CM – Current Mortgage Rates – April 13, 2021: Interest rates are falling

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Getting started!

Getting started!

Getting started!

Getting started!

by Maurie Backman | April 13, 2021

The rise is supported by the reader: we can earn a commission for offers on this page. This is how we make money. However, our editorial integrity ensures that the opinions of our experts are not influenced by compensation. Conditions may apply to the offers listed on this page.

This is what mortgage rates look like right now. Are you ready to apply for a home loan?

Today’s mortgage rates are lower than yesterday. Here’s what it looks like on April 13, 2021:

The average 30-year mortgage rate is 3.258% today, down 0.017% from yesterday. At today’s rate, you pay $ 436.00 principal and interest for every $ 100,000 you borrow. That doesn’t include additional costs such as property taxes and homeowner insurance premiums.

The average mortgage rate for 20 years is 2.977% today, down 0.022% from yesterday. At today’s rate, you pay a principal and interest of $ 553.00 for every $ 100,000 you borrow. Although your monthly payment increases by $ 117.00 on a $ 100,000 20 year loan versus $ 117.00 on a 30 year loan of the same amount, you will save $ 24,135.00 in interest on each over the course of your repayment period $ 100,000 to borrow.

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The average 15 year mortgage rate today is 2.502%, down 0.020% from yesterday. At today’s rate, you pay principal and interest of $ 667.00 for every $ 100,000 you borrow. Compared to the 30 year loan, your monthly payment is $ 231.00 more per $ 100,000 mortgage loan. However, your interest savings over the life of your repayment period will be $ 37,062.00 per $ 100,000 mortgage debt.

The average 5/1 ARM rate is 3.001%, down 0.006% from yesterday. With a 5/1 ARM, you only lock the same tariff for five years. From there, it can be adjusted up or down once a year depending on market conditions. You need to weigh the risk of a rising interest rate against the savings you make over the first five years of your loan repayment period. You may find that an ARM is worth it, but if you’d rather get the same monthly payment in the long run, you’ll need to stick to a fixed rate loan.

A mortgage lock guarantees you a specific interest rate for a specific period of time – usually 30 days. However, you may be able to secure your interest rate for up to 60 days. You usually pay a fee to secure your mortgage interest. That way, however, if interest rates go up between now and when you close your home loan, you will be protected.

If you plan to close your home within the next 30 days, it is worth keeping your mortgage rate based on today’s rates – especially since historically they are still competitive. However, if your graduation is more than 30 days away, you may want to opt for a floating rate lock instead, for a typically higher fee, but which could save you money in the long run. With an adjustable rate lock, you can secure a lower interest rate on your loan if interest rates fall before you close your mortgage. While interest rates today are still quite low, we don’t know whether interest rates will go up or down in the next few months. As such, it’s worth it:

Mortgage rates are no longer at historic lows as they were last year. But that doesn’t mean they aren’t competitive. And if you have a good credit score and a low debt-to-income ratio, you’re even more likely to come up with great ideas.

When you’re ready to apply for a home loan, check out various mortgage lenders around. Each lender sets their own interest rate and closing costs. Comparing your offers is therefore the best way to get an attractive offer.

The chances are good that interest rates will not remain at lows of several decades for much longer. Because of this, it is critical today to take action, whether you are looking to refinance and cut your mortgage payment, or are ready to hit the trigger to buy a new home.

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Maurie Backman is a personal finance writer covering everything from savings to retirement to health care. Her articles have been published in major outlets such as CNBC, MSN, and Yahoo.

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