A variety of important mortgage rates decreased today. The average interest rates for both 15-year fixed and 30-year fixed mortgages went down, along with variable rates for 5/1 adjustable-rate mortgages. Although mortgage rates change and have been slowly rising, they are still low. If you plan to buy a house, you might benefit from applying for a mortgage right now. Before you purchase a house, remember to think about your personal needs and financial situation, and speak with various lenders to find the best one for you.

30-year fixed-rate mortgages

For a 30-year, fixed-rate mortgage, the average rate you’ll pay is 3.14%, which is a decrease of 5 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) This is the most frequently used loan term. A 30-year fixed-rate mortgage will usually have a lower monthly payment than a 15-year one — but typically a higher interest rate. Although you’ll pay more interest over time because you’re paying off your loan over a longer timeframe, if you’re looking for a lower monthly payment, a 30-year fixed mortgage may be a smart option.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 2.44%, which is a decrease of 2 basis points from seven days ago. You’ll definitely have a larger monthly payment with a 15-year fixed mortgage compared to a 30-year fixed mortgage, even if the interest rate and loan amount are the same. However, as long as you’re able to afford the monthly payments, there are several benefits to a 15-year loan. These include typically being able to get a lower interest rate, paying off your mortgage sooner and paying less total interest in the long run.

5/1 adjustable-rate mortgages

A 5/1 adjustable-rate mortgage has an average rate of 3.13%, a downtick of 5 basis points compared to a week ago. For the first five years, you’ll usually get a lower interest rate with a 5/1 ARM compared to a 30-year fixed mortgage. However, shifts in the market might cause your interest rate to increase after that time, as detailed in the terms of your loan. Because of this, an adjustable-rate mortgage may be a good option if you plan to sell or refinance your house before the rate changes. If not, shifts in the market may significantly increase your interest rate.

Mortgage rate trends

We use rates collected by Bankrate, which is owned by the same parent company as CNET, to track changes in these daily rates. This table summarizes the average rates offered by lenders nationwide:

Current average mortgage interest rates

Updated on Nov. 4, 2021.

How to find personalized mortgage rates

You can get a personalized mortgage rate by reaching out to your local mortgage broker or using an online calculator. In order to find the best home mortgage, you’ll need to take into account your goals and overall financial situation. Specific interest rates will vary based on factors including credit score, down payment, debt-to-income ratio and the loan-to-value ratio. Generally, you want a good credit score, a higher down payment, a lower DTI and a lower LTV to get a lower interest rate. The interest rate isn’t the only factor that affects the cost of your home — be sure to also consider other costs such as fees, closing costs, taxes and discount points. Make sure to comparison shop with multiple lenders — like credit unions and online lenders in addition to local and national banks — in order to get a loan that’s best for you.

How does the loan term impact my mortgage?

When picking a mortgage, it’s important to consider the loan term or payment schedule. The most common mortgage terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Another important distinction is between fixed-rate and adjustable-rate mortgages. The interest rates in a fixed-rate mortgage are fixed for the duration of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only the same for a certain amount of time (most frequently five, seven or 10 years). After that, the rate adjusts annually based on the market rate.

When choosing between a fixed-rate and adjustable-rate mortgage, you should think about how long you plan to stay in your house. For those who plan on staying long-term in a new house, fixed-rate mortgages may be the better option. While adjustable-rate mortgages might have lower interest rates upfront, fixed-rate mortgages are more stable over time. If you aren’t planning to keep your new home for more than three to 10 years, though, an adjustable-rate mortgage might give you a better deal. The best loan term all depends on your own situation and goals, so be sure to consider what’s important to you when choosing a mortgage.