Tuesday, August 17, 2021
The first week of August exhibited a steady upward trend in rates, which was not a good sight for many borrowers. However, the rates are becoming stagnant now. Since last week, there have been insignificant changes in the rate, and some are declining. All of the data suggests a mixed fluctuation of rates.
Without any further delay, these are the rates as of today.
· 30-year fixed mortgage rate: 3.050% for home purchase and 3.020% for refinance
· 15-year fixed mortgage rate: 2.310% for home purchase and 2.280% for refinance
· 5/1 ARM: 2.800% for home purchase and 2.730% for refinance
· 30-year fixed-rate jumbo mortgage rate: 3.070% for home purchase and 3.020% for refinance
What’s the Trendline?
30-year fixed-rate mortgage
Since yesterday, there is no change in the mortgage rates. However, the rates are up by a mere one basis point since last week. At this time, the rates were at 2.98 a month earlier. Therefore, the rates are trending upwards, but the change since last week has been very stagnant. It looks like that the rates will follow the same trend for some time.
In contrast, the refinance rates are also lower by two basis points since last week. The stagnancy in the market suggests that it’s an ideal time to lock in rates until the rates shoot in the near future. An uncertain inflation hike, lower job records, and FED control is keeping the rates under control. Nevertheless, you wouldn’t want to miss this chance of lowering your bills.
15-year fixed-rate mortgage
There is a drop of two basis points since yesterday, while the drop is of three basis points since the last week. 15-year is a popular option among borrowers, and the low rate can save interest costs while also paying off the mortgage early. Additionally, the refinance is also down by five basis points since last week.
As a result, it’s an opportunity not worthy of missing.
This mortgage is stagnant for quite a time now. Since last week, there is no change. If we go even back, the rate is flickering on a margin of one basis point. Therefore, 5/1 ARMs are stable, as the records suggest.
30-year fixed-rate jumbo
This mortgage follows the trend of a typical 30-year mortgage. As a result, the rates are constant for 30-year jumbo.
The previous rates’ record exhibits that the rates will rise in the future while being stagnant in different periods. Nevertheless, if you’re looking to refinance and save costs, now is a great time. Go to the rate checker and find yourself some great quotes.