Mortgage Rates Today Sprout Higher | 8 October 2021 | Personal finance

  Mortgage Rates Today Sprout Higher |  8 October 2021 |  Personal finance

Adjustable-rate mortgages will work a little differently. An ARM will have a fixed rate for a specific number of years, after which it will become adjustable and reset periodically. For example, a 5/1 ARM will have a fixed rate for five years. After five years, the rate will reset every year until the loan is paid off. ARMs come in a variety of terms and typically have a full pay-off term of 30 years.

The 5/1 ARM rate is 2.365%.That’s unchanged from yesterday. ⇔That’s a one-month increase of 0.159 percentage points. ⇑

Highlights

  • The average rates for FHA, VA and jumbo loans are:

  • Current mortgage rates: VA, FHA and jumbo loan rates

Current mortgage refinance rates

The rate on a 30-year FHA mortgage is 3.17%. ⇑The rate on a 30-year VA mortgage is 3.209%. ⇑The rate on a 30-year jumbo mortgage is 3.538%. ⇑

The average rates for 30-year loans, 15- year loans and 5/1 jumbo ARMs are:

The refinance rate on a 30-year fixed-rate refinance is 3.61%. ⇑The refinance rate on a 15-year fixed-rate refinance is 2.614%. ⇑The refinance rate on a 5/1 jumbo ARM is 2.665%. ⇔The refinance rate on a 7/1 conforming ARM is 3.875%. ⇔The refinance rate on a 10/1 conforming ARM is 4.073%. ⇔