Summary List Placement

Most mortgage and refinance rates have gone down since last Wednesday. This decrease comes after a week of most rates increasing.

All rates are lower than this time last month, and rates are at historic lows overall. Mortgage rates should remain low for a while, so you don’t need to hurry to buy to take advantage of low rates if you aren’t ready.

But if you know you want to buy soon, you should probably start the process of applying for preapproval and locking in a rate. According to a study by Redfin, over half of homes in the US are selling in two weeks or less right now. So once you’re ready to buy, you’ll want to be able to make an offer quickly.

Mortgage rates on Wednesday, May 5, 2021

Mortgage type
Average rate today

15-year fixed
2.45%

30-year fixed
3.32%

7/1 ARM
4.30%

10/1 ARM
4.05%

30-year FHA
2.91%

VA mortgage loan
2.69%

Conventional rates from Money.com; government-backed rates from RedVentures.

Learn more and get offers from multiple lenders »

Fixed mortgage rates are significantly lower than adjustable mortgage rates right now.

Rates for conventional mortgages (which might be what you think of “regular mortgages”) are low overall today. But mortgages backed by the FHA and VA usually pay even lower rates, depending on which term length you choose. Government-backed mortgages are great options if you’re eligible to apply.

Refinance rates on Wednesday, May 5, 2021

Mortgage type
Average rate today

15-year fixed
2.65%

30-year fixed
3.67%

7/1 ARM
4.47%

10/1 ARM
4.68%

30-year FHA
2.97%

VA mortgage loan
2.69%

Conventional rates from Money.com; government-backed rates from RedVentures.

Compare offers from refinancing lenders »

Refinance rates are low across the board today. The lowest rates are on a VA loan or a 15-year fixed-rate mortgage.

How …read more

Source:: Business Insider

      

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *