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Mortgage interest rates today for April 26, 2021: Major rates varied

Mortgage interest rates today for April 26, 2021: Major rates varied

Today, mortgage rates were varied. Here’s what that means for you if you’re in the market for a mortgage.

Mortgage rates followed a split path today. Average 15-year fixed mortgage rates receded, while average 30-year fixed mortgage rates didn’t change. We also saw a rise in the average rate of 5/1 adjustable-rate mortgages. Although mortgage rates fluctuate , they are at a historic low. Because of this, right now is an optimal time for prospective homebuyers to secure a fixed rate. Before you buy a house, remember to think about your personal needs and financial situation, and speak with multiple lenders to find the best one for you.

Check out mortgage rates that meet your distinct needs

30-year fixed-rate mortgages

The 30-year fixed-mortgage rate average is 3.07%, which is unchanged as seven days ago. (A basis point is equivalent to 0.01%.) The most frequently used loan term is a 30-year fixed mortgage. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one — but often a higher interest rate. You won’t be able to pay off your house as quickly and you’ll pay more interest over time, but a 30-year fixed mortgage is a good option if you’re looking to minimize your monthly payment.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.35%, which is a decrease of 6 basis points from the same time last week. You’ll definitely have a higher monthly payment with a 15-year fixed mortgage compared to a 30-year fixed mortgage, even if the interest rate and loan amount are the same. But a 15-year loan will usually be the better deal, if you can afford the monthly payments. These include typically being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

5/1 adjustable-rate mortgages

A 5/1 ARM has an average rate of 3.07%, an uptick of 1 basis point from seven days ago. You’ll typically get a lower interest rate (compared to a 30-year fixed mortgage) with a 5/1 ARM in the first five years of the mortgage. However, changes in the market may cause your interest rate to increase after that time, as detailed in the terms of your loan. For borrowers who plan to sell or refinance their house before the rate changes, an adjustable-rate mortgage may be a good option. If not, shifts in the market may significantly increase your interest rate.

Mortgage rate trends

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

Average mortgage interest rates
Product Rate Last week Change
30-year fixed 3.07% 3.07% N/C
15-year fixed 2.35% 2.41% -0.06
30-year jumbo mortgage rate 3.27% 3.20% +0.07
30-year mortgage refinance rate 3.13% 3.13% N/C

Rates as of April 26, 2021.

Source: Mortgage interest rates today for April 26, 2021: Major rates varied

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