rates for 5/1 adjustable-rate mortgages (ARM) also took an upturn.

The averages for 30-year fixed, 15-year fixed, and 5/1 ARMs are:

Current Mortgage Refinance Rates

Refinancing became a bit more expensive today as 30-year fixed and 15-year fixed refinance mortgages saw their mean rates climb. If you’ve been considering a 10-year refinance loan, average rates also increased.

The average refinance rates are as follows:

Compare nationwide home loan rates from various lenders .

30-Year Fixed-Rate Mortgages

The median interest rate for a standard, 30-year, fixed mortgage is 3.04%, which is a growth of 18 basis points from seven days ago.

You can use NextAdvisor’s home loan payment calculator to work out what your monthly payments would be and see how much you’ll save if you make extra payments. The mortgage calculator can also show you the total interest you’ll pay over the life of the loan

15-Year Fixed-Rate Mortgages

The median rate for a 15-year fixed mortgage is 2.43%, which is an increase of 9 basis points from seven days ago.

A 15-year, fixed-rate mortgage’s monthly payment is larger and will take up a bigger chunk of your monthly budget than a 30-year mortgage would. However, 15-year loans have some considerable benefits: You’ll pay thousands less in interest and pay off your loan much faster.

5/1 Adjustable-Rate Mortgages

A 5/1 ARM has an average rate of 2.95%, a climb of 1 basis point from seven days ago.

An ARM is ideal for borrowers who will sell or refinance before the rate changes. If that’s not the case, their interest rates could end up being markedly higher after a rate adjusts.

For the first five years, a 5/1 ARM will typically have a lower interest rate compared to a 30-year fixed mortgage. Just keep in mind that your rate could climb higher and your payment might grow by hundreds of dollars a month.

How Mortgage Rates Have Changed

To see where mortgage rates are going we rely on information collected by Bankrate, which is owned by the same parent company as NextAdvisor. Looking at the history of mortgage rates, we’re in an exceptionally low rate environment. This table has current average rates based on information provided to Bankrate by lenders from across the nation:

Current average mortgage interest rates
Loan typeInterest rateA week agoChange
30-year fixed rate3.04%2.86%+0.18
15-year fixed rate2.43%2.34%-0.09
30-year jumbo mortgage rate3.09%2.89%+0.20
30-year mortgage refinance rate3.07%2.89%+0.18

Updated on February 22, 2021.

A number of factors can influence mortgage rates, including everything from inflation to unemployment. In general, inflation leads to higher interest rates and vice versa. The dollar loses value with increased inflation, and this causes mortgage-backed securities to become less enticing for investors, which leads to falling prices and higher yields. And if yields increase, interest rates become more expensive for borrowers.

The demand for housing can also impact mortgage rates. If more people are buying homes, there is a greater need for mortgages. This type of demand can drive interest rates up. And if there is less demand for mortgages, that can cause a decline in mortgage rates.

What Is in the Future for Mortgage Rates?

In recent months, mortgage rates fell to new all-time lows. Since there’s not much room for rates to decline further, many experts predict mortgage rates will remain flat or increase just slightly in 2021.

The economy will play a big factor, which is tied to how well the coronavirus can be contained. As the economy recovers, we should see inflation rise, which will put upward pressure on mortgage rates. However, if the economic recovery is slower than expected and the pandemic drags on, it’s likely we’ll see low rates for the foreseeable future. And the Federal Reserve could also act to limit the increase of mortgage rates if it feels the economy cannot support them

What Impacts the Current Mortgage Rates?

Everything from the direction of the economy to your individual financial situation can influence mortgage rates. Not only that, but the type of mortgage and the property itself also factor into the equation.

Here are a few factors that influence rates:

  • Overall health of the economy
  • Federal Reserve policies
  • Consumer and government spending
  • 10-year U.S. Treasury yields
  • Rate of inflation
  • Personal situation: Loan term, type and location of the property, and credit score

How to Get the Best Mortgage Rate

Shopping around for a home loan is a great way to secure the lowest mortgage interest rate.

The mortgage rate you get depends on a number of factors lenders consider when assessing how risky it is to give you a mortgage. Your credit score and debt-to-income ratio (DTI) impact your mortgage rate. And your loan-to-value (LTV) ratio matters, so having a more substantial down payment is better for your mortgage rate.

But, banks will consider your circumstances differently. So you can give the same documentation to three different banks, and find that none of the mortgage rates and fees you are offered are the same.

Is Now a Good Time to Buy a Home?

Deciding when to buy a home is a highly personal choice. Your financial situation will play a big role in your decision. Before you buy a home, you’ll want to have a secure source of income, enough saved for closing costs, and a high credit score.

However, the pandemic has exacerbated a shortage of homes, leading to bidding wars and rising prices. Those trends mean it can be a frustrating market for buyers.

How We Got These Rates

The rates we have included are averages provided by Site Averages and are calculated after the close of the previous business day. The lenders that the “ Site Average” tables include are not the same from day to day.

National lenders provide this mortgage rate information to It is possible the mortgage rates we reference has changed since this was published.

Mortgage Interest Rates by Loan Type

Home Purchase Rates

Mortgage Refinance Rates

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