Mortgage Rates Today – March 9, 2021: Rates Go Up
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today mortgage rates are a little higher than yesterday. This is what they look like:
|Mortgage type||Interest rate of the day|
|30-year fixed mortgage||3.167%|
|20-year fixed mortgage||2.827%|
|15-year fixed mortgage||2.447%|
30-year mortgage rates
The average 30 year mortgage rate today is 3.167%, up 0.015% from yesterday. At today’s rate, you’ll pay principal and interest of $ 430.72 for every $ 100,000 you borrow. This does not include additional expenses like property taxes and home insurance premiums.
20-year mortgage rates
The average 20-year mortgage rate today is 2.827%, up 0.014% from yesterday. At today’s rate, you’ll pay principal and interest of $ 546.23 for every $ 100,000 you borrow. Although your monthly payment increases by $ 115.51 with a 20-year loan of $ 100,000 compared to a 30-year loan of the same amount, you will save $ 23,964.63 in interest over your repayment period for every $ 100,000 you borrow.
15-year mortgage rates
The average 15-year mortgage rate today is 2.447%, up 0.008% from yesterday. At today’s rate, you’ll pay principal and interest of $ 664.34 for every $ 100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $ 233.62 higher for every $ 100,000 of mortgage principal. However, your interest savings will amount to $ 35,476.33 over the duration of your repayment period per $ 100,000 of mortgage debt.
The average ARM rate 5/1 is 2.930%, up 0.065% from yesterday. With an ARM 5/1, you lock in your initial interest rate for five years, but beyond that point your rate may adjust once a year – up or down, depending on the conditions of the market. Based on today’s rates, you’ll save money on your mortgage for at least five years with an ARM 5/1 compared to a 30-year loan, but make sure you understand the risk. that you take – that your rate could eventually go up, making your monthly payment much higher.
Should I lock in my mortgage rate now?
A mortgage rate freeze guarantees you a specific interest rate for a certain period of time – typically 30 days, but you may be able to guarantee your rate for up to 60 days. You’ll usually pay a fee to lock in your mortgage rate, but that way you’re protected if rates go up by the time your mortgage closes.
If you plan to close your home within the next 30 days, it pays to lock in your mortgage rate based on today’s rates, especially since they are still quite low. But if your close is more than 30 days away, you might want to choose an adjustable rate lock instead for what will usually be a higher fee, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your loan if rates drop before your mortgage closes, and while rates today are still competitive, we don’t know if rates will go up. or will decrease over the next few months. As such, it is beneficial to:
- LOCK if closing in 7 days
- LOCK if closing in 15 days
- LOCK if closing in 30 days
- FLOAT if closing in 45 days
- FLOAT if closing in 60 days
Although mortgage rates are higher today than they were a month ago, they are still quite low on a historical basis. What if you have a good credit score – one in the mid-700s or better – and a low debt to income ratio, you are more likely to land a good deal on a home loan. If you are ready to apply for a mortgage, be sure to collect offers from several lenders. You may find that one lender offers a lower interest rate or closing costs than another, which saves you a lot of money.
A historic opportunity to potentially save thousands on your mortgage
There is a good chance that interest rates will not stay at multi-decade lows any longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger to buy a new home.
Our expert recommends this company to find a low rate – and in fact he used them himself for refi (twice!). Click here to find out more and see your rate. While this does not influence our opinions on the products, we do receive compensation from partners whose offers appear here. We are by your side, always. See our full advertiser disclosure here.
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