Mortgage rates today

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Mortgage and refinance rates have gone up a tad since last Monday, though they are still at historic lows overall.

You may consider going for a fixed-rate mortgage instead of an adjustable-rate mortgage if you’re looking to buy a home or refinance. 

Mat Ishbia, CEO of United Wholesale Mortgage, told Insider that fixed-rate mortgages are currently a better deal than adjustable-rate mortgages.

Adjustable rates start higher than fixed rates currently, and you may face a future rate increase with an ARM. You might want to lock in a low rate while possible. 

Mortgage rates for Monday, February 22, 2021

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

15-year fixed
2.42%
2.33%
2.34%

30-year fixed
3.25%
3.13%
3.11%

7/1 ARM
4.12%
4.07%
4.01%

10/1 ARM
4.39%
3.85%
3.89%

Rates from Money.com

 

Mortgage rates have jumped since last week, with 10/1 ARM rates increasing by 54 basis points. Compared to last month, rates have gone up, albeit slightly. Rates are still at historic lows. 

We’re supplying you with the average rates nationwide for conventional mortgages, which may be what you consider “standard mortgages.” Government-backed mortgage through the FHA, VA, or USDA may offer you an improved rate if you qualify. 

In general, mortgage rates remain at all-time lows. Low rates frequently are an indicator of a floundering economy. Mortgage rates will probably remain low as the US continues to bear the brunt of the economic fallout of the COVID-19 pandemic. 

Mortgage refinance rates for Monday, February 22, 2021

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

15-year fixed
2.75%
2.58%
2.6%

30-year fixed
3.67%
3.45%
3.61%

7/1 ARM
4.41%
4.52%
4.5%

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10/1 ARM
4.55%
4.25%
4.31%

Rates from Money.com

Since last Monday, refinance rates on 15-year fixed mortgages, 30-year fixed mortgages, and 10/1 ARMs have increased. Rates on 7/1 ARMs have gone down 11 basis points since last week and nine basis points since last month.

Best ways to snag a low mortgage rate

You may want to secure a low mortgage rate now, even though most mortgage and refinance rates have risen since last Monday. Rates are still at striking lows. 

However, there’s no need to hurry to apply for a mortgage or refinance. Rates will probably remain low for the coming months, if not years, so you’ll have time to improve your rate by bettering your financial standing. Here are a few ways you can get the lowest possible rate:  

Increase your credit score by making payments on time, paying off debts, or letting your credit age. Requesting and reviewing a copy of your credit report may help you find any errors that might be lowering your score. 

Save more for a down payment. You may be able to put down as little as 3% if you’re looking for a conventional mortgage, but the lowest amount will be contingent on which type of mortgage you want. You have an improved opportunity to get a better interest rate from your lender the higher your down payment.

Lower your debt-to-income ratio. Your DTI ratio is the amount you pay toward debts each month, divided by your gross monthly income. You can improve your rate by lowering your ratio. …read more

Source:: Business Insider

      

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