Mortgage and Refinancing Rates Today, Aug 16, 2021

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Mortgage rates have been mixed this week. The table below shows how the terms of each loan have changed.

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Current Average Home Mortgage Rates

Product Index Last week Change
30 year fixed 3.05% 3.03% +0.02
15 year fixed 2.33% 2.33% N / C
5/1 ARM 2.80% 2.80% N / C
30 year fixed jumbo 3.07% 3.06% +0.01

Tariffs as of August 16, 2021.

Rates quoted here are average bank overnight rates and are based on assumptions here… Actual rates shown on the website may vary. This story has been reviewed Bill McGuire… All tariff data is current as of Monday, August 16, 2021 at 7:30 am.

>> Check out historical changes in mortgage interest rates

Mortgage rates

Growth in fixed rate mortgages for 30 years, + 0.02%

The average rate on a fixed mortgage for 30 years is 3.05 percent, up 2 basis points from a week ago. Last month, on the 16th, the average rate on a fixed mortgage for 30 years was lower – 3.03 percent.

At the current average rate, you will pay $ 421.60 in principal and interest for every $ 100,000 you borrowed.

Use the Bankrate Mortgage Rate Calculator to estimate your monthly payments and find out how much you will save by adding additional payments. This tool will also help you calculate how much interest you will receive over the life of the loan.

15 year mortgage rate remains the same

The average rate on a fixed mortgage for 15 years is 2.33 percent, which is unchanged from last week.

Monthly payments on a fixed mortgage for 15 years at this rate will cost $ 384 for every $ 100,000. A larger payment can be a little more difficult to find space in your monthly budget than a 30-year mortgage payment, but it has some big advantages: you get several thousand dollars up front over the life of the loan. the total interest paid and the creation of home equity is much faster.

Mortgage apartment with adjustable interest rate 5/1 for a week

The average rate on ARM 5/1 is 2.80 percent and has not changed in the past 7 days.

Adjustable rate mortgages or ARM are floating rate mortgage terms. In other words, the interest rate may change from time to time during the life of the loan, as opposed to fixed rate loans. These types of loans are best for people who are counting on refinancing or sell before the first or second adjustment. The rates can be much higher when the loan is adjusted first and then.

Monthly payments of 5/1 ARM at 2.80 percent will cost about $ 409 for every $ 100,000 borrowed over the first five years, but could grow hundreds of dollars thereafter, depending on the terms of the loan.

The jumbo mortgage rate goes up, + 0.01%

The average rate on large mortgages is 3.07 percent, up 1 basis point from the same period last week. This time a month ago, the average rate on large mortgages was lower – 3.04 percent.

At today’s average rate, you will be paying $ 421.60 a month in principal and interest for every $ 100,000 you borrowed.

Summary: how mortgage rates have changed over the past week

  • 30-year fixed mortgage rate: 3.05%, up from 3.03% last week, + 0.02
  • Fixed rate mortgage for 15 years: 2.33% same as last week
  • 5/1 ARM mortgage rate: 2.80%, unchanged from last week.
  • Jumbo mortgage rate: 3.07%, up from 3.06% last week, + 0.01

Interested in refinancing? View mortgage refinancing rates

Today’s 30-year mortgage refinancing rate remains unchanged

The average 30-year fixed refinancing rate is 3.04 percent and has not changed over the past seven days. A month ago, the average rate on 30-year fixed refinancing was higher at 3.10 percent.

At the current average rate, you will pay $ 421.60 a month in principal and interest for every $ 100,000 you borrowed.

How to find the best rates

Mortgage rates can vary greatly depending on general market forces, loan amount, your location, your financial situation, and how interested lenders are in building your business. Please be aware that the rates we quoted are average – some people will be quoted above or below or at the same exact rate and the rate may change daily even with the same lender.

When you are looking for a mortgage, it is important to take a closer look at it and compare all the terms of your offers, and not just the interest rate that you specify. The best rate and terms can be provided by an online lender, a street bank, or perhaps through a mortgage broker. You won’t know if you don’t shop from multiple lenders through multiple channels.

Bank Rate is a great place to start because you can take advantage of our mortgage rate comparison tool and stay up to date with current rates. If you are not happy with the results, you should check with the institution where you do your banking and other small lenders such as credit unions or local banks.

Learn more:

Today’s Selected Lenders, Aug 16, 2021

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