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Lately, mortgage and refinance rates have been rising, although rates remain at historic lows overall. 

If you want to get a mortgage or refinance your home loan, you may consider a fixed-rate mortgage, which will likely come with a lower rate than you can get right now for an adjustable-rate mortgage. You won’t have to worry about your rate increasing in the future with an ARM, and you can lock in a low rate for the full term of your mortgage.

Experts tell Insider that generally, for the reasons outlined above, fixed-rate mortgages may currently be a better deal for some borrowers, 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 mortgage rates: Tuesday, April 6, 2021

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

15-year fixed
2.65%
2.63%
2.57%

30-year fixed
3.62%
3.58%
3.52%

7/1 ARM
4.60%
3.85%
4.52%

10/1 ARM
4.98%
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 risen, although some only increased by a few basis points. Rates on ARMs have gone up the most dramatically, by dozens of basis points each.

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: Tuesday, April 6, 2021

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

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15-year fixed
2.97%
2.95%
2.89%

30-year fixed
3.91%
3.87%
3.84%

7/1 ARM
4.83%
4.18%
4.86%

10/1 ARM
5.15%
4.85%
4.75%

Rates from Money.com

Click here to compare offers from refinancing lenders »

Refinance rates, both fixed and adjustable, are up from this point last Tuesday, as well as from this point last month — except for the rates for 7/1 ARMs, which have decreased slightly.

Ways to get a low mortgage rate

A majority of mortgage and refinance rates have gone up. At the same time, they are still at all-time lows, and you can still lock in a low mortgage rate now. 

You might not need to hurry if you aren’t prepared to buy or refinance yet, though. Rates will probably stay relatively low for months, if not years. You have time to boost your finances and get an improved interest rate. Consider the following steps:

Boost your credit score by making payments on all your bill payments on time. You could also pay down debts or let your credit age.

Put down more for a down payment. The minimum amount you’ll need for your down payment will be contingent on the type of mortgage you want. The bigger your down payment, the more probable your lender will give 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. To better your ratio, pay down debts or look for …read more

Source:: Business Insider

      

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