Current Mortgage Rates — April 15, 2021: Lower Fixed Rate Loans

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Here’s what mortgage rates look like right now. Are you ready to apply for a home loan?

Today’s mortgage rates are mostly lower than yesterday’s. Here’s what they look like on April 15, 2021:

Type of mortgage

Today’s interest rate

30-year fixed mortgage


20-year fixed mortgage


15-year fixed mortgage


ARM 5/1


The data source: The National Mortgage Interest Rate Tracker from The Ascent.

30-year mortgage rates

The average 30-year mortgage rate today is 3.231%, down 0.015% from yesterday. At today’s rates, you’ll pay $434.00 principal and interest for every $100,000 you borrow. This does not include additional expenses such as property taxes and home insurance premiums.

20-year mortgage rates

The average 20-year mortgage rate today is 3.000%, down 0.004% from yesterday. At today’s rates, you’ll pay $555.00 principal and interest for every $100,000 you borrow. Although your monthly payment will increase by $121.00 with a 20-year loan of $100,000 compared to a 30-year loan of the same amount, you will save $23,137.00 in interest over your repayment period for every $100,000 borrowed.

15-year mortgage rates

The average 15-year mortgage rate today is 2.473%, down 0.017% from yesterday. At today’s rates, you’ll pay $665.00 principal and interest for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $231.00 higher per $100,000 of mortgage principal. However, your interest savings will be $36,455.00 over the length of your repayment period per $100,000 of mortgage debt.

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RMA 5/1

The average ARM 5/1 rate is 2.893%, up 0.025% from yesterday. With a 5/1 ARM, you lock in the same rate for five years, after which that rate can adjust once a year. This adjustment could work in your favor and cause your rate to go down, or your rate could go up – it will depend on market conditions which you cannot predict at this time. Based on today’s rates, a 5/1 ARM will leave you with lower monthly payments than you’ll get on a 30-year fixed loan – but only for five years, so be aware of that before you take your decision.

Should I lock in my mortgage rate now?

A mortgage rate lock guarantees you a specific interest rate for a certain period of time – usually 30 days, but you may be able to guarantee your rate for up to 60 days. You’ll usually pay a fee to lock in your mortgage rate, but that way you’re protected if rates go up between now and when you take out your home loan.

If you plan to close on your home in the next 30 days, it pays to lock in your mortgage rate based on today’s rates, especially since they’re still competitive, historically speaking. But if your close is more than 30 days away, you might want to choose a variable rate lock instead for what will usually be higher fees, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your loan if rates drop before your mortgage closes, and while current rates are still quite low, we don’t know if rates will go up or down in the future. course of the next few months. As such, it pays for:

  • TO BLOCK if closing seven days
  • TO BLOCK if closing 15 days
  • TO BLOCK if closing 30 days
  • FLOAT if closing 45 days
  • FLOAT if closing 60 days

Mortgage rates may be higher right now than they were at the start of 2021, but they are still quite competitive. And if you have a high credit score — one in the mid-700s or higher — and a low debt-to-equity ratio, you’ll be even more likely to qualify for a great rate on a mortgage.

If you are ready to apply for a home loan, shop around for different mortgage lenders. Each lender sets their own interest rate and closing costs. It is therefore important to compare your offers and determine where you can get the best deal.

The Best Mortgage Lender in Ascent in 2022

Mortgage rates are at their highest level in years and should continue to rise. It’s more important than ever to check your rates with multiple lenders to get the best possible rate while minimizing fees. Even a small difference in your rate could reduce your monthly payment by hundreds.

This is where Better Mortgage comes in.

You can get pre-approved in as little as 3 minutes, without a credit check, and lock in your rate at any time. Another plus? They do not charge origination or lender fees (which can reach 2% of the loan amount for some lenders).

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