Mortgage rates increased this week after five straight weeks of declines, prompting rate-sensitive buyers to pull back from the market.
The uptick in rates caused first-time homebuyers who came back to the market to retreat once more. Meanwhile, homeowners with low rates remain reluctant to sell, heightening the inventory shortage this spring purchase season.
In order to best navigate a competitive housing market, homebuyers should proactively shop and compare mortgage lenders and interest rates. It’s also recommended that potential buyers obtain mortgage pre-approval from multiple lenders prior to searching for a home. By getting pre-approved, homebuyers can move quickly and confidently when they find the right property.
Today’s Mortgage Rates: April 21, 2023
Mortgage rates increased this week across all terms. Today’s average rates are listed below.
- 30 Yr. Fixed: 6.42%
- 15 Yr. Fixed: 5.80%
- 30 Yr. Jumbo: 5.95%
- 5/1 ARM: 6.55%
- 30 Yr. FHA: 6.00%
- 30 Yr. VA: 5.99%
DISCLAIMER: ALL LOANS ARE SUBJECT TO CREDIT APPROVAL. INTEREST RATES ARE SUBJECT TO CHANGE DAILY AND WITHOUT NOTICE. CURRENT INTEREST RATES SHOWN ARE INDICATIVE OF MARKET CONDITIONS AND INDIVIDUAL QUALIFICATIONS AND WILL VARY UPON YOUR LOCK-IN PERIOD, LOAN TYPE, CREDIT SCORE, LOAN TO VALUE, PURPOSE, AND LENDING SOURCE.
30-year fixed-rate mortgages
The interest rate for the 30-year fixed mortgage has increased by 28 basis points from the previous week, climbing to 6.42%. The 30-year fixed-rate mortgage is the most popular type of fixed-rate mortgage and the most common mortgage term in the U.S. Despite carrying a higher interest rate compared to the 15-year fixed-rate mortgage, it provides a more manageable monthly payment.
15-year fixed-rate mortgages
The average interest rate for a 15-year fixed-rate mortgage is currently 5.80%, an 18 basis point increase from the previous week. In contrast to a 30-year fixed-rate mortgage, a 15-year fixed-rate mortgage offers a shorter repayment term, which may result in a higher monthly payment but less interest paid overall.
30-year jumbo mortgages
The interest rate for a 30-year fixed jumbo loan climbed to 5.95% after remaining stagnant for weeks. Jumbo loans typically carry higher interest rates compared to conventional loans because you’re borrowing a larger amount. However, due to current economic conditions, jumbo loan rates are currently 47 basis points lower than 30-year fixed loan rates.
5/1 adjustable-rate mortgages
A 5/1 adjustable-rate mortgage (ARM) usually has a lower interest rate than a fixed-rate mortgage. The average interest rate for a 5/1 ARM is 6.55%, which is slightly higher than the average 30-year fixed-rate mortgage. But with an adjustable-rate mortgage, the interest rate can change based on the loan’s terms and market conditions. So, if you plan to sell or refinance your property before the rate changes, choosing an ARM could be a good idea. But if you don’t, you might end up with a higher interest rate if market rates go up.
Get a free rate quote or fill out our online loan application below to get pre-approved in 24 hours.
Use our free mortgage and amortization calculators to determine your monthly payment, including mortgage insurance, taxes, interest, and more.