Mortgage Rates Today; Fluctuations in the Market

Mortgage Rates Today Fluctuations in the Market

Monday, 31 May, 2021

Due to heavy fluctuations and uncertainty in the market, the mortgage rates are witnessing a fluctuation. Today, the mortgage rates have witnessed an insignificant fall, but they have risen compared to last week. The rates today for various types of mortgages are as follows:

  • 15-year fixed mortgage: 2.370%
  • 30-year fixed mortgage: 3.080%
  • 5/1 ARM: 3.140%

Mortgage Refinance Rates

Moving forward, the following are the refinance rates for the mortgage types mentioned above:

  • 15-year mortgage refinance rate: 2.420%
  • 30-year mortgage refinance rate: 3.130%
  • 5/1 ARM: 3.010%

In my opinion, it won’t make much of a difference if you refinance today because the nominal rate and the refinance rates are quite similar, except for a very insignificant difference that won’t significantly affect your mortgage payments. 

Jumbo Mortgages Rate

If you don’t know what they are, jumbo mortgages are those loans that exceed the principal benchmark capacity of a loan. For example, if there’s a limit of maximum borrowing, say like, $500,000, and if you borrow more than this amount, the loan will classify as a jumbo mortgage. Following are the rates of jumbo mortgages:

  • 30-year fixed jumbo mortgage: 3.100%
  • 15-year fixed jumbo mortgage: 2.370%
  • 5/1 ARM Jumbo: 3.180%

With that being said, we’ll move on to specific mortgage products and analyze the changes in rate over a period. 

Mortgage Products

30-year Mortgage Loan

Last week, 30-year fixed mortgage rates went down by around two basis points while declining compared to last year’s rates. According to the loan calculator of nerd wallet, the average monthly amount you have to pay for a $300,000 loan with a 20% down payment would be around $990-1000. Of course, there would be slight fluctuations, depending upon the type of lender you choose. 

15-year Mortgage Loan

The current mortgage rate for a 15-year term is lower as compared to last week and year. According to an insider report, the rates for last week and year were 2.38% and 2.52%, respectively. Therefore, it’s better to lock up mortgages at the current low rates because you can save with the low rate. 

According to a loan calculator, you’ll have to make monthly payments of $1500 approximately for a loan value of $288,000 with a 20% down payment. 

5/1 Mortgage Loan

A 5/1 mortgage loan is a specific type of loan where the first five-year payments are fixed, while the subsequent payments are variable and decided by the prevailing interest rate. The current rate for a 5/1 mortgage has dropped down by two basis points as compared to last week. Therefore, you’ll have to pay around $850 for a similar loan amount, as mentioned above.


As we can see from the above situation, the mortgage rates are quite low, compared to the previous week and year. Therefore, it looks like a great opportunity to lock in mortgages at low rates today. Furthermore, it would be a great opportunity to lock in rates and benefit from the low monthly payments of the loan. 

Moreover, you might also have to pay extra upfront costs, including administration fees, principal fees, closing costs, etc. The above-mentioned are the monthly payments you’ll have to make, but in addition to it, there might be several upfront costs you might have to pay. 

So, if you’re looking to refinance your mortgage or lock-in new loans at the prevailing low rate, visit us at the rate checker and get your free, customized quotes.