Today's mortgage and refinance rates: April 9, 2021 | Rates go down

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Mortgage and refinance rates have decreased since last Friday. Fixed mortgage rates are much lower than adjustable rates right now. You’ll probably want to lock in your rate with a fixed-rate mortgage rather than risk your rate increasing later with an ARM.

Rates will probably stay relatively low for several months. You don’t need to rush to take advantage of today’s low rates if you aren’t ready yet. Take time to find a home that’s the right fit for your family, and figure out how much house you can afford.

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You can also work to improve your finances, if necessary. Lenders often reward stronger financial profiles with better mortgage rates.

Mortgage rates for Friday, April 9, 2021

Mortgage typeAverage rate today
15-year fixed2.60%
30-year fixed3.53%
7/1 ARM4.39%
10/1 ARM4.60%

Rates from

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Fixed mortgage rates are significantly lower than adjustable rates right now. You could lock in a rate well under 3% on a 15-year fixed-rate mortgage.

Keep in mind, we’re providing the average rates nationwide for conventional mortgages, which might be what you think of “normal mortgages.” You could get a lower rate on a government-backed mortgage through the FHA, VA, or USDA.

Refinance rates for Friday, April 9, 2021

Mortgage typeAverage rate today
15-year fixed2.89%
30-year fixed3.85%
7/1 ARM4.76%
10/1 ARM4.94%

Rates from

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Refinance rates are low overall right now. It could be a good time to refinance into a fixed-rate mortgage to lock in a low rate.

How to lock in a low rate

Mortgage and refinance rates are low, so it could be a good day to lock in a rate. That doesn’t necessarily mean you need to rush, though.

Rates will probably stay low for the duration of 2021. You may have time to improve your finances, which could result in a better interest rate. Consider the following steps:

  • Increase your credit score by paying all your bills on time and paying down debts. You might request a copy of your credit report to check for any mistakes that could be dragging down your score.
  • Save for a larger down paymentYou may need between 0% and 20% for a down payment, depending on which type of mortgage you get. But if you can make a higher down payment, a lender might reward you with a lower rate.
  • Lower your debt-to-income ratio. Your DTI ratio is the amount you pay toward debts each month, divided by your gross monthly income. The lower your DTI ratio, the better. Consider paying down debts more aggressively to get a better ratio.
  • Pick a government-backed mortgage. If you’re eligible, you may want to get a USDA loan (for low-to-moderate-income borrowers buying in a rural area), a VA loan (for active military members and veterans), or an FHA loan (not designated for any particular group). These loans often come with lower interest rates than conventional mortgages. You also don’t have to make a down payment on USDA or VA loans.

You can lock in a low rate today if your finances are strong, but you don’t need to hurry to get a mortgage or refinance if you don’t feel ready.

Mortgage and refinance rate trends

Mortgage rate trends

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.60%2.65%2.57%
30-year fixed3.53%3.62%3.52%
7/1 ARM4.39%4.64%4.52%
10/1 ARM4.60%4.74%4.33%

Mortgage rates have decreased across the board since last Friday. Rates have increased since this time last month, with the exception of 7/1 ARM rates, which have gone down by 13 basis points.

Refinance rate trends

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.89%2.97%2.89%
30-year fixed3.85%3.90%3.84%
7/1 ARM4.76%4.90%4.86%
10/1 ARM4.94%5.17%4.75%

Refinance rates are down since last Friday. The 30-year fixed rates have stayed the same since last month, and 15-year fixed rates are up by just one basis point. The 7/1 ARM rates have decreased since last month, and 10/1 ARM rates have increased.

How 15-year fixed rates work

With a 15-year fixed mortgage, you’ll pay down your loan over 15 years and pay the same rate the whole time.

A 15-year fixed-rate mortgage is less expensive than a 30-year term in the long run. The 15-year rates are lower, and you’ll pay off the loan 15 years earlier.

Your monthly payments will be higher on a 15-year term than a 30-year term, though. You’re paying off the same loan principal in half the time, so you’ll pay more every month.

How 30-year fixed rates work

With a 30-year fixed mortgage, you’ll pay off your loan over 30 years, and your rate stays locked in for the entire time. 

You’ll pay a higher interest rate on a 30-year fixed mortgage than on a shorter-term fixed-rate mortgage. But you may pay a lower rate on a 30-year fixed mortgage than on an adjustable-rate mortgage.

Monthly payments are lower for 30-year mortgages than for shorter terms, because you’re spreading payments out over a longer period of time.

You’ll pay more in interest in the long run with a 30-year term than you would for a shorter term, because a) the rate is higher, and b) you’ll be paying interest for longer.

How adjustable rates work

With an adjustable-rate mortgage, your rate stays the same for the first few years, then changes periodically. Your rate is locked in for the first seven years on a 7/1 ARM, then your rate increases or decreases once per year.

ARM rates are at all-time lows right now, but a fixed-rate mortgage is still the better deal. The 30-year fixed rates are lower than ARM rates. It could be in your best interest to lock in a low rate with a 30-year or 15-year fixed-rate mortgage rather than risk your rate increasing later with an ARM.

If you’re considering an ARM, you should still ask your lender about what your individual rates would be if you chose a fixed-rate versus adjustable-rate mortgage.

Mortgage and refinance rates by state

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

New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Rhode Island
South Carolina
South Dakota
Washington DC
West Virginia

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.

See the mortgage rates for Thursday, April 8 2021 »

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