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Here are today's mortgage rates on April 2, 2021: Rates move higher

Today a few important mortgage rates ticked up. See how that could affect your mortgage payments.

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A handful of principal mortgage rates increased today. Fifteen-year fixed and 30-year fixed mortgage rates both increased. For variable rates, the 5/1 adjustable-rate mortgage also climbed higher. Mortgage interest rates are never set in stone, but interest rates are at historic lows. For those looking to secure a fixed rate, now is an ideal time to buy a house. Before you purchase a house, remember to consider your personal needs and financial situation, and speak with multiple lenders to find the right one for you.

Compare countrywide mortgage rates from various lenders

30-year fixed-rate mortgages

For a 30-year, fixed-rate mortgage, the average rate you'll pay is 3.26%, which is an increase of 3 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) 30-year fixed mortgages are the most frequently used loan term. A 30-year fixed mortgage will typically have a higher interest rate than a 15-year fixed rate mortgage -- but also a lower monthly payment. You won't be able to pay off your house as quickly and you'll pay more interest over time, but a 30-year fixed mortgage is a good option if you're looking to minimize your monthly payment.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.51%, which is an increase of 4 basis points compared to a week ago. You'll definitely have a bigger 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. If you can afford the monthly payments, however, there are several benefits to a 15-year loan. These include usually being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

5/1 Adjustable-Rate Mortgages

A 5/1 ARM has an average rate of 3.27%, an uptick of 3 basis points compared to a week ago. You'll usually get a lower interest rate (compared to a 30-year fixed mortgage) with a 5/1 ARM in the first five years of the mortgage. However, changes in the market could cause your interest rate to increase after that time, as detailed in the terms of your loan. Because of this, an ARM could be a good option if you plan to sell or refinance your house before the rate changes. But if that's not the case, you might be on the hook for a significantly higher interest rate if the market rates change.

Mortgage rate trends

We use data collected by Bankrate, which is owned by the same parent company as CNET, to track changes in these daily rates. This table summarizes the average rates offered by lenders across the US:

Loan termToday's RateLast weekChange
30-year mortgage rate 3.26% 3.23% +0.03
15-year fixed rate 2.51% 2.47% +0.04
30-year jumbo mortgage rate 3.08% 3.14% -0.06
30-year mortgage refinance rate 3.34% 3.31% +0.03

Rates accurate as of April 2, 2021.

How to find personalized mortgage rates

You can get a personalized mortgage rate by connecting with your local mortgage broker or using an online calculator. When researching home mortgage rates, think about your goals and current financial situation. Specific mortgage interest rates will vary based on factors including credit score, down payment, debt-to-income ratio and loan-to-value ratio. Having a good 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 other factors such as fees, closing costs, taxes and discount points. You should shop around with multiple lenders -- such as credit unions and online lenders in addition to local and national banks -- in order to get a mortgage loan that's the right fit for you.

What's the best loan term?

When picking a mortgage, remember to consider 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. Another important distinction is between fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are stable for the life of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only set for a certain amount of time (commonly five, seven or 10 years). After that, the rate fluctuates annually based on the market interest rate.

When choosing between a fixed-rate and adjustable-rate mortgage, you should consider how long you plan to stay in your home. If you plan on staying long-term in your new house, fixed-rate mortgages may be the better option. While adjustable-rate mortgages may offer lower interest rates upfront, fixed-rate mortgages are more stable in the long term. However, you may get a better deal with an adjustable-rate mortgage if you're only planning to keep your home for a few years. There is no "best" loan term as a rule of thumb; it all depends on your goals and your current financial situation. Be sure to do your research and think about what matters to you when choosing a mortgage.