<p><img src="https://static3.businessinsider.com/image/6012f87e1d2df20018b71616-1666/Best%20mortgage%20and%20refinance%20rates%20daily%20Dark%20Blue%204x3_2021.png" border="0" alt="Best mortgage and refinance rates daily Dark Blue 4x3_2021" data-mce-source="Alyssa Powell/Insider"></p><p></p><bi-shortcode id="table-of-contents-sticky" class="mceNonEditable" data-type="h2">Table of Contents: Masthead Sticky</bi-shortcode><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Mortgage and refinance rates have decreased since last Tuesday. They are still at all-time lows.</p><p>Mat Ishbia, CEO of<a href="https://www.uwm.com/" target="_blank" rel="noopener">United Wholesale Mortgage</a>, told Insider that you'll likely get a better bargain on a <a href="https://www.businessinsider.com/personal-finance/fixed-rate-mortgage-vs-adjustable-rate-mortgage" target="_blank" rel="noopener">fixed-rate mortgage than on an adjustable-rate mortgage</a>.</p><p>Fixed rates are starting lower than ARM rates now, and there's the potential for ARM rates to increase in the future. It may be a better move to lock in a low rate while you can, given your finances are in order.</p><div><div class="ca-widget" data-token="p83018dcddd4"></div><script async defer src="https://www.consumersadvocate.org/embeds/embedder.js'v=1"></script></div><h2 id="mortgage-rates-for-thursday,-february-11,-2021">Mortgage rates for Tuesday, February 16, 2021</h2><table style="width: 100%; border-collapse: collapse; height: 127px;" border="1" cellpadding="10px"><tbody><tr style="height: 43px;"><td style="width: 25%; height: 43px; text-align: center;"><strong>Mortgage type</strong></td><td style="width: 25%; text-align: center; height: 43px;"><strong>Average rate today</strong></td><td style="width: 25%; text-align: center; height: 43px;"><strong>Average rate last week</strong></td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px; text-align: center;">15-year fixed</td><td style="width: 25%; text-align: center; height: 21px;">2.31%</td><td style="width: 25%; text-align: center; height: 21px;">2.33%</td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px; text-align: center;">30-year fixed</td><td style="width: 25%; text-align: center; height: 21px;">3.11%</td><td style="width: 25%; text-align: center; height: 21px;">3.14%</td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px; text-align: center;">7/1 ARM</td><td style="width: 25%; text-align: center; height: 21px;">3.87%</td><td style="width: 25%; text-align: center; height: 21px;">4.05%</td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px; text-align: center;">10/1 ARM</td><td style="width: 25%; text-align: center; height: 21px;">3.82%</td><td style="width: 25%; text-align: center; height: 21px;">3.84%</td></tr></tbody></table><p><em>Rates from Money.com</em></p><bi-shortcode id="related-article-module" class="mceNonEditable" data-type="5c9a62ad86291373f56a0519" data-title="Fixed-rate vs adjustable-rate mortgage: How to decide which one you should get" data-url="https://www.businessinsider.com/personal-finance/fixed-rate-mortgage-vs-adjustable-rate-mortgage" data-thumbnail="https://i.insider.com/5c9a94f98e436a78de3d3b9f" data-shortcode-display-text="Related Article Module: Fixed-rate vs adjustable-rate mortgage: How to decide which one you should get"></bi-shortcode><p>Since last Tuesday, all mortgage rates are down. The 7/1 ARM rate dropped by 18 basis points.</p><p>We're showing you the national average rates for<a href="https://www.businessinsider.com/personal-finance/conventional-mortgage" target="_blank" rel="noopener">conventional mortgages</a>, which may be what you consider "standard mortgages."<a href="https://www.businessinsider.com/personal-finance/government-home-loans" target="_blank" rel="noopener">Government-backed mortgages</a>through the<a href="https://www.businessinsider.com/personal-finance/fha-loan" target="_blank" rel="noopener">FHA</a>,<a href="https://www.businessinsider.com/personal-finance/va-loans" target="_blank" rel="noopener">VA</a>, or<a href="https://www.businessinsider.com/personal-finance/usda-loan" target="_blank" rel="noopener">USDA</a>may offer a better rate to those who are qualified.</p><p>Overall, mortgage rates remain at striking lows. Low rates are frequently an indicator of a floundering economy. Mortgage rates will probably stay low as the US continues to wade through the economic fallout from the COVID-19 pandemic.</p><h2 id="mortgage-rates-for-thursday,-february-11,-2021">Refinance rates for Tuesday, February 16, 2021</h2><table style="border-collapse: collapse; height: 128px;" border="1" cellpadding="10px"><tbody><tr style="height: 43px;"><td style="width: 257px; height: 43px; text-align: center;"><strong>Mortgage type</strong></td><td style="width: 257px; text-align: center; height: 43px;"><strong>Average rate today</strong></td><td style="width: 258px; text-align: center; height: 43px;"><strong>Average rate last week</strong></td></tr><tr style="height: 21px;"><td style="width: 257px; height: 21px; text-align: center;">15-year fixed</td><td style="width: 257px; text-align: center; height: 21px;">2.57%</td><td style="width: 258px; text-align: center; height: 21px;">2.58%</td></tr><tr style="height: 21px;"><td style="width: 257px; height: 21px; text-align: center;">30-year fixed</td><td style="width: 257px; text-align: center; height: 21px;">3.42%</td><td style="width: 258px; text-align: center; height: 21px;">3.47%</td></tr><tr style="height: 21px;"><td style="width: 257px; height: 21px; text-align: center;">7/1 ARM</td><td style="width: 257px; text-align: center; height: 21px;">4.18%</td><td style="width: 258px; text-align: center; height: 21px;">4.51%</td></tr><tr style="height: 21px;"><td style="width: 257px; height: 22px; text-align: center;">10/1 ARM</td><td style="width: 257px; text-align: center; height: 22px;">4.17%</td><td style="width: 258px; text-align: center; height: 22px;">4.24%</td></tr></tbody></table><p><em>Rates from Money.com</em></p><p>Refinance rates on fixed-rate and adjustable-rate mortgages have fallen since last Tuesday, with the 30-year fixed mortgage rate declining by five basis points.</p><h2 id="how-do-15-year-fixed-mortgage-rates-work'"><strong>15-year fixed mortgage rates</strong></h2><p>If you take out a<a href="https://www.businessinsider.com/personal-finance/15-year-mortgage-rates" target="_blank" rel="noopener">15-year fixed mortgage</a>, you'll pay down your mortgage over a decade and a half, and you'll have a locked-in interest rate the whole time.</p><p>A 15-year fixed mortgage is less expensive than a 30-year term. You'll receive a lower interest rate, and you'll pay off the mortgage in half of the time.</p><p>However, you'll cough up more per month with a 15-year term than a longer term. You'll pay off the same<a href="https://www.businessinsider.com/personal-finance/mortgage-principal" target="_blank" rel="noopener">loan principal</a>in half of the time.</p><h2>30-year fixed mortgage rates</h2><p>If you get a<a href="https://www.businessinsider.com/personal-finance/30-year-mortgage-rates" target="_blank" rel="noopener">30-year fixed mortgage</a>, it will take you three decades to pay down your mortgage, and your interest rate will remain constant for the life of the loan.</p><p>Your interest rate will be higher with a 30-year term than with a 15-year term. Additionally, you'll pay more in interest with a 30-year fixed mortgage than a 15-year fixed mortgage because you're paying a higher interest rate for an extended period.</p><p>On the bright side, your monthly payments will be smaller with a 30-year fixed mortgage than with a shorter term because you're dividing your payments over more years.</p><h2>Adjustable mortgage rates</h2><p>An adjustable-rate mortgage, commonly known as an ARM, will lock in your rate for a set amount of time. Then your rate will fluctuate frequently. A 10/1 ARM keeps your rate constant for a decade, then bumps it up or down once per year.</p><p>ARM rates are at all-time lows now, but you still might prefer a fixed-rate mortgage. You can get a low rate for 15 to 30 years without worrying about a potential future rate increase with an ARM.</p><p><a href="https://www.businessinsider.com/personal-finance/adjustable-rate-mortgage" target="_blank" rel="noopener">If you're thinking about getting an ARM</a>, ask your lender what your rates would be if you chose a fixed-rate versus an adjustable-rate mortgage.</p><h2><strong>How to obtain a low</strong> mortgage<strong> rate</strong></h2><p>Both fixed and adjustable mortgage rates have dropped since last week and are at historic lows. It might be a good time to secure a low mortgage rate.</p><p>Whether you're hoping to get a mortgage or refinance, you don't need to hurry. Rates are probably going to remain low for the remainder of 2021, if not longer. Here are a few ways you can get the lowest possible rate:</p><ul><li><a href="https://www.businessinsider.com/personal-finance/how-to-increase-your-credit-score-improve-credit" target="_blank" rel="noopener"><strong>Increase your credit score</strong></a><strong>.</strong>Making all your payments on time is the most important way to boost your credit score. You can also consider paying down your debts or letting your credit age.</li><li><a href="https://www.businessinsider.com/personal-finance/how-to-save-down-payment-house" target="_blank" rel="noopener"><strong>Save more for a down payment</strong></a><strong>.</strong>You may be able to put down as little as 3% if you want a conventional mortgage, but the smallest amount will depend on<a href="https://www.businessinsider.com/personal-finance/types-of-mortgage-loans" target="_blank" rel="noopener">which type of mortgage</a>you want. You have a better chance getting an improved interest rate from your lender the higher your down payment.</li><li><strong>Lower your debt-to-income ratio.</strong>Your<a href="https://www.businessinsider.com/personal-finance/how-to-calculate-debt-to-income-ratio" target="_blank" rel="noopener">DTI ratio</a>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. To better your ratio, pay down debts or look for chances to increase your income.</li></ul><p>If you're financially ready, you can lock in a low rate today.</p><p><em>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.</em></p><p><em>Laura Grace Tarpley is the associate editor of banking and mortgages 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.</em></p><div><iframe src="https://smartasset.com/captivate/frame/umonjdcr" width="100%" height="630px" scrolling="auto" style="border: none;"></iframe></div><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-mortgage-coverage" data-sheetname="More Mortgage Coverage">Related Content Module: More Mortgage Coverage</bi-shortcode><p><a href="https://www.businessinsider.com/personal-finance/mortgage-refinance-rates-today-february-16-2021-2#comments">Join the conversation about this story »</a></p>
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