Mortgage rates moved in different directions today. The average for a 30-year fixed-rate mortgage held firm, but the average rate on a 15-year fixed trended down. Meanwhile, the average rate on 5/1 adjustable-rate mortgages ticked up.
Mortgage rates change daily, but they remain much lower overall than they were before the Great Recession. If you’re in the market for a mortgage, it may be a great time to lock in a rate. Just make sure you shop around first.
Compare mortgage rates in your area now.
30-year fixed mortgages
The average rate you’ll pay for a 30-year fixed mortgage is 3.13 percent, unchanged from a week ago. This time a month ago, the average rate on a 30-year fixed mortgage was higher, at 3.33 percent.
At the current average rate, you’ll pay $428.65 per month in principal and interest for every $100,000 you borrow.
You can use Bankrate’s mortgage rate calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. It will also help you computehow much interest you’ll pay over the life of the loan.
15-year fixed mortgages
The average 15-year fixed-mortgage rate is 2.71 percent, down 2 basis points from a week ago.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $677 per $100,000 borrowed. The bigger payment may be a little tougher to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more quickly.
The average rate on a 5/1 ARM is 3.19 percent, rising 1 basis point over the last week.
These loan types are best for those who expect to refinance or sell before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.
Monthly payments on a 5/1 ARM at 3.19 percent would cost about $432 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.
Where rates are headed
To see where Bankrate’s panel of experts expect rates to go from here, check out our rate trends page.
Want to see where rates are right now? Lenders nationwide respond to Bankrate’s weekday mortgage rates survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans:
|Loan term||Today’s Rate||Last week||Change|
|30-year mortgage rate||3.13%||3.13%||N/C|
|15-year mortgage rate||2.71%||2.73%||-0.02|
|30-year jumbo mortgage rate||3.17%||3.19%||-0.02|
|30-year mortgage refinance rate||3.16%||3.22%||-0.06|
Rates accurate as of July 24, 2020.
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Read MoreMortgage Rates Today, July 24, 2020