Today's mortgage and refinance rates: April 27, 2021 | Rates decrease

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Most mortgage and refinance rates have decreased since last Tuesday. However, 7/1 ARM purchase and refinance rates have gone up this week.

If you’re ready to lock in a mortgage rate, you may want to go with a fixed-rate mortgage instead of an adjustable rate. Fixed rates are starting significantly lower than adjustable rates, and you’ll pay the same low rate for the entire life of your loan. With an ARM, you’d risk your rate increasing later.

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Mortgage rates should remain low for a while, so you don’t need to rush to buy or refinance if you aren’t ready yet.

Mortgage rates on Tuesday, April 27, 2021

Mortgage typeAverage rate today
15-year fixed2.44%
30-year fixed3.31%
7/1 ARM4.05%
10/1 ARM3.85%
30-year FHA2.90%
VA mortgage loan2.70%

Conventional rates from; government-backed rates from RedVentures.

Learn more and get offers from multiple lenders.»

Mortgage rates are at historic lows. Today’s lowest rate is the 15-year fixed rate, which is 2.44%.

Rates for conventional mortgages (which might be what you think of “regular mortgages”) are low overall. But mortgages backed by the FHA and VA offer even better rates. Government-backed mortgages are great options if you’re eligible to apply.

Refinance rates on Tuesday, April 27, 2021

Mortgage typeAverage rate today
15-year fixed2.65%
30-year fixed3.64%
7/1 ARM4.46%
10/1 ARM4.51%
30-year FHA2.87%
VA mortgage loan2.69%

Conventional rates from; government-backed rates from RedVentures.

Click here to compare offers from refinancing lenders »

Refinance rates are low in general, and fixed rates are significantly lower than adjustable rates. If you currently have an ARM, you may want to refinance into a fixed-rate mortgage.

How to get a low mortgage rate

Mortgage and refinance rates are low, so it could be a great day to secure a rate. But you might not have to hurry to obtain a low rate.

Rates will likely remain low for the foreseeable future. You have time to boost your finances, which could result in an improved interest rate. Consider the following steps:

  • Boost your credit score by paying your bills in a timely fashion. You could also pay down debts or let your credit age.
  • Put down a larger down paymentYou may need between 0% and 20% for a down payment, depending on which type of mortgage you want. But if you can pay more than the minimum, a lender might give you a better rate.
  • Lower your debt-to-income ratio. Your DTI ratio is the amount you pay toward debts each month, divided by your gross monthly income. Many lenders want to see a DTI ratio of 36% or less. Consider paying down debts more aggressively to get a better ratio.
  • Pick a government-backed mortgage. If you’re qualified, you may want to get a USDA loan (designed for low-to-moderate-income borrowers buying in a rural area), a VA loan (aimed at military members and veterans), or an FHA loan (not designated for any particular group). These loans frequently have lower interest rates than conventional mortgages. Additionally, you don’t need to make a down payment for USDA or VA loans.

You can lock in a low rate today if your finances are in a good place, but you don’t need to hurry to get a mortgage or refinance if you’re not ready.

Mortgage and refinance rates trends

Mortgage rate trends

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.44%2.54%2.63%
30-year fixed3.31%3.39%3.58%
7/1 ARM4.05%4.36%3.85%
10/1 ARM3.85%4.01%4.39%

Mortgage rates have gone down since last Tuesday. Since this time last month, all rates have decreased except 7/1 ARM rates.

Refinance rate trends

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.65%2.74%2.95%
30-year fixed3.64%3.74%3.87%
7/1 ARM4.46%4.48%4.18%
10/1 ARM4.51%4.60%4.85%

Today’s mortgage refinance rates are lower than they were last Tuesday. The 7/1 ARM rates have gone up since this time last month, but other rates have gone down.

15-year fixed rates

With a 15-year fixed mortgage, you’ll pay off your mortgage over a decade and a half, and your interest rate will remain locked in the whole time. 

You’ll pay more per month with a 15-year fixed mortgage than a 30-year fixed mortgage because it will take you fewer years to you’ll pay off the same mortgage principal.

However, it will cost you less to take out a 15-year fixed mortgage than a 30-year fixed mortgage. You’ll pay off the loan in half the time and you’ll get a better interest rate.  

30-year fixed rates

If you take out a 30-year fixed mortgage, it will take you three decades to pay off your mortgage, and you’ll pay a locked-in interest rate the entire period. A 30-year term comes with a higher interest rate than a 15-year term.

Your monthly payments will be lower with a 30-year fixed mortgage than with a shorter term because you’re splitting up your payments over more years.

But it will cost you more in interest with a 30-year term than with a shorter term, as you’re paying a higher interest rate for longer. 

Adjustable rates

An adjustable-rate mortgage, also known as an ARM, locks in your rate for the first several years, then alters it periodically. A 10/1 ARM secures your rate for a decade before changing your rate annually. 

While ARM rates are at historic lows, you may still get the best deal on a fixed-rate mortgage. Instead of chancing a rate increase with an ARM, you can secure a low rate for 15 or 30 years. 

If you’re thinking about getting an ARM, ask your lender what your individual 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.

Best Mortgage Rates Today: Tuesday April 27, 2021

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