Today’s National Mortgage and Refinance Rates, August 27, 2021: Majority of Interest Rates Rise

Mortgage rates were mostly higher compared to a week ago. The 30 year fixed loan, 15 year fixed loan, and jumbo loan interest rates rose while the 5/1 ARM rates remained unchanged.

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The current mortgage rates

Credit type interest rate A week ago Change
30-year fixed rate 3.06% 3.03% +0.03
15 years fixed rate 2.36% 2.32% +0.04
5/1 ARM rate 2.80% 2.80% opener
30 years fixed jumbo rate 3.08% 3.04% +0.04

Prices were last updated on August 27, 2021.

The rates listed above are Bankrate’s average daily rates and are based on the assumptions made here. The actual prices listed on site may differ. This story has been reviewed by in-house editor Bill McGuire. All price data as of Friday, August 27, 2021, 7:30 a.m.

>> Check out the historical trends in mortgage rates

Mortgage rates

30-year fixed-rate mortgage increases, + 0.03%

The average interest rate on a 30-year fixed-rate mortgage is 3.06 percent, 3 basis points more than a week ago. A month ago, the average interest rate on a 30-year fixed-rate mortgage was 3.01 percent lower.

At the current average rate, you’ll pay $ 421.60 per month in principal and interest for every $ 100,000 you borrow.

15-year fixed-rate mortgages tend to be higher,+ 0.04%

The average interest rate on a 15-year fixed-rate mortgage is 2.36 percent, 4 basis points more than a week ago.

The monthly payments for a 15-year fixed-rate mortgage at this interest rate are approximately $ 384 for every $ 100,000 you borrowed. This can put a heavier burden on your monthly budget than a 30-year mortgage, but it has some great advantages: You will earn several thousand dollars upfront on the total interest paid over the life of the loan and you will build equity much faster.

5/1 ARM holds on

Video: Lower Interest Rates Lead to Higher Mortgage Applications (CNBC)

Lower interest rates lead to higher mortgage applications

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The average interest rate on a 5/1 variable rate mortgage is 2.80 percent, unchanged from a week ago.

Variable rate mortgages, or ARMs, are mortgage loans that have a variable rate mortgage. Unlike fixed-rate loans, the interest rate can change periodically during the term of the loan. These loan types are best for people who are expecting a refinance or sale before the first or second adjustment. The interest rates could be significantly higher when the loan is adjusted for the first time and thereafter.

The monthly payments for a 5/1 ARM at 2.80 percent would cost about $ 409 for every $ 100,000 borrowed for the first five years, but could increase by hundreds of US after that depending on the terms of the loan -Dollars increase.

Interest rate on jumbo loans is increasing + 0.04%

The average interest rate on a jumbo mortgage is 3.08 percent, up 4 basis points over the last seven days. A month ago, the average jumbo mortgage rate was 3.02 percent lower.

At today’s average jumbo loan rate, for every $ 100,000 you borrow, you pay principal and interest of $ 421.60.

Summary: How rates changed this week

  • 30 year fixed mortgage rate: 3.06%, down from 3.03% last week, +0.03
  • 15 year fixed mortgage rate: 2.36%, down from 2.32% last week, +0.04
  • 5/1 ARM mortgage rate: 2.80%, unchanged from last week
  • Jumbo mortgage rate: 3.08%, down from 3.04% last week, +0.04

Refinancing rates

30-year mortgage refinancing rate increases, + 0.03%

The average 30-year refinancing rate is 3.05 percent, 3 basis points more than a week ago. A month ago, the average interest rate on a 30-year fixed refinancing was 3.00 percent.

At the current average rate, you’ll pay $ 421.60 per month in principal and interest for every $ 100,000 you borrow.

What factors determine my mortgage rate?

Lenders consider several elements when pricing your interest rate:

  • credit-worthiness
  • deposit
  • Location of the property
  • Loan Amount / Closing Costs
  • Credit type
  • Repayment term
  • Type of interest

What next:

Selected Lenders, August 27, 2021

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