Mortgage rate have been volatile this year due to COVID-19. Although mortgage rates rose today for the first time in 3 weeks, they still are considered low. Here’s how they moved this week.
The 30-year fixed-rate mortgage averaged 3.13% APR, an increase of nine basis points over the previous week's record low.
The 15-year fixed-rate mortgage averaged 2.68% APR, five basis points higher than the previous week's average.
The 5/1 adjustable-rate mortgage averaged 2.99% APR, 12 basis points higher than the previous week's average.
With 30 year still hovering around 3%, this is an excellent time for people to buy a new home - but the trick is ensuring you can lock in one of these low rates. Here are the 5 major factors that influence your rate, and what you can do to improve each one.