Daily Mortgage Rates Trend Lower | December 18 & 19, 2021 | Personal-finance

Adjustable-rate mortgages will start off with a low introductory rate, which will be is fixed for a set number of years before becoming variable for the remainder of the loan term. The rate on a 5/1 ARM, for instance, will be fixed for five years and then change annually. An ARM could be a good option if you plan on selling the home within a short period of time. However, once the rate becomes adjustable, it can increase significantly.

The average rates for FHA, VA and jumbo loans are:

• The rate on a 30-year FHA mortgage is 3.308%. ⇓
• The rate on a 30-year VA mortgage is 3.394%. ⇓
• The rate on a 30-year jumbo mortgage is 3.575%. ⇑

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

• The refinance rate on a 30-year fixed-rate refinance is 3.776%. ⇓
• The refinance rate on a 15-year fixed-rate refinance is 2.676%. ⇓
• The refinance rate on a 5/1 ARM is 2.462%. ⇔
• The refinance rate on a 7/1 ARM is 2.899%. ⇑
• The refinance rate on a 10/1 ARM is 3.947%. ⇑