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Almost all mortgage and refinance rates have risen since last week. The exception is rates on 15-year fixed mortgages, which have ticked down marginally. Overall, rates remain at historical lows. 

If you want to get a mortgage or refinance, you may consider a fixed-rate mortgage because you’ll earn a lower interest rate than you would with an adjustable-rate mortgage. You won’t have to fret over a future rate increase with an ARM and you can lock in a low rate for the long term.

Experts told Insider that fixed-rate mortgages are probably a better deal for some borrowers now compared to adjustable-rate mortgages. 

In general, rates are at all-time lows, which frequently signifies an economy in disarray. As the US continues to handle the economic impact of the COVID-19 pandemic, rates will probably stay low. 

Today’s mortgages rates: Monday, April 5, 2021

Mortgage type
Average rate today
Average rate last week
Average rate last month

15-year fixed
2.64%
2.63%
2.57%

30-year fixed
3.60%
3.58%
3.52%

7/1 ARM
4.47%
3.85%
4.52%

10/1 ARM
4.72%
4.39%
4.33%

Rates from Money.com

Learn more and get offers from multiple lenders.»

From this point last week, all mortgage rates have ticked up. Rates on 7/1 ARMs have gone up the most substantially by 72 basis points.

We’re displaying the average rates nationwide for conventional mortgages, which might be what you think of “standard mortgages.” Government-backed mortgages through the FHAVA, or USDA may give you a lower rate — provided you’re qualified. 

Today’s refinance rates: Monday, April 5, 2021

Mortgage type
Average rate today
Average rate last week
Average rate last month

15-year fixed
2.94%
2.95%
2.89%

30-year fixed
3.89%
3.87%
3.84%

7/1 ARM
4.78%
4.18%
4.86%

10/1 ARM
5.02%
4.85%
4.75%

Rates from Money.com

Click here to compare offers from refinancing lenders »

Most refinance rates are up from this point last Monday. However, rates on 15-year fixed mortgages have decreased by one basis point. Rates on fixed-rate mortgages and 10/1 …read more

Source:: Business Insider

      

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