Today's mortgage and refinance rates: April 28, 2021 | Rates drop

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Mortgage and refinance rates are lower today than they were last Wednesday, and most rates have dropped since this time last month.

If you’re ready to lock in a rate, you may want a fixed-rate mortgage instead of an adjustable rate. Fixed rates are starting lower than adjustable rates, and you’ll pay the same low rate for the entire life of your loan. With an ARM, your rate would probably increase later.

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Mortgage rates should remain low for a while, so you don’t need to hurry to buy to take advantage of low rates if you aren’t ready.

But if you know you want to buy soon, you should probably start the process of applying for preapproval and locking in a rate. According to a study by Redfin, over half of homes in the US are selling in two weeks or less right now. So once you’re ready to buy, you’ll want to be able to act fast.

Mortgage rates for Wednesday, April 28, 2021

Mortgage typeAverage rate today
15-year fixed2.44%
30-year fixed3.31%
7/1 ARM4.05%
10/1 ARM3.85%
30-year FHA2.90%
VA mortgage loan2.70%

Conventional rates from; government-backed rates from RedVentures.

Learn more and get offers from multiple lenders »

Mortgage rates are low in general. The highest rate today is the 7/1 ARM rate, which is 4.05%.

Rates for conventional mortgages (which might be what you think of “regular mortgages”) are low overall. But mortgages backed by the FHA and VA offer even better rates. Government-backed mortgages are great options if you’re eligible to apply.

Mortgage refinance rates for Wednesday, April 28, 2021

Mortgage typeAverage rate today
15-year fixed2.65%
30-year fixed3.64%
7/1 ARM4.46%
10/1 ARM4.51%
30-year FHA2.87%
VA mortgage loan2.69%

Conventional rates from; government-backed rates from RedVentures.

Compare offers from refinancing lenders »

Refinance rates are typically higher than purchase mortgage rates. But today’s refinance rates are low overall.

Tips for getting a low mortgage rate

It could be a good day to lock in a low mortgage rate. But if you aren’t ready to buy or refinance, you probably don’t have to worry about missing out on low rates.

Rates will probably stay low well into 2021. You have time to improve your financial situation, which could land you a better rate. Consider the following steps:

  • Boost your credit score by paying all your bills on time. You could also pay down debts or let your credit age.
  • Put down a larger down paymentDepending on which type of mortgage you want, the minimum down payment could be between 0% and 20%, But if you can pay more than the minimum, a lender might give you a better 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. Many lenders want to see a DTI ratio of 36% or less. Consider paying down debts more aggressively to get a better ratio.
  • Pick a government-backed mortgage. If you’re qualified, you may want a USDA loan (for low-to-moderate-income borrowers buying in a rural area), VA loan (for military members and veterans), or FHA loan (not designated for any particular group). These loans frequently have lower interest rates than conventional mortgages. You also don’t need to make a down payment for USDA or VA loans.

You can get a low rate today if your finances are in a good place, but you don’t need to rush to get a mortgage or refinance if you’re not ready.

Mortgage and refinance rates trends

Mortgage rate trends

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.44%2.50%2.63%
30-year fixed3.31%3.38%3.58%
7/1 ARM4.05%4.37%3.85%
10/1 ARM3.85%4.00%4.39%

Mortgage rates are down since last Wednesday. Other than 7/1 ARM rates, all rates have decreased since this time last month.

Refinance rate trends

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.65%2.71%2.95%
30-year fixed3.64%3.72%3.87%
7/1 ARM4.46%4.53%4.18%
10/1 ARM4.51%4.73%4.85%

Refinance rates have also dropped since last Wednesday. Most rates have gone down since last month, but the 7/1 ARM rate has increased by 28 basis points.

How 15-year fixed rates work

With a 15-year fixed mortgage, you’ll pay off your mortgage over a decade and a half, and your interest rate will remain locked in the whole time. 

You’ll pay more per month with a 15-year fixed mortgage than a 30-year fixed mortgage because it will take you fewer years to you’ll pay off the same mortgage principal.

However, it will cost you less to take out a 15-year fixed mortgage than a 30-year fixed mortgage. You’ll pay off the loan in half the time and you’ll get a better interest rate.  

How 30-year fixed rates work

With a 30-year fixed mortgage, you’ll pay off your mortgage over 30 years, and you’ll pay the same interest rate for the life of the loan. A 30-year term has a higher interest rate than a shorter term.

You’ll pay more in interest with a 30-year fixed mortgage than with a 15-year fixed mortgage, as you’re paying a higher interest rate for an extended period. 

On the flip side, you’ll pay less per month with a 30-year term than with a 15-year fixed term, because you’re dividing your payments over more years. 

How adjustable rates work

An adjustable-rate mortgage, often known as an ARM, will secure your rate for a predefined period. Then your rate will change regularly. A 10/1 ARM keeps your rate constant for 10 years, then your rate will fluctuate annually. 

Though ARM rates are at historic lows, you may still want to get a fixed-rate mortgage. You can lock in a low rate for 15 or 30 years without risking a rate increase down the line with an ARM.

If you’re thinking about getting an ARM, ask your lender what your rates would be if you chose a fixed-rate versus an 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.

Best Mortgage Rates Today: Wednesday April 28, 2021

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