Mortgage rates today

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Mortgage and refinance rates have gone up moderately since last Sunday, though they remain at all-time lows in general.

If you’re ready to get a home or refinance, you may want a fixed-rate mortgage instead of an adjustable-rate mortgage.

Darrin English, Senior Community Development Loan Officer at Quontic Bank, told Insider ARMs were occasionally better deals than fixed-rate mortgages in the past.

Now, he said you could lock in a lower rate with a fixed-rate mortgage without risking an ARM rate increase in the future. You might consider securing a low rate while you can.

Today’s mortgage rates: Sunday, February 21, 2021

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

15-year fixed
2.42%
2.33%
2.35%

30-year fixed
3.25%
3.13%
3.13%

7/1 ARM
4.12%
4.07%
4.09%

10/1 ARM
4.39%
3.85%
3.88%

Rates from Money.com

 

Since last Sunday, mortgage rates have ticked up, with 7/1 ARM rates seeing the smallest increase — five basis points. Rates have also gone up compared to last month, though only slightly. Still, rates remain at all-time lows. 

We’re displaying the average rates nationwide for conventional mortgages, which may be what you consider “normal mortgages.” Government-backed mortgage through the FHA, VA, or USDA may offer you a better rate, provided you are eligible. 

Overall, mortgage rates are still at staggering lows. Low rates are often a signal of a struggling economy. As the US continues to face the economic fallout of the COVID-19 pandemic, mortgage rates will likely stay low. 

Today’s refinance rates: Sunday, February 21, 2021

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

15-year fixed
2.75%
2.57%
2.6%

30-year fixed
3.67%
3.42%
3.57%

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7/1 ARM
4.41%
4.18%
4.54%

10/1 ARM
4.55%
3.82%
4.31%

Rates from Money.com

Refinance rates on all mortgages have increased since last week, and all but 7/1 ARM rates have also increased compared to the previous month. 

How to get a low mortgage rate

It might be an excellent time to lock in a low mortgage rate, even though both fixed and adjustable mortgage rates have risen since last week. All rates remain at historic lows. 

You don’t need to rush into applying for a mortgage or refinancing, though, as rates will likely stay low well into 2021, if not longer. You have ample opportunity to better your rate by boosting your financial profile. If you’re looking to get the lowest possible rate, take a look at these tips:  

Increase your credit score. You can start by making timely payments, paying off your debts, or allowing your credit to age. You’ll get a better interest rate with a higher score, and many lenders will lower your rate with a score of at least 700. 

Save more for a down payment. The minimum amount you need for your down payment will depend on the type of mortgage you want. The bigger your down payment, the more likely your lender is to offer a better interest rate.

Lower your debt-to-income ratio. Your DTI ratio is the amount you pay toward debts each month, divided by your gross monthly income. Many lenders want to see a DTI ratio of 36% or less. To improve your ratio, pay down debts …read more

Source:: Business Insider

      

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