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The 30-year mortgage rate is getting higher | July 14, 2021



Mortgage rates remain close to all time lows

The average mortgage rate for a 30-year loan rose to 3.333%, the third consecutive day of gains. Rates for other types of loans are mixed today.


Even with today’s rise, interest rates are lower than they were a month ago. For well-qualified buyers consider: to buy a house or refinancing their mortgage, it is still a very good time to find and secure low rates.

  • The final rate for a 30-year fixed-rate mortgage is 3.333%.
  • The final rate for a 15-year fixed-rate mortgage is 2.426%.
  • The final rate on a 5/1 jumbo ARM is 2.23%.
  • The final rate on a 7/1 compliant ARM is 4.094%.
  • The final rate on a 10/1 conforming ARM is 4.109%.

Mortgage rates today: 30-year fixed-rate mortgage rate

  • The 30-year interest rate is 3.333%.
  • That’s a day increase of 0.014 percentage point. ⇑
  • That’s a month thecrease of 0.047 percentage point. ⇓

Fixed rate mortgages are the most common home loan category, with a 30-year mortgage being the most popular. With this type of loan, your interest and monthly amount do not change. Buyers appreciate the predictability, but also the 30-year payback period and relatively low monthly payments. However, the interest rate will be higher compared to other types of loans, meaning you will pay more total interest.

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Average Mortgage Rate

Data based on US mortgage loans concluded on July 13, 2021

Loan type July 13 Last week Change
15 years fixed conventional 2.43% 2.39% 0.04%
30 years fixed conventional 3.33% 3.31% 0.02%
7/1 ARM speed 4.09% 4.13% 0.04%
10/1 ARM speed 4.11% 3.97% 0.14%

Your actual rate may vary

Mortgage interest today: 15 years fixed interest mortgage rates

  • The 15-year interest rate is 2.426%.
  • That’s a day increase of 0.036 percentage point. ⇑
  • That’s a month thecrease of 0.012 percentage point. ⇓

Another fixed-rate option is a 15-year mortgage. The payback period is half that of 30 years, which means that the monthly costs will be higher. On the other hand, the interest rate will be lower, so you pay less interest.

Mortgage interest today: 5/1 jumbo mortgage interest with adjustable interest

  • The 5/1 ARM rate is 2.23%.
  • that is unchanged From yesterday. ⇔
  • That’s a month thecrease of 0.27 percentage point. ⇓

A variable rate mortgage is another type of home loan. It starts with a fixed interest rate, but the interest eventually becomes variable. This means that the interest rate will adjust regularly. The monthly payments start at a fixed rate, but then change with any adjustments in the rate.


For example, a 5/1 floating rate mortgage has a fixed rate for five years, after which it adjusts each year until the loan is paid. The full length of an ARM is typically 30 years. ARMs are available in a number of different terms, including a 7/1 and a 10/1.

Mortgage Rates Today: VA, FHA and Jumbo Loan Rates Loan

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 3.09%. ⇓
  • The rate on a 30-year VA mortgage is 3.149%. ⇓
  • The rate on a 30-year jumbo mortgage is 3.468%. ⇑

Mortgage Refinance Rates Today

The average rates for 30-year bonds, 15-year bonds, and 5/1 jumbo ARMs are:

  • The refinancing rate for a 30-year fixed-rate refinancing is 3.729%. ⇑
  • The refinancing rate for a 15-year fixed-rate refinancing is 2.641%. ⇑
  • The refinancing rate on a 5/1 jumbo ARM is 2.512%. ⇔
  • The refinancing rate on a 7/1 compliant ARM is 4.197%. ⇓
  • The refinancing rate on a 10/1 compliant ARM is 4.425%. ⇓
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Average Mortgage Refinance Rates

Data based on US mortgage loans concluded on July 13, 2021

Loan type July 13 Last week Change
15 years fixed conventional 2.64% 2.61% 0.03%
30 years fixed conventional 3.73% 3.72% 0.01%
7/1 ARM speed 4.2% 4.14% 0.06%
10/1 ARM speed 4.43% 4.31% 0.12%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates fell through 2020. Millions of homeowners responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes that they might not have been able to afford had the rates been higher.

In January 2021, interest rates briefly fell to their all-time lows, but showed an upward trend throughout the month and into February.

Looking ahead, experts think interest rates will rise more in 2021, but modestly. Factors that could affect the rates include how quickly the COVID-19 vaccines will be distributed and when lawmakers can agree on another economic aid package. More vaccinations and government incentives could lead to better economic conditions, raising rates.


While mortgage rates are likely to rise this year, experts say the rise won’t happen overnight and it won’t be a dramatic jump. Rates should remain near historically low levels in the first half of the year and rise slightly later in the year. Even with interest rates rising, it is still a favorable time to finance or refinance a new home.

Factors that affect mortgage interest rates include:

  • The Federal Reserve. The Fed took swift action when the pandemic hit the United States in March 2020. The Fed announced plans to keep the money flowing through the economy by cutting the Federal Fund’s short-term interest rate to between 0% and 0.25%, which is as low as they go. The central bank also pledged to buy mortgage-backed securities and Treasury bills, which would support the home financing market. The Fed has repeatedly reaffirmed its commitment to this policy for the foreseeable future, most recently at a policy meeting in late January.
  • The 10-year Treasury bill. The mortgage interest rate moves along with the interest on the 10-year government bond. Yields fell below 1% for the first time in March 2020 and have been slowly rising ever since. Currently, interest rates have fluctuated above 1% since the beginning of the year, causing interest rates to rise slightly. On average, there is usually a 1.8-point spread between government bond yields and mortgage interest rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are low, it means the economy is weak, which can depress interest rates. Due to the pandemic, unemployment reached its all-time high at the beginning of last year and has not yet recovered. GDP also took a hit and while it has recovered somewhat, there is still a lot of room for improvement.

Tips to get the lowest possible mortgage interest

There is no universal mortgage rate that all borrowers receive. It takes some effort to qualify for the lowest mortgage rate and depends on both personal financial factors and market conditions.

Check your credit score and credit report. Errors or other red flags that can drag your credit score down. Borrowers with the highest credit scores are the ones who get the best rates, so it’s critical to check your credit report before beginning the house-hunting process. Taking steps to fix errors can increase your score. If you have a high credit card balance, paying it off can also be a quick boost.

Save money for a hefty down payment. This will lower your loan-to-value ratio, which means how much of the home’s price the lender has to finance. A lower LTV usually translates into a lower mortgage interest rate. Money lenders also like to see money that has been in an account for at least 60 days. It tells the lender that you have the money to finance the purchase of the home.

Shop around for the best price. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. In addition to traditional banks, consider different types of lenders, such as credit unions and online lenders.


Also, take the time to learn about the different types of loans. While the 30-year fixed-rate mortgage is the most common type of mortgage, consider taking a shorter-term loan, such as a 15-year loan or a variable-rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which one best suits your needs and financial situation. Government loans — such as those supported by the Federal Housing Authority, the Department of Veterans Affairs, and the Department of Agriculture — may be more affordable options for those who qualify.

Finally, fix your rate. By locking in your rate once you have found the right rate, loan product and lender, you can be sure that your mortgage interest rate will not rise before you take out the loan.

Our mortgage interest method

Money’s daily mortgage interest rates show the average rate offered by more than 8,000 lenders in the United States for which the most recent working day rates are available. Today we show rates for Tuesday 13 July 2021. Our rates reflect what a typical borrower with a credit score of 700 would expect to pay for a home loan right now. These rates were offered to people who gave a 20% discount and include discount points.

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