Mortgage News Today; Major Rates Show No Increment

Thursday, 27 May, 2021

As May comes to a close, mortgage rates remain at historic lows. Today, many major rates stayed unchanged except for 10-year fixed rates, which have climbed marginally. The average 30-year fixed mortgage rate and the 15-year fixed mortgage rate remained unchanged. In addition, the 5/1 adjustable-rate mortgage (ARM) with variable rates saw a reduction.

The 30-year fixed, 15-year fixed, and 5/1 ARM averages are as follows:

  • The average 30-year fixed mortgage rate now is 3.09 percent.
  • The average 15-year fixed mortgage rate is 2.37 percent.
  • 10-year fixed mortgage rates are 2.000 percent, increasing from 1.875 percent.
  • The average 5/1 adjustable mortgage rate now is 3.14 percent.

Present Mortgage Rates 

Since last week, the average mortgage interest rate has fallen marginally to 2.375 percent.

Mortgage Rates For The 30-Year Fixed-Rate Plan

A 30-year fixed-rate mortgage now has an interest rate of 2.750 percent, which is the same as it was the day before. Because 30-year mortgages often have lower monthly payments, they are the most frequent repayment duration for mortgages.

Mortgage Rates For The 20-Year Fixed-Rate Plan

A 20-year fixed-rate mortgage now has an interest rate of 2.625 percent, which is the same as it was the day before. Simply shortening your payback period by ten years can result in a lower interest rate — and less overall interest paid throughout the life of the loan.

Mortgage Rates For The 15-year Fixed-Rate Plan

A 15-year fixed-rate mortgage now has an interest rate of 2.125 percent, which is the same as it was the day before. The second most prevalent mortgage length is fifteen-year mortgages. A 15-year mortgage may allow you to acquire a lower interest rate than a 30-year term, as well as pay less interest over the life of the loan while keeping monthly payments modest.

Mortgage Rates For The 10-year Fixed-Rate Plan

A 10-year fixed-rate mortgage now has an interest rate of 2.000 percent, which improved as compared to yesterday. A 10-year fixed-rate mortgage, though less prevalent than 30-year and 15-year mortgages, often offers lower interest rates and lifetime interest payments but a larger monthly mortgage payment.

Changes As Compared To The Past Week

Mortgage rates are lower today than they were last week at this time.

  • 30-year fixed mortgage rates are the same as last week at 2.750 percent.
  • Rates for 20-year fixed mortgages are 2.625 percent, down from 2.750 percent last week.
  • 15-year fixed mortgage rates are the same as last week at 2.125 percent.
  • 10-year fixed mortgage rates remain unchanged from last week at 2.000 percent.

Mortgage Refinance Rates Today

As we approach the end of May, the average mortgage refinances rate stays steady and is at historic lows. The current average rate is 2.375 percent, a considerable decrease from 2.625 percent this time last month. In addition, rates for 30-year fixed loans had also dropped by 250 basis points since the beginning of May when they were hovering around 3%.

  • 30-year fixed-rate refinance at 2.750 percent.
  • 20-year fixed-rate refinance t 2.625 percent.
  • 15-year fixed-rate refinance at 2.125 percent.
  • 10-year fixed-rate refinance at 2.000 percent.

Tips For Getting The Lowest Mortgage Rates

Economic factors, such as unemployment and inflation, influence mortgage and refinancing rates. However, the rates offered to you will also be determined by your particular financial history.

`If you want to achieve the lowest monthly mortgage payment possible, do the following actions to achieve a reduced interest rate on your home loan:

  • Enhancing your credit score
  • Debt repayment
  • Putting down a larger deposit

It is also good to check rates from other lenders to discover the best deal for your financial goals. According to one study, borrowers may save an additional $1,500 over the life of their loan by searching for just one more rate quotation — and an additional $3,000 by comparing five rate quotations.

Experts have forecasted that rates might go up to 3 percent by the last quarter of 2021. So, this is the right time to get a mortgage or refinance your existing plan.