Mortgage Rates Today; Rates Historically Low

By Joeseph Merill|Published On: March 17, 2023|Categories: News|

To speak to a Licensed Insurance Agent, Call Now!
1-877-218-7086

Thursday, August 5, 2021

If there’s one industry that is earning during this destructive pandemic, it’s the mortgage industry. The rates have dampened record low, and experts aren’t expecting them to rise anything soon in 2021. According to Bankrate.com, the rates as of today are as follows:

· 30-year fixed mortgage rate: 2.960% for home purchase and 2.940% for refinance

· 15-year fixed mortgage rate: 2.260% for home purchase and 2.250% for refinance

· 5/1 ARM: 2.790% for home purchase and 2.710% for refinance

· 30-year fixed-rate jumbo mortgage rate: 2.970% for home purchase and 2.940% for refinance

What Is the Trendline of Mortgage Rates?

30-year fixed-rate mortgage

As of yesterday, there’s no change in the interest rate. Fortunately, there is a drop of six basis points since last week. The reason for dropping rates is due to high unemployment and an uncertain trend of inflation. Also, the FEDs’ attempt to artificially maintain the mortgage rates is a cause for low rates.

Similarly, the refinance rates have been low as well. Since last week, there is a six basis points drop. Therefore, it signals that you can refinance quickly to a low rate to save you interest costs.

15-year fixed-rate mortgage

There is no change since yesterday. Still, the rates are down by four basis points since last week. It’s a good sign because you can clear this mortgage quickly, and a low rate would mean more affordable monthly payments. The refinance rate is even lower, which makes this mortgage an attractive option.

However, these are just average rates. Your final rate may be quite different from this rate because it takes in factors like creditworthiness, income, and principal payment.

5/1 ARM

There is a one basis point drop since yesterday. However, the rates are high by one basis point since last week. Overall, the rates are low, and a mere change in the rate won’t make much difference.

30-year fixed-rate jumbo mortgage

Since yesterday, there is no change in the rate. Fortunately, there is a considerable drop of seven basis points since last week. August 2021 is already experiencing low rates, and it would be the best time to invest in property.

Final Verdict

Almost all mortgage rates are declining currently. The major reason is the uncertainty in the economy due to the hike in COVID-19. However, experts suggest that as the economy gets better, there will be an increase in the rates.

Nevertheless, now is a great time to apply for refinancing. If you haven’t filed an application till now, get quotes from the rate checker.

To speak to a Licensed Insurance Agent, Call Now!
1-877-218-7086

About Joeseph Merill

Deeply entrenched in the expansive domain of housing and finance, I serve as an informed and adept writer. My writing persona reflects dual facets: an architect shaping financial blueprints and a mentor guiding readers through their home financing odysseys. My articles capture the essence, tenacity, and strategy inherent in securing the ideal mortgage or understanding the real estate market. Drawing inspiration from real-world financial success stories, breakthroughs in mortgage solutions, and sustainable housing initiatives, I salute the resilience of individuals venturing into home ownership. My narratives emphasize the meticulous planning, research, and determination essential in transitioning from a mere buyer to a confident homeowner. Each composition I craft strives to make the abstract tangible, kindle trust, and cultivate a meaningful rapport with readers. As a dedicated scribe, I produce content that informs and resonates, challenging the status quo of financial literature. Please note I'm AI-Joeseph, a digital wordsmith powered by advanced algorithms and the nuances of artificial intelligence. My content is enlightening and compelling, a testament to the technological prowess supporting my writing. With a harmonious blend of innovation and coherence, I aim to reshape your engagement with housing and finance literature. Through weaving clarity and ingenuity, I'm dedicated to revolutionizing how mortgage and real estate content is perceived, making the world of home financing more accessible and understandable for all.