Today's mortgage and refinance rates: April 30, 2021 | Rates rise

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Today’s mortgage rates: Friday, April 30, 2021

Mortgage type Average rate today
15-year fixed 2.49%
30-year fixed 3.36%
7/1 ARM 4.38%
10/1 ARM 3.95%
30-year FHA 2.94%
VA mortgage loan 2.75%

Conventional rates from Money.com; government-backed rates from RedVentures.

Learn more and get offers from multiple lenders »

Mortgage rates are low in general today, but adjustable rates are significantly higher than fixed rates.

Rates for conventional mortgages (which might be what you think of “regular mortgages”) are low overall. But mortgages backed by the FHA and VA offer even better rates. Government-backed mortgages are great options if you’re eligible to apply.

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Today’s refinance rates: Friday, April 30, 2021

Mortgage type Average rate today
15-year fixed 2.69%
30-year fixed 3.73%
7/1 ARM 4.53%
10/1 ARM 4.76%
30-year FHA 2.90%
VA mortgage loan 2.74%

Conventional rates from Money.com; government-backed rates from RedVentures.

Compare offers from refinancing lenders »

You can probably refinance into a 15-year mortgage, FHA loan, or VA loan with a rate under 3% today.

Tips for getting a low mortgage rate

Although mortgage rates have increased a little today, rates overall have been trending downward for a few weeks now. It could be a good time to lock in a low rate.

But if you aren’t ready to buy or refinance yet, you probably don’t have to worry about missing out on great rates. Mortgage rates should stay low for at least a few months. In fact, you may have time to improve your finances to land an even better rate. Consider the following steps:

  • Improve your credit score by making payments on time or paying down debt. You can request a copy of your credit report to hunt for any mistakes that could be tanking your score.
  • Save more for a down paymentThe smallest down payment you’ll require will be contingent on which type of mortgage you want. But if you can put down more than the minimum you need, you’ll likely get a better rate.
  • Decrease your debt-to-income ratio. Your DTI ratio is the amount you pay toward debts each month, divided by your gross monthly income. Many lenders prefer a DTI ratio of 36% or less. To improve your ratio, pay down debts or look for ways to increase your income.

You can secure a low rate now if your finances are in order, but there’s no need to rush to get a mortgage or refinance if you’re not ready. 

Mortgage and refinance rates trends

Mortgage rate trends

Mortgage type Average rate today Average rate last week Average rate last month
15-year fixed 2.49% 2.42% 2.63%
30-year fixed 3.36% 3.32% 3.58%
7/1 ARM 4.38% 4.16% 3.85%
10/1 ARM 3.95% 3.90% 4.39%

Mortgage rates have increased a little since last Friday. The most significant increase is the 7/1 ARM rate, which is up by 22 basis points. Most rates are down since this time last month, though.

Refinance rate trends

Mortgage type Average rate today Average rate last week Average rate last month
15-year fixed 2.69% 2.65% 2.95%
30-year fixed 3.73% 3.64% 3.87%
7/1 ARM 4.53% 4.50% 4.18%
10/1 ARM 4.76% 4.53% 4.85%

Refinance rates are also up since last Friday. But as with purchase mortgage rates, most refinance rates have gone down since the end of March.

15-year fixed-rate mortgages

If you get a 15-year fixed mortgage, you’ll pay off your mortgage over 15 years, and your interest rate will remain the same the entire time.

You’ll make higher monthly payments with a 15-year term than a longer term because you’re paying off the same loan principal in fewer years. 

However, a 15-year term will cost you less than a 30-year term. You’ll get a lower interest rate and you’ll pay off your mortgage in a shorter amount of time. 

30-year fixed-rate mortgages

With a 30-year fixed mortgage, you’ll pay off your loan over 30 years, and your interest rate will be the same for the entire time. A 30-year term comes with a higher interest rate than a shorter term.

You’ll make smaller monthly payments with a 30-year term than a shorter term because you’re splitting up your payments over more years. 

However, you’ll pay more total interest with a 30-year fixed mortgage than a 15-year fixed mortgage because you’re paying a higher interest rate for an extended period. 

Adjustable-rate mortgages

An adjustable-rate mortgage, commonly referred to as an ARM, will set your rate for a predefined period. Then your rate will fluctuate periodically. A 10/1 ARM keeps your rate constant for a decade, then your rate will vary annually. 

You may want a fixed-rate mortgage over an ARM, even though ARM rates are now at historic lows. The 30-year fixed rates are lower than ARM rates, so it could be the right time to lock in a low rate with a fixed mortgage. Additionally, you won’t chance an ARM rate increase down the line.

If you’re considering getting an ARM, discuss with your lender what your rates would be if you chose a fixed-rate versus an adjustable-rate mortgage.

Government-backed mortgages

We’ve also provided rates for FHA and VA mortgages. These are two types of government-backed mortgages. Another type is a USDA mortgage, a less common loan for buyers who live in rural areas.

Government-backed mortgages are backed by government agencies. If you default on your payments, the agency compensates the lender. Because these mortgages are less risky than conventional mortgages, lenders are more lax about your credit score, debt-to-income ratio, or down payment. They also tend to come with lower interest rates.

Government-backed mortgages can be great deals if you qualify. Here are your options:

  • FHA mortgage: This type of loan isn’t limited to a certain type of person. But it’s especially useful if your credit score isn’t high enough to qualify for a conventional mortgage.
  • VA mortgage: You may be eligible if you’re an active military member or veteran.
  • USDA mortgage: You’ll qualify if you live in a rural area and fall under a certain income limit.

Mortgage and refinance rates by state

Check the latest rates in your state at the links below. 

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming

Laura Grace Tarpley is an editor at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

Ryan Wangman is a reviews fellow at Personal Finance Insider reporting on mortgages, refinancing, bank accounts, and bank reviews. In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership.

Best Mortgage Rates Today: Friday April 30, 2021

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