World news – Mortgage Rates Today – March 23, 2021: Fixed lending rates are rising

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Getting started!

Getting started!

Getting started!

Getting started!

by Maurie Backman | March 23, 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.

Check out today’s update on mortgage rates. Is it the right time for you to apply for a home loan?

Today’s mortgage rates are higher than yesterday’s on fixed-rate products. Here’s what they look like:

The average 30-year mortgage rate is 3.308% today, up 0.015% from yesterday. At today’s rate, you pay $ 438.00 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 3.055% today, up 0.028% from yesterday. At today’s rate, you pay a principal and interest of $ 557.00 for every $ 100,000 you borrow. Although your monthly payment increases by $ 119.00 on a $ 100,000 20 year loan versus the same 30 year loan, over your repayment period you will save $ 24,126.21 in interest for every $ 100,000 you make borrow.

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The average mortgage rate for 15 years is 2.557% today, up 0.019% from yesterday. At today’s rate, you pay $ 669.00 in principal and interest 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 $ 37,399.24 per $ 100,000 mortgage debt.

The average 5/1 ARM rate is 3.047%, down 0.025% from yesterday. With a 5/1 ARM, you get the same interest rate for five years. After that, your rate may fluctuate annually. It can go up or down – but you clearly run the risk of paying a higher interest rate and increasing your monthly mortgage payment over time. Now you get five years of lower monthly payments with a 5/1 ARM compared to a 30 year fixed loan. But be prepared for this to change in time if you sign up for a variable rate mortgage.

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 these are still quite low. 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 reasonably competitive despite a recent spike, we don’t know if interest rates will go up or down over the next few months. As such, it’s worth it:

Although mortgage rates are higher now than they were at the beginning of the year, historically they are still quite attractive. And if you have good credit and a low debt to income ratio, you are even more likely to get a low interest rate on your home loan. When you’re ready to buy a home, collect quotes from various mortgage lenders so you can evaluate your options. Each lender sets its own interest rates and closing costs. So it’s a good idea to compare your selections and find the best deal.

Chances are, interest rates won’t stay at decades lows for long. 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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