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A variety of notable mortgage rates dropped off today. While average 15-year fixed mortgage rates remained unchanged, average interest rates on 30-year fixed mortgages sunk lower.
For variable rates, the 5/1 adjustable-rate mortgage tapered off.
Although mortgage rates fluctuate, they are at a historic low. For those looking to lock in a fixed rate, now is a great time to buy a house. But as always, make sure to first think about your personal goals and circumstances before purchasing a house, and shop around to find a lender who can best meet your needs.

Check out mortgage rates that meet your distinct needs

30-year fixed-rate mortgages

The 30-year fixed-mortgage rate average is 3.04%, which is a decline of 3 basis points compared to one week ago. (A basis point is equivalent to 0.01%.)
Thirty-year fixed mortgages are the most common loan term. A 30-year fixed mortgage will typically have a higher interest rate than a 15-year fixed rate mortgage — but also a lower monthly payment. You won’t be able to pay off your house as quickly and you’ll pay more interest over time, but a 30-year fixed mortgage is a good option if you’re looking to minimize your monthly payment.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.38%, which is the same rate from seven days ago.
Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a bigger monthly payment. But a 15-year loan will usually be the better deal, if you can 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 adjustable-rate mortgage has an average rate of 3.04%, a slide of 3 basis points from seven days ago.
For the first five years, you’ll usually get a lower interest rate with a 5/1 ARM compared to a 30-year fixed mortgage. However, since the rate changes with the market rate, you could end up paying more after that time, as described in the terms of your loan.
For borrowers who plan to sell or refinance their house before the rate changes, an ARM may be a good option. Otherwise, shifts in the market means your interest rate could be much higher once the rate adjusts.

Mortgage rate trends

We use data 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 nationwide:

Loan term
Today’s Rate
Last week
Change
30-year mortgage rate
3.04%
3.07%
-0.03
15-year fixed rate
2.38%
2.38%
N/C
30-year jumbo mortgage rate
2.82%
2.86%
-0.04
30-year mortgage refinance rate
3.10%
3.14%
-0.04

Rates accurate as of July 15, 2021.

How to find personalized mortgage rates

To find a personalized mortgage rate, speak to your local mortgage broker or use an online mortgage service. When shopping around for home mortgage rates, take into account your goals and current finances.
Things that affect what mortgage interest rate you might get include: your credit score, down payment, loan-to-value ratio and your debt-to-income ratio. Having a good credit score, a higher down payment, a low DTI, a low LTV, or any combination of those factors can help you get a lower interest rate.
Beyond the mortgage rate, other costs including closing costs, fees, discount points and taxes might also factor into the cost of your home. Be sure to speak with multiple lenders — for example, local and national banks, credit unions and online lenders — and comparison shop to find the best mortgage for you.

How does the loan term impact my mortgage?

When picking a mortgage, it’s important to consider the loan term, or payment schedule.
The loan terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. Another important distinction is between fixed-rate and adjustable-rate mortgages. The interest rates in a fixed-rate mortgage are fixed for the duration of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only fixed for a certain amount of time (most frequently five, seven or 10 years). After that, the rate adjusts annually based on the market interest rate.

When deciding between a fixed-rate and adjustable-rate mortgage, you should think about how long you plan to stay in your house. For those who plan on staying long-term in a new house, fixed-rate mortgages may be the better option. Fixed-rate mortgages offer more stability over time in comparison to adjustable-rate mortgages, but adjustable-rate mortgages can sometimes offer lower interest rates upfront. However you might get a better deal with an adjustable-rate mortgage if you only have plans to to keep your house for a couple years. There is no best loan term as a general rule; it all depends on your goals and your current financial situation. Be sure to do your research and think about your own priorities when choosing a mortgage.