Rise in fixed loan, drop in arms

This is what loan rates look like now. Are you ready to apply for a home loan?

Loan rates today are mixed from yesterday, with fixed rate loan rising and the 5/1 arm falling. Here’s what they look like on April 6, 2021:

The data source: The Ascent National loan Interest Rate Tracker.

30-year loan rates

The 30-year average loan rate today stands at 3.317%, up 0.005% from yesterday. At the current rate, you will pay principal and interest of $ 439.00 for every $ 100,000 borrowed. This does not include additional expenses like property taxes and home insurance premiums.

20-year loan rates

The 20-year average loan rate today stands at 2,999%, up 0.016% from yesterday. At the current rate, you will pay principal and interest of $ 555.00 for every $ 100,000 borrowed. Although your monthly payment increases by $ 116.00 with a 20 year loan and $ 100,000 compared to a 30 year loan of the same amount, you will save $ 24,798.00 in interest over your repayment period for every 100,000 $ borrowed.

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15-year loan rates

The 15-year average loan rate today stands at 2.570%, up 0.004% from yesterday. At the current rate, you will pay principal and interest of $ 670.00 for every $ 100,000 borrowed. Compared to the 30-year loan, your monthly payment will be $ 231.00 higher for every $ 100,000 of loan principal. However, your interest savings will amount to $ 37,302 over the duration of your repayment period per $ 100,000 of loan debt.

5/1 ARM

The average ARM 5/1 rate is 2.964%, down 0.104% from yesterday. With an ARM 5/1, you get to lock in your interest rate for just five years. Beyond this point, your rate will adjust once a year, which means it could go down or up. There are risks associated with an adjustable rate loan, but there can also be a lot of savings to be made. You’ll have to weigh the pros and cons to see if an ARM 5/1 is right for you.

Should I lock in my loan rate now?

A loan rate freeze guarantees you a specific interest rate for a certain period of time – typically 30 days, but you may be able to guarantee your rate for 60 days. You will usually pay a fee to lock in your loan rate, but this way you are protected if rates go up between now and when you close your loan.

If you plan to close your home in the next 30 days, it pays to lock in your loan rate based on current rates, especially since they are still quite low. But if your close is more than 30 days away, you might want to choose an adjustable rate lock instead for what will usually be a higher fee, but could save you money in the long run. A variable rate lock allows you to secure a lower rate on your loan if rates drop before your loan closes, and while current rates are still fairly competitive despite a recent hike, we don’t know if rates will go up. or will decrease over the period. the next months. As such, it is beneficial to:

  • LOCK in case of closure 7 days
  • LOCK in case of closure 15 days
  • LOCK in case of closure 30 days
  • FLOAT in case of closure 45 days
  • FLOAT in case of closure 60 days

Current loan rates may not be at historically low levels anymore, but they are still very attractive. If you’re thinking of buying a home, it might be worth applying for a loan today – before rates go up any further. That said, you shouldn’t just take the first loan offer you get. Instead, shop around for different lenders. Everyone sets their own price and closing costs, so it’s important to compare offers to see which one is the best one for you.

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