Today's mortgage and refinance rates: April 1, 2021 | Rates rise

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All mortgage and refinance rates have increased since last week, bucking the trend of falling rates over the last several days. Overall, rates remain at historic lows. 

If you’re looking to buy a home or to refinance, you might want to pursue a fixed-rate mortgage as you’ll get a lower interest rate than you would with an adjustable-rate mortgage. You’ll also secure your rate for the long haul, whereas your rate might go up later with an ARM.

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Experts have told Insider ARMs aren’t as good a deal now as they have been in the past. 

In general, rates are still at striking lows. Low rates are frequently an indicator of an economy in distress. Rates will probably stay low as the US continues to wade through the economic impact of the COVID-19 pandemic. 

Mortgage rates for Thursday, April 1, 2021

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.69%2.64%2.49%
30-year fixed3.65%3.55%3.35%
7/1 ARM4.45%4.32%4.3%
10/1 ARM4.68%4.38%4.01%

Rates from

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Mortgage rates have ticked up since last Thursday, with 30-year fixed rates rising by 10 basis points. All rates are up since last month. 

We’re showing you the average rates nationwide for conventional mortgages, which may be what you consider “standard mortgages.” You may be eligible for a better rate with a government-backed mortgage through the FHA, VA, or USDA.

Refinance rates for Thursday, April 1, 2021

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed3.01%2.96%2.79%
30-year fixed3.93%3.84%3.72%
7/1 ARM4.79%4.75%4.66%
10/1 ARM5.01%4.86%4.53%

Rates from

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Refinance rates have gone up across the board since last week, with every rate increasing by at least four basis points. You can secure a rate on a fixed-rate mortgage below 4% now.

How to snag a low mortgage rate

Since last Thursday, rates have risen. However, they are still at historic lows, and you may consider locking in a low mortgage rate while possible. 

But a sharp rate increase shortly is seemingly improbable, so you don’t have to hurry. Rates will probably stay low for several months, if not longer. You’ll get the opportunity to improve your financial situation and get a better rate. 

  • Raise your credit score by making timely payments, paying off your debts, or allowing your credit to age. You may consider requesting and reviewing a copy of your credit report to search for any mistakes that might be lowering your score.
  • Put down more for a down paymentYou might be able to put down as little as 3% if you want a conventional mortgage, but the smallest amount will depend on which type of mortgage you desire. You’ll probably get a better rate with a bigger down payment.
  • Lower your debt-to-income ratio. Your DTI ratio is the amount you pay toward debts each month, divided by your gross monthly income. To better your ratio, pay down debts or find ways to boost your income.
  • Pick a government-backed mortgage. Qualified borrowers might consider a USDA loan (aimed at low-to-moderate-income borrowers buying in a rural area), a VA loan (designed for military members and veterans), or an FHA loan (not designated for any particular group). You can frequently get a better interest rate with a government-backed mortgage than with a conventional mortgage. Additionally, you don’t need a down payment for USDA or VA loans.

You can lock in a low rate now if your finances are in order, but you don’t need to rush to get a mortgage or refinance if you’re not prepared.

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How 15-year fixed mortgage rates work

If you get a 15-year fixed mortgage, it will take you 15 years to pay off your mortgage, and you’ll have a set interest rate for the whole period. 

You’ll dish out more per month with a 15-year term than with a 30-year term because you’re paying down the equivalent loan principal over a shorter amount of time.

However, a 15-year fixed mortgage will be less expensive overall than a 30-year fixed mortgage. You’ll pay off the mortgage in fewer years, and you’ll snag a lower interest rate as well. 

How 30-year fixed mortgage rates work

With a 30-year fixed mortgage, you’ll pay the same interest rate over a 30-year loan term. 

You’ll fork over more in interest with a 30-year fixed mortgage than a 15-year fixed mortgage because you’re paying a higher interest rate for an extended period. 

Fortunately, your monthly payments will be smaller with a 30-year term than a 15-year term because you’re dividing up your payments over more years.

How ARMs work

A fixed-rate mortgage locks in your rate for your the life of your mortgage. But with an adjustable-rate mortgage, you’ll pay the same interest rate for a predetermined period, then that rate will change regularly. A 10/1 ARM keeps your rate the same for a decade. Then your rate will fluctuate yearly.

Currently, ARM rates are at all-time lows, but you might still want to go for a fixed-rate mortgage. You can avoid the trouble of a potential future rate increase with an ARM and secure a low rate for 15 or 30 years. 

If you’re considering getting an ARM, ask your lender what your rates would be if you chose a fixed-rate versus an adjustable-rate mortgage.

Provided you are financially stable, today may be a good day to secure a low rate.

Mortgage and refinance rates by state

Check the latest rates in your state at the links below. 

New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Rhode Island
South Carolina
South Dakota
Washington DC
West Virginia

Ryan Wangman is a reviews fellow at Personal Finance Insider reporting on mortgages, refinancing, bank accounts, and bank reviews. In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership.

Laura Grace Tarpley is an editor at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

See the mortgage rates for Thursday, April 1 2021 »

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