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Most mortgage and refinance rates are higher today than they were last Thursday. However, most rates have gone down since this time last month. You probably don’t need to worry about rates trending upward overall anytime soon.

Marvin Loh, Senior Global Macro Strategist at State Street, told Insider he expects mortgage rates to remain fairly steady until at least fall 2021.

Mortgage rates heavily rely on the 10-year Treasury yield, Some of the factors that affect the Treasury yield, like inflation and employment, will probably change drastically in the coming months. Loh said the market will need time to determine which shifts are short-term and which are permanent before the 10-year treasury yield increases or decreases. So rates should stay relatively low until the economy stabilizes.

With rates at all-time lows overall, it still could be a good time to lock in a rate.

Today’s mortgage rates: Thursday, April 29, 2021

Mortgage type
Average rate today

15-year fixed
2.49%

30-year fixed
3.36%

7/1 ARM
4.38%

10/1 ARM
3.95%

30-year FHA
2.94%

VA mortgage loan
2.75%

Conventional rates from Money.com; government-backed rates from RedVentures.

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You can probably lock in an FHA loan, VA loan, or 15-year conventional mortgage rate under 3% today.

Rates for conventional mortgages (which might be what you think of “regular mortgages”) are low overall. But mortgages backed by the FHA and VA offer even better rates. Government-backed mortgages are great options if you’re eligible to apply.

Today’s refinance rates: Thursday, April 29, 2021

Mortgage type
Average rate today

15-year fixed
2.69%

30-year fixed
3.73%

7/1 ARM
4.53%

10/1 ARM
4.76%

30-year FHA
2.90%

VA mortgage loan
2.74%

Conventional rates from Money.com; government-backed rates from RedVentures.

Compare offers from refinancing lenders »

Mortgage refinance rates are low in general today. The …read more

Source:: Business Insider

      

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