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Mortgage and refinance have gone down since last Thursday, and since this time last month.

If you’re ready to lock in a mortgage rate, you may want to go with a fixed-rate mortgage instead of an adjustable rate. Fixed rates are starting much lower than adjustable rates, and you’ll pay the same low rate for the entire life of your loan. With an ARM, you’d risk your rate increasing down the road.

Mortgage rates should remain low for a while, so you don’t need to hurry to buy to take advantage of low rates if you aren’t ready.

But if you know you want to buy soon, you should probably start the process of applying for preapproval and locking in a rate. According to a study by Redfin, over half of homes in the US are selling in two weeks or less right now. So once you’re ready to buy, you’ll want to be able to move fast.

Mortgage rates on Thursday, April 22, 2021

Mortgage type
Average rate today

15-year fixed
2.50%

30-year fixed
3.38%

7/1 ARM
4.37%

10/1 ARM
4.0%

Rates from Money.com

Learn more and get offers from multiple lenders.»

Mortgage rates are low today. The highest rate right now is the 7/1 ARM rate, which is 4.37%.

Keep in mind, these are the national average rates for conventional mortgages, which might be what you think of “normal mortgages.” You may be able to get a lower rate on a government-backed mortgage through the FHAVA, or USDA.

Mortgage rates on Thursday, April 22, 2021

Mortgage type
Average rate today

15-year fixed
2.71%

30-year fixed
3.72%

7/1 ARM
4.53%

10/1 ARM
4.73%

Rates from Money.com

Click here to compare offers from refinancing …read more

Source:: Business Insider

      

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