Today's mortgage and refinance rates: April 23, 2021 | Rates fluctuate

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Some mortgage and refinance rates have decreased since last Friday, while others have increased. All rates are down since this time last month, though.

Marvin Loh, Senior Global Macro Strategist at State Street, told Insider he expects mortgage rates to stay pretty steady until at least fall 2021.

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Mortgage rates heavily rely on the 10-year Treasury yield, Some of the factors that affect the Treasury yield, like inflation and employment, will probably change drastically in the coming months. Loh said the market will need time to determine which shifts are short-term and which are permanent before the 10-year treasury yield increases or decreases.

As a result, rates should stay low for a while.

Mortgage rates on Friday, April 23, 2021

Mortgage typeAverage rate today
15-year fixed2.45%
30-year fixed3.33%
7/1 ARM4.14%
10/1 ARM4.01%
30-year FHA2.35%
30-year VA2.05%

Conventional rates from; government-backed rates from RedVentures.

Learn more and get offers from multiple lenders.»

Mortgage rates are low across the board today. The lowest is the 30-year VA loan rate, which is 2.05%.

Rates for conventional mortgages (which might be what you think of “normal mortgages” are at all-time lows. But mortgages backed by the FHA and VA offer even better rates. Government-backed mortgages are great options if you’re eligible.

Mortgage refinance rates on Friday, April 23, 2021

Mortgage typeAverage rate today
15-year fixed2.67%
30-year fixed3.66%
7/1 ARM4.47%
10/1 ARM4.53%
30-year VA2.27%

Conventional rates from; government-backed rates from RedVentures.

Click here to compare offers from refinancing lenders »

All refinance rates are low today, but adjustable rates are significantly higher than fixed rates.

How to lock in a low mortgage rate

Rates are at striking lows overall, so it could be a good day to lock in a rate.

Rates will probably remain low for the coming months, though, so you have time to improve your finances to get a better rate. Here are a few ways you can get the lowest possible rate:  

  • Increase your credit score by making payments on time, paying off debts, or letting your credit age. Requesting and reviewing a copy of your credit report may help you find any errors that might be lowering your score. 
  • Save more for a down paymentYou may be able to put down as little as 3% if you’re looking for a conventional mortgage, but the lowest amount will be contingent on which type of mortgage you want. You have an improved opportunity to get a better interest rate from your lender the higher your down payment.
  • Lower your debt-to-income ratio. Your DTI ratio is the amount you pay toward debts each month, divided by your gross monthly income. You can improve your rate by lowering your ratio. To better your ratio, pay down debts or find ways to boost your income. 
  • Choose a government-backed mortgage. You may consider a USDA loan (aimed at low-to-moderate-income borrowers buying in a rural area), a VA loan (designed for military members and veterans), or an FHA loan (not designated for any particular group). These mortgages often come with lower interest rates than conventional mortgages. As a bonus, down payments aren’t required for USDA or VA loans.

You can secure a low rate now if your finances are in good shape, but you don’t need to rush to get a mortgage or refinance if you’re not prepared.

Mortgage and refinance rates trends

Mortgage rate trends

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.50%2.53%2.69%
30-year fixed3.38%3.38%3.63%
7/1 ARM4.37%4.29%5.06%
10/1 ARM4.0%4.28%4.90%

Mortgage rates have shifted since last Friday. The 30-year fixed rates 10/1 ARM rates have decreased, the 7/1 ARM rates have increased, and the 15-year fixed rates have stayed the same. Mortgage rates are down overall since this time last month, though.

Refinance rate trends

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.71%2.73%3.03%
30-year fixed3.72%3.70%3.89%
7/1 ARM4.53%4.53%5.27%
10/1 ARM4.73%4.87%5.19%

Refinance rates have also fluctuated since last Friday. The 15-year fixed and 10/1 ARM rates are down, the 30-year fixed rates are up, and the 7/1 ARM rates have held steady. Refinance rates have dropped since March 23.

15-year fixed mortgage rates

If you get a 15-year fixed mortgage, you’ll pay off your mortgage over 15 years, and your interest rate will remain the same the entire time.

You’ll make higher monthly payments with a 15-year term than a longer term because you’re paying off the same loan principal in fewer years. 

However, a 15-year term will cost you less than a 30-year term. You’ll get a lower interest rate and you’ll pay off your mortgage in a shorter amount of time. 

30-year fixed mortgage rates

With a 30-year fixed mortgage, you’ll pay down your mortgage over 30 years, and you’ll pay a locked-in interest rate for the whole term. A 30-year term comes with a higher interest rate than a 15-year term. 

You’ll pay more in interest with a 30-year term than with a 15-year term, as you’re paying a higher interest rate for an extended period. 

You’ll pay less per month with a 30-year fixed mortgage than with a 15-year fixed mortgage, though, because you’re dividing your payments over more years. 

Adjustable mortgage rates

A fixed-rate mortgage secures your rate for your entire loan period. But with an adjustable-rate mortgage, you’ll pay the same rate for the introductory period, then that rate will vary systematically. A 10/1 ARM lock in your rate for a decade. Then your rate will change once per year.

You may still want to get a fixed-rate mortgage, even though ARM rates are at historic lows. You can lock in a low rate for 15 to 30 years without risking a future ARM rate increase.

If you’re considering getting an ARM, ask your lender what your rates would be if you chose a fixed-rate versus an adjustable-rate mortgage.

Mortgage and refinance rates by state

Check the latest rates in your state at the links below. 

New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Rhode Island
South Carolina
South Dakota
Washington DC
West Virginia

Laura Grace Tarpley is an editor at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

Ryan Wangman is a reviews fellow at Personal Finance Insider reporting on mortgages, refinancing, bank accounts, and bank reviews. In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership.

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