Today's mortgage and refinance rates
Average mortgage rates rose significantly yesterday. The increase has been so small that some lenders haven't bothered to change their price lists. And they could add a little to your closing costs instead.
The markets looked rude this morning. And I guess Mortgage rates could go up again today, maybe sharply. But that could change during the day.
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Current mortgage and refinancing rates
Conventional set for 30 years
Conventional 15 years fixed
Conventional set for 20 years
Conventional 10 years fixed
Fixed FTA for 30 years
Fixed FTA for 15 years
5 years ARM FHA
30 years permanent VA
15 years fixed VA
5 years ARM VA
Prices are provided by our partner network and may not reflect the market. Your rate could be different. Click here for a personalized price offer. See our tariff assumptions here.
Find and lock a low rate (March 31, 2021)
COVID-19 Mortgage Updates: Mortgage lenders are changing interest rates and rules due to COVID-19. For the latest information on how coronavirus is affecting your home loan, click here.
Should You Lock A Mortgage Rate Today?
I expect higher mortgage rates in the coming months. Of course, there will be falls and periods of falls from time to time. And there is always the possibility that a catastrophic event could reverse the upward trend. But if you put a gun to my head (one dream of many) I would bet that interest rates will keep rising.
So my personal recommendations for tariff blocking remain:
LOCK when you approach 7th DaysLOCK when you approach 15th DaysLOCK when you approach 30th DaysLOCK when you approach 45 DaysLOCK when you approach 60 Days
But I am not saying that I am completely forward-looking. And your personal analysis could turn out to be as good as mine – or better. So you can be guided by your instincts and your personal risk tolerance.
Market Data Affecting Mortgage Rates Today
Here's a snapshot of the current status this morning at 9:50 a.m. (ET). The dates, compared to about the same time yesterday, were:
The Return on 10 year treasury increased from 1.68% to 1.75% (Bad for mortgage rates.) More than any other market, mortgage rates usually tend to follow these particular government bond yields, albeit more recentlyImportant stock indices were lower When opening. ((Good for mortgage rates.Often times, when investors buy stocks, they sell bonds, which lowers the prices of those bonds and increases yields and mortgage rates. The opposite happens when the indices have lower oil prices rose from $ 60.37 a barrel to $ 60.49. ((Neutral for mortgage rates *.Energy prices play a huge role in creating inflation and also indicate future economic activity.) Gold prices fell to $ 1,684 from $ 1,712 per ounce. ((Bad for mortgage rates*.) In general, it is better for interest rates when gold rises and worse for interest rates when gold falls. Gold tends to rise when investors worry about the economy. And worried investors tend to cut ratesCNN Business Fear & Greed Index – Increased from 43 from 100 to 44. (Bad for mortgage rates.) "Greedy" investors push bond prices down (and interest rates up) when they exit the bond market and invest in stocks, while "fearful" investors do the opposite. So lower readings are better than higher ones
* A change of less than $ 20 in gold prices or 40 cents in oil prices is a fraction of 1%. Hence, we count significant differences in mortgage rates only as good or bad.
Reservations about markets and prices
Before the pandemic and the Federal Reserve's intervention in the mortgage market, you could look at the numbers above and make a pretty good guess as to what would happen to mortgage rates that day. However, this is no longer the case. We're still on the phone. And are usually right. However, our record for accuracy will not reach its former high level until things settle down.
Use markets only as a rough guide. Because they have to be exceptionally strong or weak to be relied on. But with this restriction so far Mortgage rates are likely to rise today. Note, however, that intraday fluctuations (when prices change direction during the day) are a common feature these days.
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Important information about today's mortgage rates
Here are some things you need to know:
Typically, mortgage rates go up when the economy is doing well and go down when they are in trouble. There are exceptions, however. Reading & # 39;How are mortgage rates determined and why should you care?"
Only top notch borrowers (with great credit scores, high down payments, and very healthy finances) will get the ultra-low mortgage rates you see advertised
Lenders vary. Yours may or may not follow the crowd when it comes to daily interest rate movements – though they all usually follow the broader trend over time
When the daily rate changes are small, some lenders adjust closing costs and leave their rate cards the same
The refinancing rates are usually close to those for purchases. However, some types of refinancing are higher after a regulatory change
So there is a lot going on here. And no one can claim to know for sure what will happen to mortgage rates in the coming hours, days, weeks, or months.
Are mortgage and refinancing rates rising or falling?
I would be surprised, but not shocked, if the upward trend in mortgage rates suddenly changed course in 2021. There are always risk factors that could undermine a trend.
Yesterday, C.D.C. Director Dr. Rochelle Walensky spoke of her sense of "impending doom" when Americans fail to heed medical advice when it comes to social distancing and the wearing of masks.
And yesterday too, the results of a survey of public health researchers, virologists and infectious disease specialists were published. The scientists warned of emerging SARS-CoV-2 variants, which could prove more transmissible, more deadly, and less susceptible to vaccines than existing strains. And they predicted that revised vaccines might be needed to counter these within a year.
So there are risk factors that could delay or weaken the much anticipated economic recovery. And these would likely halt or even reverse the upward trend in mortgage rates. But they are only possibilities. And it seems much more likely to me that the boom will arrive more or less according to plan. If so, the chances are high that interest rates will continue to rise.
For more background on how I continue to think, check out our latest weekend edition, which is published just after 10 a.m. (ET) every Saturday.
For much of 2020, the general trend in mortgage rates was down significantly. According to Freddie Mac, a new weekly all-time low was hit 16 times in the past year.
The latest weekly record low was recorded on January 7th when 30-year fixed rate mortgages stood at 2.65%. But then the prices went up. And Freddie's March 25 report puts that weekly average at 3.17% (with 0.7 fees and points) compared to 3.09% the previous week. However, Freddie's survey methodology means that not all falls have been recorded in the past week.
Mortgage rate forecasting experts
Looking ahead, Fannie Mae, Freddie Mac, and the Mortgage Bankers Association (MBA) each have a team of economists devoted to monitoring and forecasting the impact on the economy, housing and mortgage rates.
And here are their current interest rate forecasts for each quarter of 2021 (Q1 / 21, Q2 / 21, Q3 / 21 and Q4 / 21).
The numbers in the table below are for a 30-year fixed rate mortgage. Fannies were updated on March 17th and the MBA updated on March 22nd. But Freddie now publishes quarterly forecasts. The numbers are from mid-January and look clearly stale:
Q1 / 21
Q2 / 21
Q3 / 21
Q4 / 21
However, with so many unknowns, the current number of predictions might be even more speculative than usual. And as the year goes on, the spread is sure to widen.
Find your lowest price today
Some lenders have been terrified by the pandemic. And they limit their offerings to the most vanilla-flavored mortgages and refinances.
But others remain brave. And you can still likely find the withdrawal refinance, investment mortgage, or jumbo loan that you want. You just need to shop broader.
But of course, no matter what type of mortgage you want, you should do a lot of shopping in comparison. As a federal regulator, the Consumer Financial Protection Bureau says:
Shopping for your mortgage can result in real savings. It may not sound like much, but if you save even a quarter point on your mortgage, you will save thousands of dollars over the life of your loan.
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Mortgage rate method
The mortgage reports receive interest rates based on selected criteria from multiple credit partners on a daily basis. We'll find an average rate and an annual interest rate for each type of loan that we want to show on our chart. Since we calculate a series of average prices, this will give you a better idea of what you might find in the market. We also calculate average interest rates for the same types of loans. For example, FHA was fixed with FHA. The end result is a good snapshot of the daily rates and how they change over time.