All fixed loans are lower today

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Are mortgage rates up or down today? Here’s what you need to know.

Mortgage rates are lower for all fixed rate products at the start of the week. In fact, rates fell steadily in March after a fairly rapid rise in January and February. Meanwhile, the ARM 5/1 is up slightly today from where it was on Friday.

Here is a summary of the prices for March 7:

Type of mortgage

Today’s interest rate

30-year fixed mortgage

4.069%

20-year fixed mortgage

3.708%

15-year fixed mortgage

3.266%

ARM 5/1

3.433%

The data source:class=”little-legend”> The National Mortgage Interest Rate Tracker from The Ascentclass=”little-legend”>.class=”little-legend”>

30-year mortgage rates

The average 30-year mortgage rate is 4.069% today, down from 4.094% on Friday. The 30-year mortgage is a popular loan product since it provides lower monthly payments than shorter-term loans. Given the current home price situation, you may need a 30-year loan to keep your monthly mortgage payments affordable.

20-year mortgage rates

The average 20-year mortgage rate is 3.708% today, down from 3.739% on Friday. A 20-year loan can be a good interim solution if you can afford a higher monthly payment on your mortgage, but don’t want to take on the too a high payment, like what you might see with a 15-year loan.

15-year mortgage rates

The average 15-year mortgage rate is 3.266% today, down from 3.293% on Friday. Historically speaking, this is a really competitive rate for a 15-year loan, so if you can rock the higher monthly mortgage payment that comes with it, you might want to go ahead. We don’t know if rates will go up later in March, but right now you have a great opportunity to save on a 15-year mortgage.

RMA 5/1

The average ARM 5/1 rate is 3.433%, down from 3.412% on Friday. A 5/1 ARM will give you a lower initial interest rate than a 20 or 30 year loan based on today’s rates. But you will also take the risk of seeing your rate go up over time. With the 15 year loan at such a competitive rate – one rate guaranteed for the whole of your repayment period – you may want to see if it is possible to go this route, as it will give you a rate of interest even lower than what you will get with a 5/1 arm.

Will mortgage rates go up or down in March?

Without a crystal ball, we cannot say for sure whether mortgage rates will rise or fall this month. Since early March, rates have been falling. This could be a reaction to tensions overseas, or even to the fact that rates jumped so drastically in January and February.

If you’re ready to start buying a home, now is definitely a good time to lock in a mortgage. While you can’t handle a 15-year loan, 30- and 20-year loans are at competitive levels, historically speaking.

Either way, be sure to shop around for mortgage rates with different mortgage lenders rather than accepting the first offer you receive. One lender may have a much better deal for you than another depending on factors like your credit score and income, so compare your choices before moving forward.

A Historic Opportunity to Save Potentially Thousands of Dollars on Your Mortgage

Chances are interest rates won’t stay at multi-decade lows much longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger on buying a new home.

Ascent’s in-house mortgage expert recommends this company find a low rate – and in fact, he’s used them himself to refi (twice!). Click here to learn more and see your rate. While this does not influence our product opinions, we do receive compensation from partners whose offers appear here. We are by your side, always. See The Ascent’s full announcer disclosure here.

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