Mortgage rates on Oct. 28, 2021: Rates tick down

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Mortgage rates on Oct. 28, 2021: Rates tick down
© Provided by CNET John Greim/Getty A few major mortgage rates sunk lower today. The average interest rates for both 15-year fixed and 30-year fixed mortgages fell down. We also saw a decrease in the average rate of 5/1 adjustable-rate mortgages. Although mortgage rates fluctuate, they are at a historic low. Because of this, right now is a good time for prospective homebuyers to lock in a fixed rate. But as always, make sure to first take into account your personal goals and circumstances before buying a home, and shop around to find a lender who can best meet your needs.

30-year fixed-rate mortgages

For a 30-year, fixed-rate mortgage, the average rate you’ll pay is 3.14%, which is a decrease of 4 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) The most frequently used loan term is a 30-year fixed mortgage. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one — but typically a higher interest rate. Although you’ll pay more interest over time — you’re paying off your loan over a longer timeframe — if you’re looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.

Mortgage rates on Oct. 28, 2021: Rates tick down
© John Greim/Getty

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.44%, which is a decrease of 2 basis points compared to a week ago. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a higher monthly payment. But a 15-year loan will usually be the better deal, as long as you’re able to afford the monthly payments. You’ll most likely get a lower interest rate, and you’ll pay less interest in total because you’re paying off your mortgage much quicker.

5/1 adjustable-rate mortgages

A 5/1 ARM has an average rate of 3.13%, a fall of 5 basis points compared to a week ago. With an adjustable-rate mortgage mortgage, you’ll typically get a lower interest rate than a 30-year fixed mortgage for the first five years. But changes in the market may cause your interest rate to increase after that time, as detailed in the terms of your loan. If you plan to sell or refinance your house before the rate changes, an ARM may make sense for you. Otherwise, shifts in the market means your interest rate may be a good deal higher once the rate adjusts.

Mortgage rate trends

We use rates collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. This table summarizes the average rates offered by lenders across the country:

Current average mortgage interest rates

Loan type Interest rate A week ago Change
30-year fixed rate 3.14% 3.18% -0.04
15-year fixed rate 2.44% 2.46% -0.02
30-year jumbo mortgage rate 2.76% 2.80% -0.04
30-year mortgage refinance rate 3.13% 3.16% -0.03

Updated on Oct. 28, 2021.

How to find the best mortgage rates

To find a personalized mortgage rate, speak to your local mortgage broker or use an online mortgage service. Make sure to consider your current finances and your goals when searching for a mortgage. A range of factors — including your down payment, credit score, loan-to-value ratio and debt-to-income ratio — will all affect the interest rate on your mortgage. Having a higher credit score, a larger down payment, a low DTI, a low LTV, or any combination of those factors can help you get a lower interest rate. The interest rate isn’t the only factor that affects the cost of your home — be sure to also consider other factors such as fees, closing costs, taxes and discount points. Be sure to speak with several different lenders — like local and national banks, credit unions and online lenders — and comparison shop to find the best mortgage for you.

What’s the best loan term?

When picking a mortgage, remember to consider the loan term, or payment schedule. The mortgage terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are the same for the life of the loan. For adjustable-rate mortgages, interest rates are the same for a certain number of years (commonly five, seven or 10 years), then the rate adjusts annually based on the market rate. When deciding between a fixed-rate and adjustable-rate mortgage, you should consider how long you plan to stay in your house. Fixed-rate mortgages might be a better fit for those who plan on staying in a home for a while. While adjustable-rate mortgages might have lower interest rates upfront, fixed-rate mortgages are more stable in the long term. If you don’t plan to keep your new home for more than three to 10 years, however, an adjustable-rate mortgage may give you a better deal. There is no best loan term as a general rule; it all depends on your goals and your current financial situation. It’s important to do your research and understand what’s most important to you when choosing a mortgage.

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