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Mortgage rates for Oct. 13, 2021: Despite jump, rates remain low

The 30-year fixed rate continues to climb. But it's still a good time to lock in.

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The average interest rates for 15-year fixed and 30-year fixed mortgages (and many adjustable-rate mortgages) have increased since last week. And though mortgage rates -- and refinance rates -- remain quite low, it's looking increasingly likely that they will continue to climb this year and into next. 

Bottom line: If you're looking to secure a fixed rate, now is an optimal time to do it. Of course, your specific financial situation will dictate your specific rate -- so consider your personal goals and circumstances before buying a home, and shop around to find a lender who can best meet your needs.

30-year fixed-rate mortgages

The average interest rate for a standard 30-year fixed mortgage is 3.19%, which is a growth of 8 basis points as of seven days ago. (A basis point is equivalent to 0.01%.) The most common loan term is a 30-year fixed mortgage. A 30-year fixed mortgage will often have a greater 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 2.43%, which is an increase of 5 basis points from a week ago. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a bigger monthly payment. But a 15-year loan will likely be the better deal if you're able to afford the monthly payments. These usually include 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 3.21%, an increase of 10 basis points from the same time last week. With an adjustable-rate mortgage, you'll typically get a lower interest rate than a 30-year fixed mortgage for the first five years. But changes in the market may cause your interest rate to increase after that time, as detailed in the terms of your loan. If you plan to sell or refinance your house before the rate changes, an adjustable-rate mortgage might make sense for you. But if that's not the case, you could be on the hook for a significantly higher interest rate if the market rates shift.

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:

Average mortgage interest rates

ProductRateLast weekChange
30-year fixed3.19%3.11%+0.08
15-year fixed2.43%2.38%+0.05
30-year jumbo mortgage rate2.79%2.79%N/C
30-year mortgage refinance rate 3.17%3.08%+0.09

Rates as of Oct. 13, 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 looking into home mortgage rates, take into account your goals and current finances. Things that affect what mortgage rate you might get include: your credit score, down payment, loan-to-value ratio and your debt-to-income ratio. Generally, you want a good credit score, a larger down payment, a lower DTI and a lower LTV to get a lower interest rate. Apart from the mortgage rate, other things including closing costs, fees, discount points and taxes might also factor into the cost of your house. Be sure to shop around with multiple lenders -- such as credit unions and online lenders in addition to local and national banks -- in order to get a loan that's the right fit for you.

What is a good loan term?

One important consideration 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. Another important distinction is between fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are set 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 interest rate.

When deciding between a fixed-rate and adjustable-rate mortgage, you should take into consideration how long you plan to stay in your home. For those who plan on staying in a new house for a while, fixed-rate mortgages may be the better option. While adjustable-rate mortgages might have lower interest rates upfront, fixed-rate mortgages are more stable in the long term. If you don't plan to keep your new house for more than three to 10 years, however, an adjustable-rate mortgage could give you a better deal. The best loan term is entirely dependent on your specific situation and goals, so make sure to take into consideration what's important to you when choosing a mortgage.