Mortgage rates today

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Mortgage and refinance rates have slightly increased since last week, but they remain at all-time lows in general. 

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

Darrin English, Senior Community Development Loan Officer at Quontic Bank, told Insider ARMs used to be a preferable option for some borrowers. However, now you can secure a lower fixed rate for 15 or 30 years, and you won’t chance your ARM rate going up in the future.

You may want to lock in a low rate while you can. 

Today’s mortgage rates: Tuesday, February 23, 2021

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

15-year fixed
2.43%
2.33%
2.32%

30-year fixed
3.26%
3.13%
3.09%

7/1 ARM
4.33%
4.07%
3.98%

10/1 ARM
4.03%
3.85%
3.98%

Rates from Money.com

 

Since last Tuesday, rates have gone up, with 15 year fixed mortgage rates increasing by 10 basis points. Rates have also increased since last month. All rates are still at all-time lows. 

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

Mortgage rates are still at striking lows. Low rates often signify an economy in disarray. Mortgage rates will likely stay low as the US continues to face the economic impact of the COVID-19 pandemic. 

Today’s refinance rates: Tuesday, February 23, 2021

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

15-year fixed
2.76%
2.58%
2.58%

30-year fixed
3.68%
3.45%
3.6%

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7/1 ARM
4.72%
4.52%
4.42%

10/1 ARM
4.49%
4.25%
4.48%

Rates from Money.com

All mortgage refinance rates have gone up since last week. You can still get a rate below 3% on a 15-year refinance and below 4% on a 30-year refinance.

Top tips to get a low mortgage rate

It might be an excellent opportunity to lock in a low mortgage rate. Though mortgage and refinance rates are up since last Tuesday, you might want to secure a historically low rate today. 

Importantly, there’s no need to rush to apply for a mortgage or refinance if you’re not financially prepared. Rates will likely stay low well into 2021, if not longer, so you have the opportunity to better your rate by improving your financial profile. 

If you want to secure the lowest rate, consider some of the following steps before applying:

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

Save more for a down payment. The smallest amount required for your down payment will be contigent on the type of mortgage you are after. The larger your down payment, the more probable your lender will offer you 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 better …read more

Source:: Business Insider

      

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