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Most mortgage and refinance rates have gone down since last Thursday. You’ll probably get a better deal on a fixed-rate mortgage than on an adjustable-rate mortgage.

Experts told Insider fixed rates are becoming more and more beneficial for borrowers. These days, fixed rates are starting lower than adjustable rates. You also risk your rate increasing later if you choose an ARM, because rates can’t stay this low forever.

Typically, low mortgage rates signify a struggling economy. Rates will likely stay relatively low as the US continues to struggle with the coronavirus pandemic.

Mortgage rates for Thursday, April 8, 2021

Mortgage type
Average rate today
Average rate last week
Average rate last month

15-year fixed
2.60%
2.65%
2.57%

30-year fixed
3.54%
3.62%
3.52%

7/1 ARM
4.50%
4.64%
4.52%

10/1 ARM
4.85%
4.74%
4.33%

Rates from Money.com

Learn more and get offers from multiple lenders.»

Mortgage rates are down since last Thursday, except 10/1 ARM rates, which are up by 11 basis points. Since last month, all rates have increased except 7/1 ARM rates, which went down by two basis points.

We’re providing the average rates nationwide for conventional mortgages, which might be what you think of “normal mortgages.” Government-backed mortgages through the FHAVA, or USDA may give you a lower rate — provided you’re qualified. 

Refinance rates for Thursday, April 8, 2021

Mortgage type
Average rate today
Average rate last week
Average rate last month

15-year fixed
2.90%
2.97%
2.89%

30-year fixed
3.85%
3.90%
3.84%

7/1 ARM
4.79%
4.90%
4.86%

10/1 ARM
5.10%
5.17%
4.75%

Rates from Money.com

Click here to compare offers from refinancing lenders »

All mortgage refinance rates have decreased since last Thursday, but most have increased since this time last month.

Tips for locking in a low mortgage rate

Mortgage and refinance rates are low, so it could be a good day to lock in a rate. But you may not need to rush to get a low rate.

Rates will …read more

Source:: Business Insider

      

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