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Mortgage rates today, April 27, 2020 | Rates go up

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karamysh/Shutterstock

karamysh/Shutterstock

Several benchmark mortgage rates rose today. The average rates on 30-year fixed and 15-year fixed mortgages both rose. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages also notched higher.

Rates for mortgages change daily, but they continue to represent a bargain compared to rates before the Great Recession. If you’re in the market for a mortgage, it could make sense to lock if you see a rate you like. Just make sure you’ve looked around for the best rate first.

30-year fixed mortgages

The average rate for the benchmark 30-year fixed mortgage is 3.56 percent, up 3 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.80 percent.

At the current average rate, you’ll pay a combined $452.40 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $1.68 higher.

You can use Bankrate’s mortgage calculator to figure out your monthly payments and see how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.13 percent, up 5 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $697 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.

5/1 ARMs

The average rate on a 5/1 ARM is 3.42 percent, ticking up 9 basis points from a week ago.

These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 3.42 percent would cost about $445 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.

Where rates are headed

To see where Bankrate’s panel of experts expect rates to go from here, check out our Rate Trend Index.

Want to see where rates are right now? Lenders nationwide respond to Bankrate’s weekday mortgage rates survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans:

Average mortgage rates
ProductRateLast weekChange
30-year fixed3.56%3.53%+0.03
15-year fixed3.13%3.08%-0.05
30-year fixed jumbo3.69%3.64%+0.05
30-year fixed refinance3.62%3.65%-0.03

Rates as of April 27, 2020.

Compare mortgage rates for various loan types
LOAN TERMPURCHASE RATESREFINANCE RATES
The index above links out to loan-specific pagesto help you learn more about rates by mortgage type.
30-Year LoanCurrent 30 Year Mortgage Rates30-Year Refinance Rates
20-Year Loan20-Year Mortgage Interest Rates20-Year Refinance Interest Rates
15-Year Loan15-Year Mortgage RatesCurrent 15-Year Refinance Rates
10-Year Loan10-Year Mortgage Rates10-Year Refi Interest Rates
FHA LoanFHA Mortgage Loan RatesFHA Refinance Rates
VA LoanCurrent VA Mortgage RatesVA Refinance Loan Rates
ARM LoanARM Loan RatesARM Refi Mortage Rates
Jumbo LoanJumbo Mortgage RatesJumbo Mortgage Refinance Rates

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

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