low interest rates

Today's Mortgage Rates | October 5, 2021

The average interest rate on a 30-year fixed-rate mortgage decreased to 3.336% today. It’s the second day in a row the 30-year rate has declined after last week’s surge. Rates for most other loan types were also lower, although the interest rate on a 5/1 adjustable-rate loan stayed unchanged while the rate for a 30-year VA loan was up.

Lower rates are good news for well-qualified borrowers planning on buying a new home or refinancing an existing mortgage.

The latest rate on a 30-year fixed-rate mortgage is 3.336%.

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Mortgage rates set another record low, sparking new strength in refinances

Mortgage rates set another record low, sparking new strength in refinances

Mortgage rates moved even lower last week after setting multiple record lows in recent months, spurring more borrowers to call their lenders and apply for a refinance, but homebuyers were not quite as motivated. 

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 slipped to 3.01% from 3.05%, while points decreased to 0.37 from 0.52 for loans with a 20% down payment. 

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