Here are today’s mortgage rates as of July 15, 2021: Rates Fall


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Many notable mortgage rates have dropped today. While the average 15-year fixed mortgage rates remained unchanged, the average interest rates on 30-year fixed mortgages declined. For floating rates, the 5/1 adjustable rate mortgage was reduced. Although mortgage rates fluctuate, they are at historic lows. For those looking to lock in a flat rate, now is a great time to buy a home. But, as always, remember to first think about your personal goals and circumstances before buying a home and look closely to find the lender that best suits your needs.

Check out mortgage rates that suit your specific needs

30 year fixed rate mortgage

The average 30-year fixed mortgage rate is 3.04%, which is 3 basis points lower than a week ago. (The base point is equivalent to 0.01%.) Fixed rate mortgage loans for 30 years are the most common loan term. A 30 year fixed rate mortgage usually has a higher interest rate than a 15 year fixed rate mortgage, but also a lower monthly payment. You won’t be able to pay off your home that quickly, and you will pay more interest over time, but a fixed mortgage for 30 years is a good option if you want to minimize your monthly payment.

Mortgage with a fixed interest rate for 15 years

The average rate for a 15-year fixed mortgage is 2.38%, which is the same rate as seven days ago. Compared to a fixed mortgage for 30 years, a fixed mortgage for 15 years 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. You will most likely get a lower interest rate and pay less interest overall because you pay off your mortgage much faster.

5/1 Adjustable Rate Mortgage

The 5/1 adjustable rate mortgage has an average rate of 3.04%, which is 3 basis points lower than seven days ago. For the first five years, you usually get a lower interest rate with 5/1 ARM compared to a 30-year fixed mortgage. However, since the rate changes based on the market rate, you may end up paying more after that time, as described in your loan terms. 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 mean that your interest rate could be much higher after adjusting it.

Dynamics of mortgage rates

We use data collected by Bankrate, owned by the same parent company as CNET, to track daily mortgage rate trends. This table shows the average rates offered by lenders across the country:

Today’s mortgage interest rates
Credit term Today’s rate Last week Change
30 year mortgage rate 3.04% 3.07% -0.03
15 year flat rate 2.38% 2.38% N / C
30 year giant mortgage rate 2.82% 2.86% -0.04
30 year mortgage refinancing rate 3.10% 3.14% -0.04

Rates are current as of July 15, 2021.

How to find customized mortgage rates

For a personalized mortgage rate, talk to your local mortgage broker or use an online mortgage service. When choosing mortgage rates for your home, consider your goals and current finances. The following factors affect the mortgage interest rate you can get: 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. Apart from the mortgage rate, other costs can also affect the value of your home, including closing costs, fees, discount points, and taxes. Be sure to talk to several lenders – like local and national banks, credit unions, and online lenders – and compare them to find the best mortgage for you.

How does the loan term affect my mortgage?

When choosing a mortgage, it is important to consider the loan term or payment schedule. The most commonly offered loan terms are 15 and 30 years, although you can also find mortgages for 10, 20 and 40 years. Another important difference is between fixed and adjustable rate mortgages. Interest rates on fixed rate mortgages are fixed for the entire life of the loan. Unlike a fixed rate mortgage, interest rates on an adjustable rate mortgage are only fixed for a specific period of time (usually five, seven, or 10 years). Thereafter, the rate is adjusted annually based on the market interest rate.

When choosing between a fixed rate mortgage or an adjustable rate mortgage, you should consider how long you plan to stay in your home. For those planning to stay 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 can sometimes offer lower interest rates up front. However, you can get a better deal with an adjustable rate mortgage if you have plans to keep your home for just a couple of years. Generally, there is no better loan term; it all depends on your goals and your current financial situation. Be sure to research and think about your own priorities when choosing a mortgage.

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