Mortgage Interest Rates Today, February 22, 2021 | Rates Go Up

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The most principal mortgage rates all climbed up today. Both 30-year fixed and 15-year fixed mortgage rates climbed up. The most common type of variable-rate mortgage is the 5/1 adjustable-rate mortgage (ARM) also climbed higher.

The average mortgage rates are as follows:

Current Mortgage Refinance Rates

Refinancing became a bit more expensive today as 30-year fixed and 15-year fixed refinance mortgages saw their average rates rise. If you’ve been considering a 10-year refinance loan, average rates also saw growth.

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

Compare national mortgage rates from various lenders .

30-Year Fixed-Rate Mortgages

The median interest rate for a standard, 30-year, fixed mortgage is 3.04%, which is an increase of 18 basis points from last week.

You can use NextAdvisor’s mortgage loan calculator to determine your monthly payments and see how much you’ll save if you make extra 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 2.43%, which is an increase of 9 basis points from seven days ago.

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 2.95%, an addition of 1 basis point from the same time last week.

An adjustable-rate mortgage is ideal for households 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.

How Mortgage Rates Have Changed

To see where mortgage rates are headed, we rely on information collected by Bankrate, which is owned by the same parent company as NextAdvisor. Looking at mortgage rate history, we’re in an exceptionally low rate environment. 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 from across the country:

Average mortgage interest rates
ProductRateLast weekChange
30-year fixed3.04%2.86%+0.18
15-year fixed2.43%2.34%-0.09
30-year jumbo mortgage rate3.09%2.89%+0.20
30-year mortgage refinance rate3.07%2.89%+0.18

Rates as of February 22, 2021.

There isn’t a single factor that causes mortgage rates to move, but rather there are many. Chief among them are things including inflation and even the unemployment rate. When you see inflation increasing that usually means mortgage rates are about to climb higher. On the other hand, lower inflation typically accompanies lower mortgage rates. With higher inflation, the dollar becomes less valuable. This scenario pushes buyers away from mortgage-backed securities, which leads to price decreases and the need for increasing yields. And higher yields require borrowers to pay higher interest rates.

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?

In recent months, mortgage rates fell to new all-time lows. Since there’s not much room for rates to decline further, many experts expect mortgage rates to stay relatively low or see only modest gains in 2021.

Where rates go is largely dependent on what happens with the economy. How effective we are in dealing with the impacts of the coronavirus pandemic is key to our economic recovery.
A stronger economy, along with increased spending from consumers and the government, is likely to drive inflation higher. In this scenario, we’ll most likely see mortgage rates begin to climb upward. However, if the economic recovery is slower than expected and the pandemic drags on, it’s likely we’ll see low rates for the foreseeable future. And the Federal Reserve could also act to limit the increase of mortgage rates if it feels the economy cannot support them

What Impacts the Current Mortgage Rates?

There is a wide range of factors that affect mortgage rates. Some are broader economic factors, and others are related to your individual circumstances.

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

How to Get the Lowest Mortgage Rate

Shopping around for a home loan is one of the best ways to get the lowest mortgage rate.

Your mortgage rate depends on a variety of factors lenders consider when assessing how likely you are to repay your mortgage. Your credit score and debt-to-income ratio (DTI) impact your mortgage rate. And even the property’s value compared to your loan balance is important. So increasing your down payment can reduce your interest rate.

But, banks will look at your situation differently. So you can give the same documentation to three different lenders, and get offers with three different mortgage rates and fees that vary just as much.

Is Now a Good Time to Buy a Home?

There’s no “right time” to buy a house — the decision is a highly personal one. Keep in mind, when you purchase a home the monthly payment won’t be your only cost. You’ll also need enough money saved up for upfront closing costs and a down payment. And you’ll get a better deal if you have a higher credit score and lower debt-to-income ratio.

However, the pandemic has exacerbated a shortage of homes, leading to bidding wars and rising prices. Those trends mean it can be a frustrating market 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 can change daily.

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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