Banking

Today’s mortgage and refinance rates: July 22, 2021

Current mortgage rates

Mortgage type Average rate today
15-year fixed 2.31%
30-year fixed 3.23%
7/1 ARM 4.07%
10/1 ARM 3.91%
30-year FHA 2.58%
VA mortgage loan 2.64%

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

Current refinance rates

Mortgage type Average rate today
15-year fixed 2.50%
30-year fixed 3.51%
7/1 ARM 4.28%
10/1 ARM 4.19%
30-year FHA 2.60%
VA mortgage loan 2.69%

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

How mortgage rates have changed

Mortgage rate trends

Mortgage type Average rate today Average rate last week
15-year fixed 2.31% 2.42%
30-year fixed 3.23% 3.33%
7/1 ARM 4.07% 4.13%
10/1 ARM 3.91% 4.24%
30-year FHA 2.58% 2.63%
VA mortgage loan 2.64% 2.70%

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

Refinance rate trends

Mortgage type Average rate today Average rate last week
15-year fixed 2.50% 2.63%
30-year fixed 3.51% 3.73%
7/1 ARM 4.28% 4.25%
10/1 ARM 4.19% 4.49%
30-year FHA 2.60% 2.66%
VA mortgage loan 2.69% 2.73%

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

The forecast for mortgage rates in 2021

Mortgage rates should stay low for a little longer, but you may see rates start rising in late summer or fall.

Mortgage rates heavily rely on employment and inflation in the US. When employment numbers and inflation improve, mortgage rates increase; when they get worse, mortgage rates decrease.

Unemployment and inflation need to have long-term, steady growth for mortgage rates to increase, though. If both continue to improve over the next couple of months, we could see higher rates.

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