Mortgage interest rate today for July 1, 2021: Rates are unchanged


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A number of major mortgage rates were static today. The 15-year average fixed mortgage rates and the 30-year average fixed mortgage rates were both stable. At the same time, the average rates of 5/1 variable rate mortgages have not changed either. Mortgage interest rates are never set in stone, but interest rates are historically low. For this reason, now is a great time for potential buyers to lock in to a fixed rate. Before buying a home, don’t forget to consider your personal needs and financial situation, and compare the offers of various lenders to find the one that’s right for you.

Check out the mortgage rates that meet your specific needs

30-year fixed rate mortgages

The average interest rate for a standard 30-year fixed mortgage is 3.13%, which is the same as seven days ago. (One basis point equals 0.01%.) The most common loan term is a 30-year fixed mortgage. A 30 year fixed rate mortgage will often have a higher interest rate than a 15 year fixed rate mortgage, but also a lower monthly payment. You won’t be able to pay off your home that quickly, and you’ll pay more interest over time, but a 30-year fixed mortgage is a good option if you’re looking to keep your monthly payment down.

15-year fixed rate mortgages

The average rate for a 15-year fixed-rate mortgage is 2.43%, the same rate as the same time last week. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and the same interest rate will have a higher monthly payment. However, if you can afford the monthly payments, a 15-year loan has several advantages. This usually comes down to being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest over the long term.

5/1 adjustable rate mortgages

A 5/1 ARM has an average rate of 3.14%, the same rate compared to last week. With an ARM mortgage, you will typically get a lower interest rate than a 30-year fixed mortgage for the first five years. But changes in the market can cause your interest rate to increase after this period, as stated in your loan terms. If you plan to sell or refinance your home before rates change, an ARM might be right for you. Otherwise, changes in the market mean that your interest rate could be much higher once the rate is adjusted.

Mortgage rate trends

We use rates collected by Bankrate, which is owned by the same parent company as CNET, to track rate changes over time. This table summarizes the average rates offered by lenders nationwide:

Average mortgage interest rates
Product Rate Last week Switch
30 years fixed 3.13% 3.13% NC
15 years fixed 2.43% 2.43% NC
Giant 30-year mortgage rate 3.33% 3.33% NC
30-year mortgage refinancing rate 3.21% 3.21% NC

Prices as of July 1, 2021.

How to find personalized mortgage rates

To find a personalized mortgage rate, meet with your local mortgage broker or use an online mortgage service. Be sure to take your current financial situation and goals into account when trying to find a mortgage. Specific interest rates will vary based on factors such as credit rating, down payment, debt-to-income ratio, and loan-to-value ratio. Having a higher credit score, a larger down payment, a low DTI, a low LTV, or any combination of these factors can help you get a lower interest rate. Beyond the mortgage rate, other factors, including closing costs, fees, points of call and taxes, can also affect the cost of your home. Be sure to shop around with multiple lenders – for example, credit unions and online lenders in addition to local and state banks – to get a mortgage that’s right for you.

What is the best loan term?

An important thing to consider when choosing a mortgage loan is the term of the loan or the payment schedule. The most commonly offered loan terms are 15 years and 30 years, although you can also find 10, 20 and 40 year mortgages. Another important distinction is between fixed rate and variable rate mortgages. For fixed rate mortgages, the interest rates are the same throughout the life of the loan. Unlike a fixed rate mortgage, the interest rates on a variable rate mortgage are only stable for a certain period of time (usually five, seven, or 10 years). After that, the rate adjusts annually based on the market interest rate.

When choosing between a fixed rate mortgage and an adjustable rate mortgage, you need to think about how long you plan to stay in your home. Fixed rate mortgages might be better suited if you plan to live in a house for a while. While variable rate mortgages may have lower interest rates initially, fixed rate mortgages are more stable over time. However, you might get a better deal with an adjustable rate mortgage if you plan to only keep your home for a few years. The best loan term depends on your situation and your goals, so be sure to think about what’s important to you when choosing a mortgage.


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