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Most mortgage and refinance rates have gone up since last Saturday. The sole exception is the 15-year fixed refinance rate, which has decreased by just one basis point. Overall, rates remain at historic lows.

If you're looking to get a mortgage or refinance, you may consider a fixed-rate mortgage . You'll get a lower interest rate with a fixed-rate mortgage than you would with an adjustable-rate mortgage. You'll also lock in your rate for the life of your loan without worrying about a potential future rate increase with an ARM.

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Experts told Insider that you can likely get a better deal on a fixed-rate mortgage than an ARM now.

In general, rates remain at striking lows. Low rates often are an indicator of an economy in disarray. As the US continues to wade through the economic impact of the COVID-19 pandemic, rates will probably stay relatively low.

Mortgage rates for Saturday, April 3, 2021

2.64% 2.63% 2.57%
3.60% 3.58% 3.52%
4.47% 3.85% 4.52%
4.72% 4.39% 4.33%

Rates from Money.com

Learn more and get offers from multiple lenders.»

Since last week, rates for fixed-rate mortgages have ticked up slightly, while adjustable rates have risen more significantly. You can still lock in a fixed rate for under 4% today.

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

Refinance rates for Saturday, April 3, 2021

2.94% 2.95% 2.89%
3.89% 3.87% 3.84%
4.78% 4.18% 4.86%
5.02% 4.85% 4.75%

Rates from Money.com

Click here to compare offers from refinancing lenders »

Most refinance rates have increased from this point last week, though rates on 15-year fixed mortgages have gone down by one basis point. Rates on 7/1 ARMs have also decreased by eight basis points since last month.

How to snag a low mortgage rate

Since last Saturday, mortgage and refinance rates have primarily gone up. However, they're still at historic lows, and you can still lock in a low mortgage rate now.

You shouldn't be overly concerned about your rate increasing in the near future, as rates will likely remain low for several months, if not longer — there's no rush to get a mortgage or refinance. You can probably take the time to boost your financial profile and get a better rate. Consider the following tips:

  • Improve your credit score 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 down payment you'll require will be contingent on which type of mortgage you want. But if you can put down more than the minimum you need, you'll likely get a better rate.
  • Decrease your debt-to-income ratio. Your DTI ratio is the amount you pay toward debts each month, divided by your gross monthly income. Many lenders prefer a DTI ratio of 36% or less. To improve your ratio, pay down debts or look for ways to increase your income.
  • Pick a government-backed mortgage . If you qualify, you may 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). These loans frequently have lower interest rates than conventional mortgages. Additionally, you don't have to make a down payment for USDA or VA loans.

You can secure a low rate now if your finances are in order, but there's no need to rush to get a mortgage or refinance if you're not ready.

How do 15-year fixed mortgages work?

If you take out a 15-year fixed mortgage , you'll pay down your mortgage over 15 years, and your interest rate will stay constant for the entire period.

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

Unfortunately, you'll make higher monthly payments with a 15-year term than with a 30-year term because you're paying down the equivalent loan principal in half the time.

How do 30-year fixed mortgages work?

If you get a 30-year fixed mortgage , you'll pay off your loan over three decades, and your interest rate will remain locked in the whole time.

You'll cough up less per month with a 30-year term than a 15-year term because you're dividing up your payments over twice as many years.

On the downside, you'll pay more in total interest with a 30-year fixed mortgage than a 15-year fixed mortgage because you'll have a higher interest rate for longer.

How do ARMs work?

An adjustable-rate mortgage, frequently referred to as an ARM, will lock in your rate for a set amount of time and then it will change routinely. A 10/1 ARM sets your rate for a decade. Then, your rate will vary annually.

Though ARM rates are currently at all-time lows, a fixed-rate mortgage may still be the best deal. You can secure a low rate for the long term without having to gamble on a potential future rate increase with an ARM.

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.

You can get a low rate today, but make sure you're prepared financially before you act.

Mortgage and refinance rates by state

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

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 Friday, April 2 2021 »

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