Today's Best Mortgage Rates – May 7, 2021

Mortgage rates dropped slightly yesterday, bringing them to or near 14-day lows across most major loan types.

National Averages of Lenders’ Best Rates
Loan TypePurchaseRefinance
30-year Fixed3.11%3.28%
30-year Fixed (FHA)3.03%3.15%
15-year Fixed2.38%2.60%
Jumbo 30-year Fixed3.37%3.65%
5/1 ARM2.97%3.39%

Today's National Mortgage Rate Averages

Rates on 30-year and 15-year fixed conventional loans, jumbo 30-year fixed loans, and 5/1 adjustable-rate mortgages (ARMs) all dropped one or two basis points yesterday, bringing them 3 to 5 basis points lower than they averaged last Friday.

As is typical, refinancing rates were roughly 10 to 30 basis points higher than new purchase fixed-rate loans, while the plus margin for 5/1 ARM refinancing loans was more than 40 basis points. 


The rates you see here generally won’t compare directly with teaser rates you see advertised online, since those rates are cherry-picked as the most attractive. They may involve paying points in advance, or may be selected based on a hypothetical borrower with an ultra-high credit score or taking a smaller-than-typical loan given the value of the home.

National Averages of Lenders’ Best Rates – New Purchase
Loan TypeNew PurchaseDaily Change
30-year Fixed3.11%-0.02
30-year Fixed (FHA)3.03%+0.13
30-year Fixed (VA)3.00%-0.04
20-year Fixed2.93%-0.02
15-year Fixed2.38%-0.02
10-year Fixed2.24%-0.02
Jumbo 30-year Fixed3.37%-0.01
Jumbo 15-year Fixed3.01%No change
10/1 ARM2.99%-0.03
10/6 ARM3.65%-0.55
7/1 ARM3.54%-0.37
7/6 ARM2.91%-0.13
5/1 ARM2.97%-0.01
5/6 ARM3.60%+0.13
Jumbo 7/6 ARM2.69%No change
Jumbo 7/1 ARM2.53%-0.05
Jumbo 5/6 ARM2.69%No change
Jumbo 5/1 ARM2.45%-0.10
National Averages of Lenders’ Best Rates – Refinancing
Loan TypeRefinanceDaily Change
30-year Fixed3.28%-0.01
30-year Fixed (FHA)3.15%+0.08
30-year Fixed (VA)3.21%+0.03
20-year Fixed3.16%-0.01
15-year Fixed2.60%-0.01
10-year Fixed2.51%-0.02
Jumbo 30-year Fixed3.65%-0.01
Jumbo 15-year Fixed3.23%-0.04
10/1 ARM3.40%-0.06
10/6 ARM4.33%No change
7/1 ARM3.85%-0.29
7/6 ARM3.79%-0.17
5/1 ARM3.39%-0.02
5/6 ARM4.15%-0.03
Jumbo 7/6 ARM2.96%No change
Jumbo 7/1 ARM2.65%No change
Jumbo 5/6 ARM2.96%No change
Jumbo 5/1 ARM2.81%+0.08

Lowest Mortgage Rates by State

The lowest mortgage rates available vary depending on the state where originations occur. Mortgage rates can be influenced by state-level variations in credit score, average mortgage loan term, and size, as well as individual lenders’ varying risk management strategies.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are determined by a complex interaction of macroeconomic and industry factors, such as the level and direction of the bond market, including 10-year Treasury yields; the Federal Reserve’s current monetary policy, especially as it relates to funding government-backed mortgages; and competition between lenders and across loan types. Because fluctuations can be caused by any number of these at once, it’s generally difficult to attribute the change to any one factor.

Maroeconomic factors have kept the mortgage market relatively flat for the last two weeks. Among those factors are the Federal Reserve’s April 28 guidance to Fannie Mae and Freddie Mac to continue buying government-backed mortgages at their current volume. Though there had been speculation about whether the Fed would recommend pulling back on mortgage buying, it instead announced staying the course.


The national averages cited above were calculated based on the lowest rate offered by more than 200 of the country’s top lenders, assuming a loan-to-value ratio (LTV) of 80% and an applicant with a FICO credit score in the 700-760 range. The resulting rates are representative of what customers should expect to see when receiving actual quotes from lenders based on their qualifications, which may vary from advertised teaser rates.

For our map of the best state rates, the lowest rate currently offered by a surveyed lender in that state is listed, assuming the same parameters of an 80% LTV and a credit score between 700-760.

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