Today’s mortgage and refinance rates: March 28, 2021 | Rates decrease

Latest news

Table of Contents: Masthead StickySummary List Placement 

Mortgage and refinance rates have gone down across the board since last Sunday, with all mortgage rates dipping by at least nine basis points. Overall, rates are low. 

Currently, ARM rates start higher than fixed rates, and there’s the possibility that your rate will increase in the future. If you’re aiming to buy a home or to refinance, you might want to go for a fixed-rate mortgage soon. 

Today’s mortgage rates: Sunday, March 28, 2021

Mortgage type
Average rate today
Average rate last week
Average rate last month

15-year fixed
2.6%
2.69%
2.59%

30-year fixed
3.52%
3.63%
3.49%

7/1 ARM
4.29%
5.06%
4.27%

10/1 ARM
4.34%
4.9%
4.44%

Rates from Money.com

Learn more and get offers from multiple lenders »

Mortgage rates have fallen since last Sunday, with 10/1 ARM rates ticking down by 56 basis points. However, fixed rates and 7/1 ARM rates are up from this point last month.

We’re giving you the average rates nationwide for conventional mortgages, which might be what you consider “standard mortgages.” You might earn a better rate with a government-backed mortgage through the FHAVA, or USDA.

Today’s refinance rates: Sunday, March 28, 2021

Mortgage type
Average rate today
Average rate last week
Average rate last month

15-year fixed
2.91%
3.03%
2.94%

30-year fixed
3.83%
3.89%
3.9%

7/1 ARM
4.65%
5.27%
5.21%

10/1 ARM
4.82%
5.19%
5.07%

Rates from Money.com

Click here to compare offers from refinance lenders »

Since last week, all refinance rates have gone down. Rates for 7/1 ARMs have dropped by 62 basis points, and all rates have decreased since last month.

Overall, rates remain low. Low rates are frequently an indicator of an economy in disarray. As the US continues to bear the brunt of the economic impact of the COVID-19 pandemic, rates will probably stay low.

How to snag a low mortgage rate

Mortgage and refinance rates have dipped over the past week, and they remain low overall. You might want to secure a low mortgage rate while possible. 

At the same time, you don’t need to fret over a rate increase in the near future, as rates will likely stay low well into 2021. There’s no need to hurry to get a mortgage or to refinance. You have the chance to improve your financial profile and get a better rate. 

Boost your credit score. You can start by making payments on time, paying off your debts, or allowing your credit to age. You’ll get an improved interest rate with a higher score, and many lenders will reduce your rate with a score of at least 700. 

Save more for a down payment. The minimum amount you’ll require for your down payment will depend on the type of mortgage you are after. The bigger your down payment, the more likely your lender will give you a better interest rate.

Lower your debt-to-income ratio. Your DTI ratio is the amount you pay toward debts each month, divided by your gross monthly income. To better your ratio, pay down debts or look for ways to boost your income.

Pick a government-backed mortgage. If you’re qualified, you might consider a USDA loan (aimed …read more

Source:: Business Insider

      

(Visited 3 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *