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daily mortgage rates on the rise this week | November 20 and 21, 2021


The average rate on a 30-year fixed-rate mortgage ended the week at 3.531%. That’s an increase of 0.038 percentage point from Monday’s rate. The 30-year refinance rate also ended the week up at 3.694%.

Despite the rise, interest rates remain historically low. Well-qualified buyers should be able to lock in low rates and monthly payments for a home purchase or mortgage refinance.

  • The last rate on a 30 year fixed rate mortgage is 3.531%. ??
  • The last rate on a 15 year fixed rate mortgage is 2.611%. ??
  • The latest rate on a 5/1 ARM is 2.311%. ??
  • The latest rate on a 7/1 ARM is 3.247%. ??
  • The latest rate on a 10/1 ARM is 3.697%. ??

Money is everyday mortgage the rates reflect what a borrower with a 20% down payment and a credit score of 700 – roughly the national average – could pay if they applied for a home loan now. Daily rates are based on the average rate of 8,000 lenders offered to applicants on the previous business day. Freddie Mac’s weekly rates will generally be lower, as they measure the rates offered to borrowers with a higher credit rating.

30-year fixed rate mortgage rates today

  • The 30-year rate is 3.531%.
  • It’s a day offold 0.019 percentage points.
  • It’s a month offold by 0.01 percentage point.

The predictability of a 30-year fixed rate mortgage makes it the most popular type of mortgage. The interest rate and monthly payments will not change during the life of the loan. The long payback period is also a plus, as it means that the monthly payments will be lower and more affordable than those on a shorter term loan. The interest rate will be higher, however, so a 30-year loan will actually be more expensive in the long run.

15 years old fixed rate mortgage rates today

  • The 15-year rate is 2.611%.
  • It’s a day of0.009 percentage point fold.
  • It’s a month infold by 0.04 percentage point.

The shorter term of a 15 year fixed rate mortgage results in higher monthly payments compared to a longer term loan of the same size. The advantage is that not only will you pay off the loan faster, but the interest rate is also lower, so you will spend less money overall if you can afford the higher payments.

Variable rate mortgage rates today

  • The latest rate on a 5/1 ARM is 2.311%. ??
  • The latest rate on a 7/1 ARM is 3.247%. ??
  • The latest rate on a 10/1 ARM is 3.697%. ??

A variable rate mortgage can be a good option if you don’t plan on keeping the house for long. ARMs will start with a low fixed interest rate at the start. Once the fixed rate period is over, the interest rate will become adjustable and reset periodically based on market conditions. An ARM 5/1, for example, will have a fixed rate for five years before starting to reset each year. Keep in mind that once the rate starts to adjust, it can go up dramatically.

Current mortgage rates: VA, FHA and jumbo loan rates

The average rates for FHA, VA and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 3.33%. ??
  • The rate for a 30-year VA mortgage is 3.385%. ??
  • The rate for a 30-year jumbo mortgage is 3.655%. ??

Current mortgage refinancing rates

The average refinancing rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30 year fixed rate refinance is 3.694%. ??
  • The refinance rate on a 15 year fixed rate refinance is 2.718%. ??
  • The refinancing rate on an ARM 5/1 is 2.607%. ??
  • The refinancing rate on an ARM 7/1 is 3.611%. ??
  • The refinancing rate on an ARM 10/1 is 4.094%. ??

Where Are Mortgage Rates Going This Year?

Mortgage rates fell through 2020. Millions of homeowners responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people have bought homes that they might not have been able to afford if the rates were higher.

In January 2021, rates briefly fell to all-time lows, but tended to rise throughout the month and into February.

Looking ahead, experts believe interest rates will rise further in 2021, but modestly. Factors that could influence the rates include how quickly COVID-19 vaccines are distributed and when lawmakers can agree on another cost-effective relief package. More vaccinations and government stimulus could lead to improved economic conditions, which would increase rates.

Although mortgage rates are likely to rise this year, experts say the increase will not happen overnight and will not be a dramatic jump. Rates are expected to stay near their historically low levels throughout the first half of the year, rising slightly later in the year. Even with rates rising, this will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed took swift action when the pandemic hit the United States in March 2020. The Fed announced its intention to move money through the economy by lowering the Federal Fund’s short-term interest rate between 0% and 0.25%, which is as low as they go. The central bank has also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but started reducing those purchases in November.
  • The 10-year Treasury note. Mortgage rates move at the same pace as the yields on 10-year government treasury bills. Yields fell below 1% for the first time in March 2020 and have risen since then. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The economy in the broad sense. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are low, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached record levels early last year and have yet to recover. GDP has also been affected, and although it has rebounded somewhat, there is still a lot of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes a bit of work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. The borrowers with the highest credit scores will get the best rates, so it’s essential to check your credit report before you begin the home search process. Taking action to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which means how much of the home’s price the lender has to finance. A lower LTV usually results in a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the purchase of the house.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who is offering the lowest interest rate. Also consider the different types of lenders, such as credit unions and online lenders, in addition to traditional banks.

Also. take the time to learn about the different types of loans. While the 30-year fixed-rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year loan or an adjustable rate mortgage. These types of loans often have a lower rate than a conventional 30-year mortgage. Compare everyone’s costs to see which one best suits your needs and your financial situation. Government loans, such as those guaranteed by the Federal Housing Authority, the Department of Veterans Affairs, and the Department of Agriculture, may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you find the right rate, the right loan product, and the lender will help ensure that your mortgage rate does not increase until the loan closes.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by over 8,000 lenders in the United States for which the most recent rates are available. Today we’re posting the rates for Thursday, November 17, 2021. Our rates reflect what a typical borrower with a credit score of 700 can expect to pay on a home loan right now. These rates were offered to people with a 20% deposit and include discount points.

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