Table of Contents: Masthead StickyWhere are mortgage interest rates headed?

Mortgage and refinance rates are still at historic lows today. They will likely stay low for the rest of 2021.

Mortgage rates heavily rely on the economy – rates are high when the economy thrives and low when it struggles. Rates have been low since the coronavirus pandemic started hurting the US economy in spring 2020.

There have been speculations that mortgage rates could increase because the country has been adding jobs over the last few months. However, the August jobs report was disappointing. Economists expected the US to add 733,000 new jobs, but there were only 235,000 jobs created for the month.

The US economy needs long-term, gradual improvements for mortgage rates to go up significantly.

Today’s mortgage rates

Mortgage type
Average rate today

15-year fixed
2.35%

30-year fixed
3.24%

7/1 ARM
4.1%

10/1 ARM
3.56%

30-year FHA
2.77%

VA mortgage loan
2.67%

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

Today’s refinance rates

Mortgage type
Average rate today

15-year fixed
2.46%

30-year fixed
3.37%

7/1 ARM
4.46%

10/1 ARM
3.85%

30-year FHA
2.78%

VA mortgage loan
2.69%

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

Related Content Module: More Mortgage CoverageRead the original article on Business Insider

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Source:: Business Insider

      

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