Here are the mortgage rates as of August 2, 2021: Rates are going down.

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Some closely watched mortgage rates are down today. Interest rates on fixed mortgage loans for 15 years and 30 years have stopped. At the same time, the average rates on mortgage loans with an adjustable interest rate of 5/1 were reduced. Mortgage interest rates are never set in stone, but interest rates are the lowest in years. Because of this, now is the perfect time for potential home buyers to lock in a flat rate. But, as always, remember to take your personal goals and circumstances into account first before buying a home, and look for the lender that best suits your needs.

Find out current mortgage rates for today

30 year fixed rate mortgage

The average 30-year fixed mortgage rate is 2.98%, which is 3 basis points lower than a week ago. (The base point is equivalent to 0.01%.) The most common loan term is a fixed mortgage for 30 years. A 30-year fixed rate mortgage usually has a lower monthly payment than a 15-year, but usually a higher interest rate. Although you will pay more interest over time – you pay off the loan over a longer period – if you are looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.

Mortgage with a fixed interest rate for 15 years

The average rate for a 15-year fixed mortgage is 2.28%, down 3 basis points from the same period last week. Compared to a 30 year fixed mortgage, a 15 year fixed mortgage with the same loan amount and interest rate will have a higher monthly payment. But a 15 year loan will usually be a better deal if you can afford the monthly payments. These usually include the ability to get a lower interest rate, pay off your mortgage faster, and pay less interest in the long run.

5/1 Adjustable Rate Mortgage

The 5/1 adjustable rate mortgage has an average rate of 2.99%, which is 4 basis points lower than a week ago. With an ARM mortgage, you usually get a lower interest rate than a 30 year fixed mortgage for the first five years. But after that time, you can pay more, depending on the terms of your loan and how the rate adjusts to the market rate. For borrowers who plan to sell or refinance their home prior to the rate change, ARM may be a good option. Otherwise, changes in the market can significantly increase your interest rate.

Dynamics of mortgage rates

We use data collected by the Bankrate service, owned by the same parent company as CNET, to track changes in these daily rates. This table shows the average rates offered by lenders by country:

Today’s mortgage interest rates

Credit term Today’s rate Last week Change
30 year mortgage rate 2.98% 3.01% -0.03
15 year flat rate 2.28% 2.31% -0.03
30 year giant mortgage rate 2.80% 2.78% +0.02
30 year mortgage refinancing rate 2.97% 2.99% -0.02

Rates are indicated as of August 2, 2021.

How to find customized mortgage rates

You can get a customized mortgage rate by contacting your local mortgage broker or using an online calculator. Be sure to consider your current financial situation and your goals when looking for a mortgage. Things that affect the mortgage interest rate you can get include your credit rating, down payment, loan-to-value ratio, and debt-to-income ratio. A good credit rating, higher down payment, low DTI, low LTV, or any combination of these factors can help you get a lower interest rate.

The interest rate isn’t the only factor that influences the value of your home: consider other factors such as fees, closing costs, taxes, and discounts. Be sure to compare purchases with multiple lenders – such as credit unions and online lenders, as well as local and national banks – to get the mortgage that works best for you.

What is the best loan term?

When choosing a mortgage, it is important to consider the loan term or payment schedule. The most common mortgage terms are 15 years and 30 years, although mortgages also exist for 10, 20 and 40 years. Mortgages are categorized into fixed rate and adjustable rate mortgages. Interest rates on fixed rate mortgages are stable throughout the life of the loan. For adjustable rate mortgages, interest rates are stable for a certain number of years (usually five, seven or 10 years), then the rate fluctuates annually depending on the market interest rate.

One important factor to consider when choosing a fixed and adjustable rate mortgage is how long you plan to live in your home. If you are planning on living in a new home for a long time, a fixed rate mortgage may be the best option. A fixed rate mortgage provides more stability over time compared to an adjustable rate mortgage, but an adjustable rate mortgage may offer lower interest rates up front. However, if you don’t plan on keeping your new home for more than three to ten years, an adjustable rate mortgage can give you a better deal. The best loan term depends on your personal situation and goals, so be sure to take into account what is important to you when choosing a mortgage.

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