Mortgages Rate Today; Rates Trend Upward but Are Still Stagnant.

Wednesday, July 28, 2021

With regards to the last news, the rates are overall up by a few basis points. This comes as no surprise because mortgage rates constantly change due to FED’s announcements and changes in the bond market. Nevertheless, the mortgage rates as of today are as follows:

  • 30-year mortgage rate: 3.030% for home purchase and 3.000% for refinance 
  • 15-year mortgage rate: 2.310% for home purchase and 2.310% for refinance 
  • 5/1 ARM mortgage: 2.780% for home purchase and 2.7100% for refinance 
  • 30-year jumbo mortgage rate: 3.050% for home purchase and 3.010% for refinance 

According to the bank rate website, these are the rates of today. Let’s see what has changed over previous days.

What Is the Trendline?

30-year fixed mortgage

Since yesterday, the mortgage rates have increased by two basis points. Surprisingly, the rates are high by five basis points since last week. However, the rates are still ten basis points low compared to last month. The reason for the insignificant increase might be due to a slight fluctuation in consumer inflation. 

Elsewhere, the FEDs are artificially trying to keep the rates low by purchasing billions of worth of MBS securities. Also, the delta variant of COVID-19 is spreading like wildfire, which creates uncertainty in the economy. Furthermore, the refinance rates are also up by one basis point since last week. 

However, the refinance rate is still twenty basis points lower since last month. Therefore, it presents an excellent opportunity for homeowners to refinance and take advantage of a low rate.

15-year fixed mortgage

Since yesterday, there has been no change in the rates. However, the rates are down by a further two basis points for a 15-year fixed mortgage. The underlying reason is that a 15-year mortgage is a popular choice among homeowners, so lenders keep the rates low to make it a lucrative opportunity. Moreover, the refinance rates are also down by a mere one basis points, appearing as an excellent opportunity for homeowners.

5/1 ARM

The rate is the same as yesterday. However, there has been a decrease of three basis points since last week for 5/1 ARMs.

30-year fixed jumbo mortgage

Since yesterday, the rates are up by two basis points. However, they are still lower than last week by one basis point. 

Endnote

Experts suggest that rates will flicker around the usual trend for some time in the future. While they are at the lowest, why don’t you help yourself and save some bills? Get on to the rate checker and find some free quotes.