Today’s Mortgage Rates – July 9, 2021: Most Rates Will Fall


Mortgage rates lower today on most credit products. This is what they look like on July 9, 2021:

Data source: National Ascent Mortgage Interest Rate Tracking

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30 year mortgage rate

Average 30 year mortgage rate today is 3.101%, which is 0.028% lower than yesterday. At today’s rate, you will pay principal and interest of $ 427.00 for every $ 100,000 you borrowed. This does not include additional costs such as property taxes and homeowner insurance premiums.

Mortgage rates for 20 years

Average 20 year mortgage rate today is 2.942%, which is 0.048% more than yesterday. At today’s rate, you will pay $ 552.00 in principal and interest for every $ 100,000 you borrowed. Although your monthly payment will increase by $ 125 on a 20-year loan of $ 100,000 compared to a 30-year loan of the same amount, you will save $ 21,264 in interest over the repayment period for every $ 100,000 that you borrowed.

Mortgage rates for 15 years

Average 15 year mortgage rate today is 2.403%, which is 0.023% lower than yesterday. At today’s rate, you will pay $ 662.00 in principal and interest for every $ 100,000 you borrowed. Compared to a 30-year loan, your monthly payment will be $ 235.00 more for every $ 100,000 in your mortgage principal. However, your interest savings will be $ 34,471.00 during the repayment period for every $ 100,000 in mortgage debt.

5/1 ARM

Average 5/1 speed ARM is 2.984%, which is 0.067% less than yesterday. If you take 5/1 ARM today, you will get a lower monthly payment than you would with a 30 year fixed loan. But beware – this lower rate (and pay) is only guaranteed for five years. From there, both have the potential to climb. If you want the stability of predictable mortgage payments until your home is paid off, you need to block a fixed rate loan.

Do I have to lock in my mortgage rate now?

Locking a mortgage rate guarantees you a specific interest rate for a specific period of time – usually 30 days, but you can keep your rate for up to 60 days. You usually pay a commission to lock in your mortgage rate, but this way you are protected if rates rise between now and when your mortgage is closed.

If you are planning to close your home in the next 30 days, then it will be beneficial to lock in your mortgage rate based on today’s rates – especially since they are very attractive from a historical point of view. But if there are more than 30 days left until your close, you can opt for a floating rate lock instead, for what would normally be a higher fee, but which could save you money in the long run. A floating rate lock allows you to secure a lower loan rate if rates fall before you close your mortgage. While today’s rates are pretty low, we don’t know if they will go up or down over the next few months. Thus, it is beneficial:

  • LOCK if closing 7 days
  • LOCK if closing fifteen days
  • LOCK if closing thirty days
  • TO SWIM if closing 45 days
  • TO SWIM if closing 60 days

If you are ready to apply for a mortgage, contact others creditors to see what rates they offer. And also do not forget to look at the closing costs that you will have to pay when applying for a loan. Comparing both pieces of information will help you decide which lender to work with.

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