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Today's Mortgage Rates
Advertiser Disclosure


TODAY'S BEST MORTGAGE AND REFINANCE RATES, JULY 21, 2023: RATES RISE


Written by
Ruben Caginalp
Written by Ruben CaginalpArrow Right Associate writer, Home Lending

Ruben Çağınalp is an associate writer on Bankrate’s Home Lending team. A
graduate of Fordham University, he began his professional career with Bankrate
in January 2022, where he now covers the housing market, real estate and
mortgages.

 * Connect with Ruben Caginalp on LinkedIn Linkedin
 * Get in contact with Ruben Caginalp via Email Email

Ruben Caginalp
Jul 21, 2023 / 6 min read
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THE BANKRATE PROMISE

Info More info

At Bankrate we strive to help you make smarter financial decisions. While we
adhere to strict editorial integrity, this post may contain references to
products from our partners. Here's an explanation for how we make money .

Mortgage rates moved higher for all types of loans compared to a week ago,
according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed,
5/1 ARMs and jumbo loans jumped.

After boosting interest rates at 10 consecutive meetings in 2022 and 2023, the
Federal Reserve finally chose to put off an increase at its June 14 meeting.

Experts are split about what this means — is the Fed done fighting inflation, or
is this simply a pause?

The Fed’s goal of 2 percent inflation means the bank probably will resume rate
increases, says Lisa Sturtevant, chief economist at Bright MLS, a large multiple
listing service in the Middle Atlantic region.

“It is extremely unlikely that the Fed will back down from that goal, since they
have been out so forcefully and consistently with the intent to reach that
milestone,” says Sturtevant. “As a result, we’re probably going to see the Fed
resume rate increases at its next meeting, which could raise the probability
that the economy will head into a mild recession if not later this year, then by
the beginning of next year.”

Average mortgage rates today Loan term Today's Rate Last week Change 30-year
mortgage rate 7.24% 7.14% +0.10 15-year mortgage rate 6.54% 6.46% +0.08 5/1 ARM
mortgage rate 6.26% 6.21% +0.05 30-year jumbo mortgage rate 7.28% 7.14% +0.14

Rates accurate as of July 21, 2023.

These rates are Bankrate's overnight average rates and are based on the
assumptions shown here. Actual rates listed across the site may vary. This story
has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, July
21st, 2023 at 7:30 a.m.

>>View historical mortgage rate movements

You can save thousands of dollars over the life of your mortgage by getting at
least three rate quotes. Comparing mortgage offers from multiple lenders is
always a smart move, but shopping around grew especially critical during the
interest rate run-up of 2022, according to research by mortgage giant Freddie
Mac. It found the payoff for bargain-huntng borrowers doubled last year.

"All too often, some homeowners take the path of least resistance when seeking a
mortgage, in part because the process of buying a home can be stressful,
complicated and time-consuming," says Mark Hamrick, senior economic analyst for
Bankrate. "But when we’re talking about the potential of saving a lot of money,
seeking the best deal on a mortgage has an excellent return on investment. Why
leave that money on the table when all it takes is a bit more effort to shop
around for the best rate, or lowest cost, on a mortgage?"


MORTGAGE INTEREST RATES


TODAY'S 30-YEAR MORTGAGE RATE MOVES UPWARD, +0.10%

The average rate you'll pay for a 30-year fixed mortgage is 7.24 percent, up 10
basis points over the last week. Last month on the 21st, the average rate on a
30-year fixed mortgage was lower, at 7.06 percent.

At the current average rate, you'll pay $681.50 per month in principal and
interest for every $100,000 you borrow. That's an increase of $6.77 over what
you would have paid last week.


WHEN TO CONSIDER A 30-YEAR FIXED MORTGAGE

Choosing the right home loan is an important step in the homebuying process, and
you have a lot of options. You need to take several factors into consideration,
including your credit score, income, down payment amount, budget, and financial
goals.




15-YEAR MORTGAGE TRENDS HIGHER,+0.08%

The average 15-year fixed-mortgage rate is 6.54 percent, up 8 basis points since
the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $873
per $100,000 borrowed. Yes, that payment is much bigger than it would be on a
30-year mortgage, but it comes with some big advantages: You'll come out several
thousand dollars ahead over the life of the loan in total interest paid and
build equity much more quickly.


5/1 ARM CLIMBS, +0.05%

The average rate on a 5/1 adjustable rate mortgage is 6.26 percent, rising 5
basis points over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating
interest rate. To put it another way, the interest rate can change periodically
throughout the life of the loan, unlike fixed-rate loans. These loan types are
best for those who expect to refinance or sell before the first or second
adjustment. Rates could be substantially higher when the loan first adjusts, and
thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this
type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 6.26 percent would cost about $616 for each
$100,000 borrowed over the initial five years, but could ratchet higher by
hundreds of dollars afterward, depending on the loan's terms.


CURRENT JUMBO MORTGAGE RATE TRENDS HIGHER, +0.14%

The current average rate you'll pay for jumbo mortgages is 7.28 percent, up 14
basis points since the same time last week. A month ago, jumbo mortgages'
average rate was lesser, at 7.11 percent.

At the current average rate, you'll pay a combined $684.21 per month in
principal and interest for every $100,000 you borrow. That's $9.48 higher
compared with last week.


IN SUMMARY: HOW MORTGAGE RATES HAVE MOVED

 * 30-year fixed mortgage rate: 7.24%, up from 7.14% last week, +0.10
 * 15-year fixed mortgage rate: 6.54%, up from 6.46% last week, +0.08
 * 5/1 ARM mortgage rate: 6.26%, up from 6.21% last week, +0.05
 * Jumbo mortgage rate: 7.28%, up from 7.14% last week, +0.14




MORTGAGE REFINANCE RATES


TODAY'S 30-YEAR MORTGAGE REFINANCE RATE INCREASES, +0.10%

The average 30-year fixed-refinance rate is 7.38 percent, up 10 basis points
compared with a week ago. A month ago, the average rate on a 30-year fixed
refinance was lower, at 7.20 percent.

At the current average rate, you'll pay $691.02 per month in principal and
interest for every $100,000 you borrow. That's $6.81 higher compared with last
week.


WHERE ARE MORTGAGE RATES HEADED?

The days of sub-3 percent mortgage interest on the 30-year fixed are behind us,
and rates have so far risen beyond 7 percent in 2022.

"Low interest rates were the medicine for economic recovery following the
financial crisis, but it was a slow recovery so rates never went up very far,"
says McBride. "The rebound in the economy, and especially inflation, in the late
pandemic stages has been very pronounced, and we now have a backdrop of mortgage
rates rising at the fastest pace in decades."


COMPARING DIFFERENT MORTGAGE TERMS

The 30-year fixed mortgage is the most popular loan for homeowners. This type of
loan has a number of advantages, including:

 * Lower monthly payment: Compared to a shorter term, such as 15 years, the
   30-year mortgage offers lower payments spread over time.
 * Stability: With a 30-year mortgage, you lock in a consistent principal and
   interest payment. Because of the predictability, you can plan your housing
   expenses for the long term. Remember: Your monthly housing payment can change
   if your homeowners insurance and property taxes go up or, less likely, down.
 * Buying power: With lower payments, you can qualify for a larger loan amount
   and a more expensive home.
 * Flexibility: Lower monthly payments can free up some of your monthly budget
   for other goals, like saving for emergencies, retirement, college tuition or
   home repairs and maintenance.
 * Strategic use of debt: Some argue that Americans focus too much on paying
   down their mortgages rather than adding to their retirement accounts. A
   30-year fixed mortgage with a smaller monthly payment can allow you to save
   more for retirement.

That said, shorter-term loans have gained popularity as rates have been
historically low. Although they have higher monthly payments compared to 30-year
mortgages, there are some big benefits if you can afford the upfront costs.
Shorter-term loans can help you achieve:

 * Greatly reduced interest costs: Because you pay off the loan faster, you’ll
   be able to pay less interest overall.
 * Lower interest rate: On top of less time for that interest to compound, most
   lenders price shorter-term mortgages with lower rates.
 * Build equity faster: The faster you pay off your mortgage, the faster you’ll
   own value in your home outright. That’s especially handy if you want to
   borrow against your property to fund other spending.
 * Debt-free sooner: A shorter-term mortgage means you’ll own your house free
   and clear sooner than you would with a longer-term loan.


LEARN MORE:

 * Loans and programs for first time homebuyers
 * Steps in the mortgage underwriting process
 * How much will you pay in closing costs?
 * What is a mortgage, and how do they work?
 * How to get a mortgage
 * Mortgage calculator
 * Mortgage lender reviews


FEATURED LENDERS, JULY 21, 2023

 * Homebridge Financial Services Mortgage Review
 * AmeriSave Mortgage Corporation Mortgage Review
 * Anchor Home Mortgage Review
 * Wyndham Capital Mortgage Review


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