Here Are Today’s Mortgage Rates, April 27, 2021 | Rates Cool Off

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What we’re seeing today is a number of principal mortgage rates have dropped off. Both 30-year fixed and 15-year fixed mortgage rates decreased. The most common type of variable-rate mortgage is the 5/1 adjustable-rate mortgage (ARM) floated higher.

The averages for 30-year fixed, 15-year fixed, and 5/1 ARMs are:

Looking at Today’s Mortgage Refinance Rates

There’s good news if you’ve been considering a refinance, because the average rates for 15-year fixed and 30-year fixed refinance loans shrank. If you’ve been considering a 10-year refinance loan, just know average rates also declined.

The refinance averages for 30-year, 15-year, and 10-year loans are:

Find current mortgage rates for today.

30-Year Fixed-Rate Mortgages

For a 30-year fixed-rate mortgage, the average rate you’ll pay is 3.08%, which is a decrease of 4 basis points from seven days ago.

You can use NextAdvisor’s home loan payment calculator to determine your monthly payments and calculate what you’ll save with additional payments. The mortgage calculator can also show you all of the interest you’ll pay over the life of the loan

15-Year Fixed-Rate Mortgages

The median rate for a 15-year fixed mortgage is 2.37%, which is a decrease of 6 basis points from the same time last week.

A 15-year, fixed-rate mortgage’s monthly payment will be much bigger. So finding room in your budget for a 30-year loan’s monthly payment would be less difficult. But, 15-year loans have some considerable benefits: You’ll pay thousands less in interest and pay off your loan much faster.

5/1 Adjustable-Rate Mortgages

A 5/1 ARM has an average rate of 3.26%, which is a rise of 5 basis points from the same time last week.

An adjustable-rate mortgage is ideal for individuals who will sell or refinance before the rate changes. If that’s not the case, their interest rates could end up being significantly higher after a rate adjusts.

For the first five years, a 5/1 ARM will typically have a lower interest rate compared to a 30-year fixed mortgage. Just keep in mind that your payment could end up being hundreds of dollars higher after a rate adjustment, depending on the terms of your loan.

Recent Mortgage Rate Movement

To see where mortgage rates are going we rely on information collected by Bankrate, which is owned by the same parent company as NextAdvisor. Looking at mortgage rate history, we’re seeing low rates like never before. The table below compares today’s average rates to what they were a week ago, and is based on information provided to Bankrate by lenders nationwide:

Current average mortgage interest rates
Loan typeInterest rateA week agoChange
30-year fixed rate3.08%3.12%-0.04
15-year fixed rate2.37%2.43%-0.06
30-year jumbo mortgage rate3.08%3.12%-0.04
30-year mortgage refinance rate3.14%3.17%-0.03

Updated on April 27, 2021.

A number of factors can influence mortgage rates, including everything from inflation to unemployment. In general, inflation leads to higher interest rates and vice versa. The dollar loses value with increased inflation, and this causes mortgage-backed securities to become less enticing for investors, which leads to falling prices and higher yields. And if yields increase, interest rates become more expensive for borrowers.

A strong economy has historically increased demand for homes. When more homes are sold, the demand for mortgages also increases, which can cause rates to go up. But the flip side is also true: A drop in demand for mortgages could signal a coming downturn in mortgage rates.

What Is in the Future for Mortgage Rates?

Recently, mortgage rates jumped and crossed 3% for the first time since last summer. Even with this dramatic increase, rates are near or still below the levels many experts expected mortgage rates to be at in 2021.

The direction rates go will depend on the economy. And effectively dealing with the impacts of the coronavirus pandemic should boost our economic recovery. If consumer and government spending increases, that’s likely to drive inflation higher. And higher inflation usually leads to rising mortgage rates. But in spite of the potential for rising inflation, mortgage rates are likely to stay low this year. One reason for this: the Federal Reserve believes low rates will help our economic recovery. So it’s unlikely to make moves that could increase rates.

This Month’s Mortgage Predictions

Following the recent flurry of activity with mortgage rates, many experts are predicting mortgage rates will be calmer this month.

The Federal Reserve would still like to keep rates low to boost the economy. And some experts believe the fears of inflation that have been driving rates higher are a bit overblown. So even though mortgage interest rates are likely to continue to rise over the long term, a massive spike isn’t likely.

This Week’s Mortgage Predictions

A modest rise is what some experts are forecasting for mortgage rates this week. This would be a bit of a leveling off from previous weeks.

However, the economy still has a long way to go before it recovers to pre-pandemic levels. If we get surprised by any bad news, that could put a damper on rates.

What Impacts the Current Mortgage Rates?

Everything from the direction of the economy to your individual financial situation can influence mortgage rates. Not only that, but the type of mortgage and the property itself also influence the rate.

Here are a few factors that influence rates:

  • Overall health of the economy
  • Federal Reserve policy decisions
  • Spending in the private and public sectors
  • 10-year U.S. Treasury yields
  • Inflation rates
  • Personal finances: Credit score, down payment, and debt-to-income ratio

How to Get the Best Mortgage Rate

There are three main considerations to getting the best interest rate: Debt-to-income ratio (DTI), loan-to-value ratio (LTV), and your credit score.

Having a credit score over 750 will help you qualify for the best rate. But, even a score of over 700 can get you a decent rate reduction compared to a lower credit score. Once your score starts climbing above 800, the interest rate discount is negligible.

How much debt you have will impact not only the price of the house you can purchase, but also your interest rate. The maximum debt-to-income ratio (DTI) for most mortgages is 43%. So If you make $3,000 a month you’d be allowed to have up to $1,290 in monthly bills. But a DTI of 28% or less is more likely to get you a reduction in your mortgage rate..

Lenders offer the most substantial mortgage rate discounts to borrowers that are deemed less risky. A hefty down payment is a signal to lenders that you are more committed and are less likely to default on your loan. A down payment of 20% or more will save you money in two ways: with a more favorable mortgage rate, and you’ll be able to avoid paying for private mortgage insurance (PMI).

How Rising Mortgage Rates Impact Home Buying

Over the past few months, there as been a spike in mortgage rates. Since we hit an all-time low average of 2.65% for 30-year fixed mortgages, the same rates have increased to 3.09%.

Rising rates can have a significant impact on your homebuying budget. The 0.44% increase we’ve experienced has increased the monthly payment on a 30-year $300,000 loan by $71 a month. But don’t expect current rates to cool off the red hot real estate market.

The demand for the few homes on the market isn’t likely to be offset by the current mortgage rates, which are still historically low. So for the spring buying season, the real estate market is shaping up to be more of the same – tough for buyers.

How We Got These Rates

The rates we have included are averages provided by Site Averages and are calculated after the close of the previous business day. The lenders that the “ Site Average” tables include are not the same every day.

National lenders provide this mortgage rate information to It is possible the mortgage rates we reference has changed since this was published.

Mortgage Interest Rates by Loan Type

Home Purchase Rates

Mortgage Refinance Rates

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