Mortgage interest rates today as of July 1, 2021: Rates unchanged

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A number of important mortgage rates remained unchanged today. The average 15-year fixed rates on mortgages and the average 30-year fixed rates on mortgages were unchanged. At the same time, the average rates on mortgages with an adjustable interest rate of 5/1 did not change either. Mortgage interest rates are never set in stone, but interest rates have historically been low. Because of this, now is a great time for potential home buyers to lock in a flat rate. Before buying a home, be sure to consider your personal needs and financial situation and compare offers from different lenders to find the one that suits you.

View mortgage rates that suit your specific needs

30 year fixed rate mortgage

The average interest rate on a standard 30-year fixed mortgage is 3.13%, which is unchanged from seven days 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 will often have a higher interest rate than a 15 year fixed rate mortgage, but will also have 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 2.43%, which is the same rate since the same time last week. 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. However, if you can afford the monthly payments, there are several advantages to a 15-year loan. 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

ARM 5/1 has an average of 3.14%, the same rate compared to last week. With an ARM mortgage, you usually get a lower interest rate than a 30 year fixed mortgage for the first five years. But changes in the market can lead to an increase in your interest rate after this time, as indicated in the terms of your loan. If you are planning to sell or refinance your home prior to the rate change, ARM might make sense to you. Otherwise, changes in the market mean that your interest rate could be much higher after adjusting it.

Dynamics of mortgage rates

We use rates collected by Bankrate, owned by the same parent company as CNET, to track rate changes over time. This table shows the average rates offered by lenders across the country:

Average mortgage interest rates
Product Indicator Last week Change
30 year fixed 3.13% 3.13% N / C
15 year fixed 2.43% 2.43% N / C
30 year giant mortgage rate 3.33% 3.33% N / C
30 year mortgage refinancing rate 3.21% 3.21% N / C

Tariffs as of July 1, 2021.

How to find customized mortgage rates

For individual mortgage rates, contact your local mortgage broker or use an online mortgage service. Be sure to consider your current financial situation and your goals when looking for a mortgage. Specific interest rates will vary depending on factors including credit rating, down payment, debt-to-income ratio, and loan-to-value ratio. A higher credit rating, higher down payment, lower DTI, lower LTV, or any combination of these factors can help you get a lower interest rate. Apart from the mortgage rate, other factors can also affect the value of your home, including closing costs, fees, discount points, and taxes. Be sure to buy from multiple lenders – like credit unions and online lenders in addition to local and national banks – to get the mortgage that’s right 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 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. For mortgages with a fixed interest rate, the interest rates are the same for the entire life of the loan. Unlike a fixed rate mortgage, interest rates on an adjustable rate mortgage are only stable for a certain 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. A fixed rate mortgage may be better if you plan on living in the home for a while. While adjustable rate mortgages can have lower interest rates up front, fixed rate mortgages are more stable over time. However, you can get a better deal with an adjustable rate mortgage if you only plan to keep your home for a couple of years. The best loan term – it all depends on your situation and goals, so be sure to think about what is important to you when choosing a mortgage.

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