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Current mortgage interest rates on April 12, 2021: Rates slip

Today a couple of important mortgage rates moved down. See how that could affect your mortgage payments.

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A couple of principal mortgage rates slumped today. 15-year fixed and 30-year fixed mortgage rates both declined. For variable rates, the 5/1 adjustable-rate mortgage also ticked downward. Mortgage interest rates are never set in stone, but interest rates are the lowest they've been in years. If you plan to buy a house, now might be an optimal time to lock in a fixed rate. But as always, make sure to first think about your personal goals and circumstances before purchasing a home, and shop around for a lender who can best meet your needs.

Find current mortgage rates for today

30-year fixed-rate mortgages

The 30-year fixed-mortgage rate average is 3.18%, which is a decrease of 9 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) The most frequently used loan term is a 30-year fixed mortgage. A 30-year fixed mortgage will often have a higher interest rate than a 15-year fixed rate mortgage -- but also a lower monthly payment. Although you'll pay more interest over time -- you're paying off your loan over a longer timeframe -- if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.43%, which is a decrease of 8 basis points from seven days ago. You'll definitely have a higher monthly payment with a 15-year fixed mortgage compared to a 30-year fixed mortgage, even if the interest rate and loan amount are the same. But a 15-year loan will usually be the better deal, as long as you're able to afford the monthly payments. You'll most likely get a lower interest rate, and you'll pay less interest in total because you're paying off your mortgage much quicker.

5/1 adjustable-rate mortgages

A 5/1 adjustable-rate mortgage has an average rate of 3.18%, a slide of 11 basis points compared to last week. You'll typically get a lower interest rate (compared to a 30-year fixed mortgage) with a 5/1 adjustable-rate mortgage in the first five years of the mortgage. However, you might end up paying more after that time, depending on the terms of your loan and how the rate changes with the market rate. Because of this, an ARM might be a good option if you plan to sell or refinance your house before the rate changes. If not, changes in the market may significantly increase your interest rate.

Mortgage rate trends

We use information collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. This table summarizes the average rates offered by lenders across the US:

Current average mortgage interest rates
Loan typeInterest rateA week agoChange
30-year fixed rate3.18%3.27%-0.09
15-year fixed rate2.43%2.51%-0.08
30-year jumbo mortgage rate3.10%3.07%+0.03
30-year mortgage refinance rate 3.25%3.36%-0.11

Updated on April 12, 2021.

How to find the best mortgage rates

To find a personalized mortgage rate, talk to your local mortgage broker or use an online mortgage service. In order to find the best home mortgage, you'll need to consider your goals and overall financial situation. A range of factors -- including your down payment, credit score, loan-to-value ratio and debt-to-income ratio -- will all affect the interest rate on your mortgage. Having a higher credit score, a higher down payment, a low DTI, a low LTV, or any combination of those factors can help you get a lower interest rate. The interest rate isn't the only factor that affects the cost of your home — be sure to also consider additional factors such as fees, closing costs, taxes and discount points. You should speak with several different lenders -- including local and national banks, credit unions and online lenders -- and comparison shop to find the best mortgage for you.

How does the loan term impact my mortgage?

One important thing you should consider when choosing a mortgage is the loan term, or payment schedule. The mortgage terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are fixed for the life of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only stable for a certain amount of time (usually five, seven or 10 years). After that, the rate fluctuates annually based on the market rate. When choosing between a fixed-rate and adjustable-rate mortgage, you should consider the length of time you plan to stay in your house. Fixed-rate mortgages might be a better fit for those who plan on living in a home for quite some time. Fixed-rate mortgages offer more stability over time compared to adjustable-rate mortgages, but adjustable-rate mortgages can sometimes offer lower interest rates upfront. However you might get a better deal with an adjustable-rate mortgage if you only have plans to to keep your house for a few years. The "best" loan term all is entirely dependent on your personal situation and goals, so make sure to take into consideration what's important to you when choosing a mortgage.