Today's mortgage and refinance rates: May 30, 2021 | Low rates

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Most mortgage and refinance rates have decreased since last Sunday, and they’re down since this time last month.

Mortgage rates should stay low for at least a few more months, so you don’t need to rush to take advantage of today’s low rates if you aren’t ready. But if you’re prepared to buy or refinance, shop around for lenders to compare their rates.

Ask each lender for a loan estimate. This is an itemized list of fees that helps you compare what you’ll pay from lender to lender. Ideally, you’d choose a lender that charges a relatively low rate and low fees.

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Mortgage rates today: Sunday, May 30, 2021

Mortgage typeAverage rate today
15-year fixed2.40%
30-year fixed3.29%
7/1 ARM4.20%
10/1 ARM3.66%
30-year FHA2.85%
VA mortgage loan2.75%

Conventional rates from; government-backed rates from RedVentures.

Learn more and get offers from multiple lenders »

Although mortgage rates are low overall today, adjustable rates are much higher than fixed rates.

Rates for conventional mortgages, which you might think of as “regular mortgages,” are already low. But you can usually get an even lower rate with a government-backed mortgage through the FHA or VA, depending on which term length you want. Government mortgages are good options if you’re eligible.

Refinance rates today: Sunday, May 30, 2021

Mortgage typeAverage rate today
15-year fixed2.60%
30-year fixed3.64%
7/1 ARM4.31%
10/1 ARM4.26%
30-year FHA2.85%
VA mortgage loan2.77%

Conventional rates from; government-backed rates from RedVentures.

Compare offers from refinancing lenders »

You could refinance into a 15-year mortgage and lock in a rate under 3%. You’ll also get a historically low rate if you refinance your FHA or VA mortgage.

How to get a low mortgage rate

Most mortgage rates are down since last weekend, so it could be a good time to lock in a rate.

But rates probably won’t significantly increase anytime soon, so you don’t have to rush to take advantage of low rates. Rates will probably remain low for several months, if not longer. You may have time to improve your finances to get a better rate. 

To get the best possible rate, consider these steps before applying:  

  • Boost your credit score by making payments on time, paying down debt, or letting your credit age. The higher your score, the lower your interest rate will likely be.
  • Save more for a down paymentThe minimum down payment you’ll need depends on which type of mortgage you are after. But a higher down payment usually results in a lower 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. Most lenders want to see a ratio of 36% or less. To lower your ratio, pay down debts or consider ways to increase your income. 

You can secure a low rate now if your finances are in good shape, but you don’t need to rush to get a mortgage or refinance if you’re not prepared. 

Mortgage and refinance rates trends

Mortgage rate trends

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.40%2.48%2.52%
30-year fixed3.29%3.36%3.42%
7/1 ARM4.20%4.12%4.32%
10/1 ARM3.66%3.84%4.18%
30-year FHA2.85%2.71%2.93%
VA mortgage loan2.75%2.77%2.74%

Other than 7/1 ARM and FHA rates, mortgage rates have decreased since last Sunday. Most rates are also down since this time last month.

Refinance rate trends

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.60%2.66%2.71%
30-year fixed3.64%3.74%3.81%
7/1 ARM4.31%4.34%4.52%
10/1 ARM4.26%4.42%4.80%
30-year FHA2.85%2.73%2.89%
VA mortgage loan2.77%2.77%2.73%

Most refinance rates have also gone down since last Sunday and since April 30.

How 15-year fixed rates work

If you get a 15-year fixed mortgage, you’ll pay off your mortgage over 15 years, and your interest rate will remain the same the entire time.

You’ll make higher monthly payments with a 15-year term than a longer term because you’re paying off the same loan principal in fewer years. 

However, a 15-year term will cost you less than a 30-year term. You’ll get a lower interest rate and you’ll pay off your mortgage in a shorter amount of time. 

How 30-year fixed rates work

With a 30-year fixed mortgage, you’ll pay off your loan over 30 years, and you’ll lock in your interest rate for the entire term. 

You’ll pay less per month with a 30-year fixed mortgage than with a shorter term because you’re splitting up your payments over more years.  

But it will cost you more in interest with a 30-year term than with a 15-year term, as you’re paying a higher interest rate for longer. 

How adjustable rates work

An adjustable-rate mortgage, or ARM, locks in your rate for a predetermined amount of time. Then your rate will increase or decrease periodically. Your rate will stay the same for 10 years with a 10/1 ARM, then fluctuate once per year.

ARM rates are now at historic lows, but you may still prefer a fixed rate. Fixed rates are starting lower than ARM rates, so it could be good to lock in a low rate with a fixed mortgage. Additionally, you won’t risk your rate increasing later as you would with an ARM.

If you’re considering getting an ARM, discuss with your lender what your rates would be if you chose a fixed-rate versus an adjustable-rate mortgage.

How government home loans work

Along with conventional mortgage rates, we’ve provided rates for FHA and VA mortgages, which are two types of government-backed home loans.

Government mortgages are backed by federal agencies. They’re less risky for lenders, because the agency compensates the lender if you default on payments. Because they’re lower-risk, lenders charge lower rates on government-backed loans than on conventional loans.

These mortgages usually have more relaxed requirements when it comes to credit scores, debt-to-income ratios, or down payments.

Government-backed mortgages are great options if you qualify. Here are the three types:

  • FHA mortgage: This type of loan isn’t limited to a certain type of person, so it’s the most common government mortgage. It’s particularly useful if your credit score isn’t high enough to get a conventional mortgage.
  • VA mortgage: You may be eligible if you’re an active military member or veteran.
  • USDA mortgage: You might qualify if you live in a rural area and earn a low to moderate income.

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

About the authors

Laura Grace Tarpley is an editor at Personal Finance Insider, covering mortgages, refinancing, and lending. She is also a Certified Educator in Personal Finance (CEPF). Over her five years of covering personal finance, she has written extensively about ways to navigate loans.

Ryan Wangman is a reviews fellow at Personal Finance Insider reporting on mortgages, refinancing, bank accounts, bank reviews, and loans. In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership.

Best Mortgage Rates Today: Sunday May 30, 2021

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