Today's mortgage and refinance rates: September 24, 2021
Mortgage and refinance rates are low across the board today, so it could be a good day to lock in a low rate.
We're showing the national average mortgage rates. Your exact rate will depend on where you live, so take a look at our state-by-state guide below.
Your mortgage rate will also depend on your finances and which type of mortgage you get. But overall, mortgage rates are at historic lows.
Current mortgage rates
| Mortgage type | Average rate today |
| 15-year fixed | 2.38% |
| 30-year fixed | 3.25% |
| 7/1 ARM | 4.04% |
| 10/1 ARM | 3.53% |
| 30-year FHA | 2.60% |
| VA mortgage loan | 2.69% |
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 | 3.40% |
| 7/1 ARM | 4.37% |
| 10/1 ARM | 3.76% |
| 30-year FHA | 2.62% |
| VA mortgage loan | 2.71% |
Conventional rates from Money.com; government-backed rates from RedVentures.
Mortgage and refinance rates by state
Check the latest rates in your state at the links below.
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming
The experts' advice on choosing a mortgage lender
We consulted mortgage and financial experts to inform these picks and provide their insights about mortgage lenders.
Insider
Our experts have also provided advice about how to know whether you're ready to get a mortgage, and how to decide which type of mortgage is best for you.
- Anthony Park, author of "How to Buy Your Perfect First Home"
- Lauryn Williams, certified financial planner, founder of Worth Winning Financial Planning
- Julie Aragon, mortgage broker, founder of Aragon Lending Team
- Laura Grace Tarpley, certified educator in personal finance, editor of banking and mortgage at Personal Finance Insider
Here's what they had to say about mortgages. (Some text may be lightly edited for clarity.)
What factors should someone take into consideration when choosing a mortgage lender?
Anthony Park, author:
"The canned answer is to just go with the lowest rate. However, you also want to take into account who's going to serve your loan best. Are repayments going to be easy for you? Who is most likely to be able to help you if you need to take out a HELOC or refinance later, versus somebody who's more of a one-off type?
"They may have the lowest rates to get you involved, but they might have very, very little hand holding after the fact. I wouldn't recommend paying an exorbitant amount more for potential services in the future, but just don't always necessarily go with the rock-bottom lowest rate. There's sometimes a cost with that."
Laura Grace Tarpley, Personal Finance Insider:
"Apply for preapproval with multiple lenders. Each lender's preapproval letter states how much it would lend to you, and it locks in your interest rate. It's an effective way to compare lenders and see which will give you the best deal.
"But try to apply with all the lenders within a month or so. When you apply for preapproval, a lender does a hard credit inquiry. A bunch of hard inquiries on your report can hurt your credit score, unless it's for the sake of shopping for the best rate. If you limit your rate shopping to a month or so, credit bureaus will understand that you're looking for a home and shouldn't hold each individual inquiry against you."
How can someone decide between a conventional mortgage vs. a government-backed mortgage?
Anthony Park, author:
'It really depends on if you qualify. If you do qualify for FHA or VA mortgages, those are no-brainers. just because the terms are so favorable. If you don't qualify, you fall back by default onto conventional mortgages."
Julie Aragon, Aragon Lending Team:
"The most common government loan that's widely available to almost everyone is the FHA loan. There's a couple of reasons why somebody would go with FHA instead of conventional one. Their credit is a little on the crummy side, let's say below 700. You can get conventional with down to a 620 score, but the mortgage insurance gets really expensive. FHA doesn't discriminate - no matter how perfect or crappy your credit is, the mortgage insurance is the same."
How can someone know whether they're financially ready to buy a home?
Lauryn Williams, CFP:
"You should have funds left over after everything is said and done as it pertains to purchasing the home. So if you don't have an emergency fund plus a down payment, you're probably not ready to purchase a home. Another thing I think about is credit card debt. While you can be approved for a mortgage with credit card debt and student loans and very little cash on hand, you put yourself in a very risky situation."
Laura Grace Tarpley, Personal Finance Insider:
"You should be able to afford the extra costs that come with owning a home, like home repairs or lawn care. You didn't have to budget for those things when you rented, because the landlord was responsible for maintenance."