If you buy through our links, we may earn money from affiliate partners. Learn more.

Some mortgage rates are higher today than they were last Thursday, while others are lower. Mortgage and refinance rates are low overall.

If you're ready to lock in a mortgage rate, you may want to go with a fixed-rate mortgage instead of an adjustable rate . Fixed rates are starting much lower than adjustable rates, and you'll pay the same low rate for the entire life of your loan. With an ARM, you'd risk your rate increasing down the road.

Popular Articles

Mortgage rates will probably stay low for a while, so you don't need to hurry to buy to take advantage of low rates if you aren't ready. But if you know you want to buy soon, you may want to start the process of applying for preapproval and locking in a rate. According to a study by Redfin , over half of homes in the US are selling in two weeks or less right now. So once you're ready to buy, you'll want to be able to move fast.

Today's mortgage rates: Thursday, April 15, 2021

2.59%
3.48%
4.44%
4.72%

Rates from Money.com

Learn more and get offers from multiple lenders.»

Mortgage rates are low overall today. Fixed rates are significantly lower than adjustable rates.

Keep in mind, these are the national average rates for conventional mortgages , which might be what you think of "regular mortgages." You could get a lower rate on a government-backed mortgage through the FHA , VA , or USDA .

Today's refinance rates: Thursday, April 15, 2021

2.80%
3.78%
4.74%
5.14%

Rates from Money.com

Click here to compare offers from refinancing lenders »

Mortgage rates are low in general right now. Fixed rates are much lower than adjustable rates, though.

How to get a good mortgage rate

Mortgage rates are at all-time lows, so it could be a good day to lock in a rate — especially if you know you want to buy soon.

But rates will probably stay low for a while. So you don't necessarily need to rush to take advantage of low rates if you aren't quite ready yet. You have time to boost your financial profile, which could help you get an even better rate.

To get the best possible rate, consider these steps before applying:

  • Increase your credit score
  • Save more for a down payment . The minimum down payment you'll need depends on which type of mortgage you are after. But if you can make more than the minimum down payment, you'll probably be rewarded with a higher rate.
  • Lower your debt-to-income ratio. Your DTI ratio is the amount you pay toward debts each month, divided by your gross monthly income. Most lenders want your ratio to be 36% or lower. To improve your ratio, pay down debts or look for ways to increase your income.
  • Choose a government-backed mortgage . 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 mortgages often come with lower interest rates than conventional mortgages. As a bonus, down payments aren't required for USDA or VA loans.

You can secure a low rate now if your finances are in good shape, but you don't need to rush to get a mortgage or refinance if you're not prepared.

Mortgage and refinance rate trends

Mortgage rate trends

2.59% 2.60% 2.57%
3.48% 3.53% 3.48%
4.44% 4.39% 4.28%
4.72% 4.60% 4.0%

Fixed mortgage rates have decreased since last Thursday, while adjustable rates have increased. Most mortgage rates have gone up since mid-March. The exception is the 30-year fixed rate, which has stayed the same.

Refinance rate trends

2.80% 2.89% 2.88%
3.78% 3.85% 3.79%
4.74% 4.76% 4.41%
5.14% 4.94% 4.46%

Most refinance rates have gone down since last Thursday, but 10/1 ARM rates have gone up by 20 basis points. Fixed refinance rates have decreased since this time last month, while adjustable rates have increased.

How do 15-year fixed rates work?

If you take out a 15-year fixed mortgage , you'll pay off your loan over 15 years with a locked-in interest rate.

You'll make higher monthly payments with a 15-year fixed mortgage than a 30-year fixed mortgage because you're repaying the same loan principal in half the time.

On the other hand, a 15-year term will be less expensive than a longer term. You'll get a lower interest rate and you'll pay off your mortgage sooner.

How do 30-year fixed rates work?

With a 30-year fixed mortgage , you'll pay off your loan over 30 years, and you'll lock in your interest rate for the entire term.

You'll pay less per month with a 30-year fixed mortgage than with a shorter term because you're splitting up your payments over more years.

But it will cost you more in interest with a 30-year term than with a 15-year term, as you're paying a higher interest rate for longer.

How do adjustable rates work?

A fixed-rate mortgage sets your rate for the entire time you're paying off your mortgage. But with an adjustable-rate mortgage, you'll pay a constant rate for a predetermined amount of time. After that, your rate will vary periodically. A 10/1 ARM sets your rate for a decade, then your rate will fluctuate yearly.

Although ARM rates are at all-time lows now, you may still want to get a fixed-rate mortgage. The 30-year fixed rates are lower than ARM rates, so it could be an excellent opportunity to secure a low rate with a fixed mortgage. This way, you won't need to worry about your rate increasing in the future 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.

Mortgage and refinance rates by state

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

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.

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.

See the mortgage rates for Thursday, April 15 2021 »

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.