Today’s 30-year mortgage rates remain comfortable in the 3% range

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Current mortgage rates

Regular bets from Money.com; government-backed rates of RedVentures.

Current refinancing rates

Regular bets from Money.com; government-backed rates of RedVentures.

How mortgage rates have changed

Dynamics of mortgage rates

Regular bets from Money.com; government-backed rates of RedVentures.

Over the past week, most average rates on conventional mortgages have increased slightly, while average rates on government-backed loans have declined. The only average rate currently above 4% is the same as last week: 7/1 ARM, which now has an average interest rate of 4.25, nearly 20 basis points higher than last week.

Refinancing rates dynamics

Regular bets from Money.com; government-backed rates of RedVentures.

The average interest rates on refinancing loans now do not differ much from the rates on mortgage loans. However, compared to last week, the situation is ambiguous: some rose, while others fell. As with mortgage rates, the lowest average rates are for 15-year fixed and government-backed loans, while the highest are for ARM.

Mortgage and refinancing rates by state

Check out the latest rates in your state using the links below.

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington
West Virginia
Wisconsin
Wyoming

Forecast of mortgage rates in 2021

Mortgage rates should stay low for a couple more months, but you can see rates start to rise in late summer or fall.

Mortgage rates are highly dependent on employment and inflation in USA. When jobs and inflation improve, mortgage rates rise; when they get worse, mortgage rates go down.

However, to raise mortgage rates, unemployment and inflation must have long-term sustained growth. If both rates continue to improve over the next few months, we may see higher rates.

Authors

Laura Grace Tarpley is editor of Personal Finance Insider covering mortgages, refinancing and lending. She is also a Certified Personal Finance Faculty (CEPF). During her five years in personal finance, she has written extensively about ways to handle loans.

Ryan Wangman is a Research Fellow at Personal Finance Insider who writes on mortgages, refinancing, bank accounts, bank reviews and loans. In his past writing experience on personal finance, he has written about credit ratings, financial literacy, and home ownership.

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