Table of Contents: Masthead StickySummary List Placement Mortgage rates on Saturday, May 1, 2021

Mortgage type
Average rate today

15-year fixed
2.52%

30-year fixed
3.42%

7/1 ARM
4.32%

10/1 ARM
4.18%

30-year FHA
2.93%

VA mortgage loan
2.74%

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

Learn more and get offers from multiple lenders »

The lowest mortgage rate today is the 15-year fixed mortgage rate, which is 2.52%.

Rates for conventional mortgages (which might be what you think of “regular mortgages”) are low overall. But mortgages backed by the FHA and VA usually pay even lower rates, depending on which term length you choose. Government-backed mortgages are great options if you’re eligible to apply.

Refinance rates on Saturday, May 1, 2021

Mortgage type
Average rate today

15-year fixed
2.71%

30-year fixed
3.81%

7/1 ARM
4.52%

10/1 ARM
4.80%

30-year FHA
2.89%

VA mortgage loan
2.73%

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

Compare offers from refinancing lenders »

Mortgage refinance rates tend to be higher than purchase mortgage rates, but they’re still at all-time lows.

How to get a good mortgage rate

Although mortgage rates have increased a little today, rates overall have been trending downward for a few weeks now. It could be a good time to lock in a low rate.

But if you aren’t ready to buy or refinance yet, you probably don’t have to worry about missing out on great rates. Mortgage rates should stay low for at least a few months. In fact, you may have time to improve your finances to land an even better rate. Consider the following steps:

Improve your credit score by making payments on time or paying down debt. You can request a copy of your credit report to hunt for any mistakes that could be tanking your score.

Save more for a down payment. The smallest …read more

Source:: Business Insider

      

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