Here Are Today’s Mortgage Rates, August 4, 2021 | Rates Slip

We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

What we’re seeing today is a handful of important mortgage rates have moved down. Both 30-year fixed and 15-year fixed mortgage rates sank. For variable rates, the 5/1 adjustable-rate mortgage (ARM) cruised higher.

The average mortgage rates are as follows:

What this means for borrowers:
Historically low rates continue to be available to highly qualified borrowers. But home buying is about much more than your mortgage rate. Exceptionally low inventory has led to a rise in bidding wars and pushed home prices higher at a rapid pace. So if you’re shopping for a home, be prepared to move quickly as the few homes on the market are moving fast.

Looking at Today’s Mortgage Refinance Rates

There’s good news if you’ve been considering a refinance because the average rates for 15-year fixed and 30-year fixed refinance loans trailed off. Shorter term, 10-year fixed-rate refinance mortgages also saw a decrease.

The refinance averages for 30-year, 15-year, and 10-year loans are:

Compare nationwide mortgage rates from various lenders .

30-Year Fixed Mortgage Interest Rates

The median interest rate for a standard, 30-year, fixed mortgage is 2.96%, which is a decline of 7 basis points from seven days ago.

You can use NextAdvisor’s mortgage calculator to determine your monthly payments and understand how adding extra payments will impact your loan. The mortgage calculator can also show you the total interest you’ll pay over the life of the loan.

15-Year Fixed-Rate Mortgage Rates

The median rate for a 15-year fixed mortgage is 2.26%, which is a decrease of 5 basis points from the same time last week.

A 15-year, fixed-rate mortgage’s monthly payment will be much bigger. So finding room in your budget for a 30-year loan’s monthly payment would be more simple. But, 15-year loans have some considerable benefits: You’ll save thousands of dollars in interest and pay off your loan much sooner.

5/1 Adjustable-Rate Mortgage Rates

A 5/1 ARM has an average rate of 2.80%, which is a rise of 2 basis points from seven days ago.

An adjustable-rate mortgage is ideal for households who will refinance or sell before the rate changes. If that’s not the case, their interest rates could end up being markedly higher after a rate adjusts.

For the first five years, a 5/1 ARM will typically have a lower interest rate compared to a 30-year fixed mortgage. Keep in mind that depending on how much your loan’s rate adjusts, your payment has the potential to increase by a large amount.

Mortgage Rate Movement

To see where mortgage rates are headed,, we rely on information collected by Bankrate, which is owned by the same parent company as NextAdvisor. Looking at the history of mortgage rates, we’re in an exceptionally low rate…

Read More: Here Are Today’s Mortgage Rates, August 4, 2021 | Rates Slip