Mortgage Rates Today; Rates Historically Low


Thursday, August 5, 2021

If there’s one industry that is earning during this destructive pandemic, it’s the mortgage industry. The rates have dampened record low, and experts aren’t expecting them to rise anything soon in 2021. According to, the rates as of today are as follows:

·       30-year fixed mortgage rate: 2.960% for home purchase and 2.940% for refinance

·       15-year fixed mortgage rate: 2.260% for home purchase and 2.250% for refinance

·       5/1 ARM: 2.790% for home purchase and 2.710% for refinance

·       30-year fixed-rate jumbo mortgage rate: 2.970% for home purchase and 2.940% for refinance

What Is the Trendline of Mortgage Rates?

30-year fixed-rate mortgage

As of yesterday, there’s no change in the interest rate. Fortunately, there is a drop of six basis points since last week. The reason for dropping rates is due to high unemployment and an uncertain trend of inflation. Also, the FEDs’ attempt to artificially maintain the mortgage rates is a cause for low rates.

Similarly, the refinance rates have been low as well. Since last week, there is a six basis points drop. Therefore, it signals that you can refinance quickly to a low rate to save you interest costs.

15-year fixed-rate mortgage

There is no change since yesterday. Still, the rates are down by four basis points since last week. It’s a good sign because you can clear this mortgage quickly, and a low rate would mean more affordable monthly payments. The refinance rate is even lower, which makes this mortgage an attractive option.

However, these are just average rates. Your final rate may be quite different from this rate because it takes in factors like creditworthiness, income, and principal payment.

5/1 ARM

There is a one basis point drop since yesterday. However, the rates are high by one basis point since last week. Overall, the rates are low, and a mere change in the rate won’t make much difference.

30-year fixed-rate jumbo mortgage

Since yesterday, there is no change in the rate. Fortunately, there is a considerable drop of seven basis points since last week. August 2021 is already experiencing low rates, and it would be the best time to invest in property.

Final Verdict

Almost all mortgage rates are declining currently. The major reason is the uncertainty in the economy due to the hike in COVID-19. However, experts suggest that as the economy gets better, there will be an increase in the rates.

Nevertheless, now is a great time to apply for refinancing. If you haven’t filed an application till now, get quotes from the rate checker.