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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.

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 type
Average rate today

15-year fixed
2.60%

30-year fixed
3.53%

7/1 ARM
4.39%

10/1 ARM
4.60%

Rates from Money.com

Learn more and get offers from multiple lenders.»

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 FHAVA, or USDA.

Refinance rates for Friday, April 9, 2021

Mortgage type
Average rate today

15-year fixed
2.89%

30-year fixed
3.85%

7/1 ARM
4.76%

10/1 ARM
4.94%

Rates from Money.com

Click here to compare offers from refinancing lenders »

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 payment. You may need between 0% and 20% for a down payment, depending on which type …read more

Source:: Business Insider

      

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

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