Today’s Mortgage Rates, February 23, 2021 | Rates Pushed Higher

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Looking at today’s mortgage rates the most preeminent rates inched upward. The averages for both 30-year fixed and 15-year fixed mortgages both drifted higher. The most common type of variable-rate mortgage is the 5/1 adjustable-rate mortgage (ARM) also cruised higher.

The average mortgage rates are as follows:

Current Mortgage Refinance Rates

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

Today’s refinance rates are:

Compare nationwide mortgage rates from various lenders .

30-Year Fixed-Rate Mortgages

For a 30-year fixed-rate mortgage, the average rate you’ll pay is 3.09%, which is a growth of 21 basis points from seven days ago.

You can use NextAdvisor’s mortgage payment calculator to get an idea of what your monthly payments will be and play around with extra mortgage payments to wrap your head around how much you could save. The mortgage calculator can also show you how much 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 2.47%, which is an increase of 10 basis points compared to a week ago.

A 15-year, fixed-rate mortgage’s monthly payment will be much bigger. So finding room in your budget for a 30-year loan’s monthly payment would be less difficult. But, 15-year loans have some considerable benefits: You’ll pay thousands less in interest and pay off your loan much earlier.

5/1 Adjustable-Rate Mortgages

A 5/1 ARM has an average rate of 2.97%, a climb of 3 basis points from the same time last week.

An adjustable-rate mortgage is ideal for borrowers who will refinance or sell before the rate changes. If that’s not the case, their interest rates could end up being noticeably 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 depending on how much your loan’s rate adjusts, your payment has the potential to increase by a large amount.

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 mortgage rate history, we’re seeing low rates like never before. The table below compares today’s average rates to what they were a week ago, and is based on information provided to Bankrate by lenders nationwide:

Current average mortgage interest rates
Loan typeInterest rateA week agoChange
30-year fixed rate3.09%2.88%+0.21
15-year fixed rate2.47%2.37%-0.10
30-year jumbo mortgage rate3.13%2.91%+0.22
30-year mortgage refinance rate3.13%2.92%+0.21

Updated on February 23, 2021.

There isn’t a single factor that causes mortgage rates to move, but rather there are many. Chief among them are things including inflation and even the unemployment rate. When you see inflation increasing that usually means mortgage rates are about to climb higher. On the other hand, lower inflation typically accompanies lower mortgage rates. With higher inflation, the dollar becomes less valuable. This scenario pushes buyers away from mortgage-backed securities, which leads to price decreases and the need for increasing yields. And higher yields require borrowers to pay higher interest rates.

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.

Where Are Mortgage Rates Headed in 2021?

In recent months, we’ve seen mortgage interest rates linger near all-time lows. And for 2021, some experts predict mortgage rates will stay that way. Although, toward the end of the year we could see rates start to gradually rise.

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. Conversely, mortgage rates are likely to stay low if the coronavirus continues to cause economic hardship. The Federal Reserve could also choose to increase its purchasing of mortgage-backed securities, which could cause mortgage rates to drop.

Factors Influencing Today’s Mortgage Rates

There is a wide range of factors that influence mortgage rates. Some are broader economic factors, and others are related to your individual situation.

  • Condition of the economy
  • Federal Reserve policies
  • Spending in the private and public sectors
  • Yields for 10-year Treasury bonds
  • 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 mortgage is a great way to get the lowest interest rate.

Your mortgage rate depends on a number of factors lenders consider when assessing how likely you are to repay your home loan. Your credit score and debt-to-income ratio (DTI) are a big part of this decision. And your loan-to-value (LTV) ratio is also important, so having a bigger down payment is better for your interest rate.

But, banks will evaluate your situation differently. So you can give the same documentation to three different banks, and get offers with three different mortgage rates and fees that vary just as much.

Is Now a Good Time to Buy a Home?

There’s no “right time” to buy a house — the decision is a highly personal one. Keep in mind, when you purchase a home the monthly payment won’t be your only cost. You’ll also need enough money saved up for upfront closing costs and a down payment. And you’ll get a better deal if you have a higher credit score and lower debt-to-income ratio.

However, the pandemic has led to an even greater shortage of homes. That’s caused a bidding war 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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