Today's mortgage rates edge up, but still lower than March averages | May 12, 2021
Check out the mortgage rates for May 12, 2021, which are trending up from yesterday. (iStock)
Based on data compiled by Credible, mortgage rates have risen since yesterday for the first time in six days.
- 30-year fixed mortgage rates: 2.875%, Up from 2.750%, +0.125
- 20-year fixed mortgage rates: 2.875%, Up from 2.625%, +0.250
- 15-year fixed mortgage rates: 2.250%, Up from 2.000%, +0.250
- 10-year fixed mortgage rates: 2.125%, Up from 2.000%, +0.125
Rates last updated on May 12, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
Mortgage interest rates hit the highest mark since April 30th today, and 20-year rates reached a 42-day high. Though rates are up overall, 30- and 20-year rates are still down month-over-month, and even lower than rates in March, when the average rate topped 3.08%.
To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:
Browse rates from multiple lenders so you can make an informed decision about your home loan.
Looking at today’s mortgage refinance rates
Today’s 20- and 15-year mortgage refinance rates have risen since yesterday. The average rate across all loan terms surpassed 2.5% and climbed to a nine-day high. Meanwhile, 30-year rates continue to stick under 3%, and refinance rates overall remain low by historical standards. If you’re considering refinancing an existing home, check out what refinance rates look like:
- 30-year fixed-rate refinance: 2.875%, Unchanging
- 20-year fixed-rate refinance: 2.875%, Up from 2.750%, +0.125
- 15-year fixed-rate refinance: 2.250%, Up from 2.125%, +0.125
- 10-year fixed-rate refinance: 2.125%, Unchanging
Rates last updated on May 12, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
A site like Credible can be a big help when you’re ready to compare mortgage refinance loans. Credible lets you see prequalified rates for conventional mortgages from multiple lenders all within a few minutes. Visit Credible today to get started.
Current mortgage rates
Rates for 20- and 15-year loans jumped 250 basis points since yesterday and the average rates across all loan terms topped 2.5% for the first time in 13 days.
Current 30-year mortgage rates
The current interest rate for a 30-year fixed-rate mortgage is 2.875%. This is up from yesterday.
Current 20-year mortgage rates
The current interest rate for a 20-year fixed-rate mortgage is 2.875%. This is up from yesterday.
Current 15-year mortgage rates
The current interest rate for a 15-year fixed-rate mortgage is 2.250%. This is up from yesterday.
Current 10-year mortgage rates
The current interest rate for a 10-year fixed-rate mortgage is 2.125%. This is up from yesterday.
You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders who offer mortgage refinancing as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates through the link below.
Rates last updated on May 12, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
How mortgage rates have changed
Today, mortgage rates are up compared to this time last week.
- 30-year fixed mortgage rates: 2.875%, up from 2.750% last week, +0.125
- 20-year fixed mortgage rates: 2.875%, up from 2.625% last week, +0.250
- 15-year fixed mortgage rates: 2.250%, up from 2.000% last week, +0.250
- 10-year fixed mortgage rates: 2.125%, up from 2.000% last week, +0.125
Rates last updated on May 12, 2021. These rates are based on the assumptions shown here. Actual rates may vary.
If you’re trying to find the right rate for your home mortgage or looking to refinance an existing home, consider using Credible. You can use Credible's free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.
The forecast for mortgage rates in 2021
While it’s impossible to fully predict what mortgage rates will look like in the future, experts can analyze several key indicators to predict future rate trends.
Are you wondering whether you should wait to refinance or buy a home? Take a look at what researchers at Freddie Mac and Fannie Mae think rates will look like for the rest of the year. Keep in mind the rates you actually qualify for will be determined by things like your credit score and down payment percentage in addition to current rates, so actual rates will vary.
Freddie Mac’s mortgage rate forecast
Researchers at Freddie Mac expect mortgage rates to rise slightly throughout 2021, citing the Federal Reserve’s commitment to keeping interest rates low for the foreseeable future.
Here are Freddie Mac’s predictions for how 30-year fixed rates will look for the rest of the year:
- Q2 (April to June): 2.9%
- Q3 (July to September): 3.0%
- Q4 (October to December): 3.0%
Fannie Mae’s mortgage forecast
Fannie Mae researchers anticipate mortgage rates to trend slightly higher this year, citing an ongoing rise in the 10-year Treasury yield. Ultimately, though, Fannie Mae experts believe lenders will "absorb" some of the elevated costs as "refinance demand gradually wanes" — keeping rates at relatively stable levels.
Based on rates from this January, here’s what Fannie Mae economists predict 30-year fixed rates will look like for the rest of 2021:
- Q2 (April to June): 2.8%
- Q3 (July to September): 2.9%
- Q4 (October to December): 2.9%
How to get low mortgage rates
Mortgage and refinance rates are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered.
If you want to get the lowest possible monthly mortgage payment, taking the following steps can help you secure a lower rate on your home loan:
- Improving your credit score
- Paying down debt
- Making a bigger down payment
It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. According to research from Freddie Mac, borrowers can save $1,500 on average over the life of their loan by shopping for just one additional rate quote — and an average of $3,000 by comparing five rate quotes.
Credible can help you compare current rates from multiple mortgage lenders at once in just a few minutes. Are you looking to refinance an existing home? Use Credible’s online tools to compare rates and get prequalified today.
Mortgage interest rates by loan type
Whether you’re a first-time homebuyer shopping for a 30- or 15-year mortgage, or you’re looking to refinance an existing home, Credible can help you find the right mortgage for your financial goals.
Before you fill out your mortgage application, check out these loan rates, which you’ll be able to compare by annual percentage rate (APR) as well as interest rate:
Mortgage refinance:
Home purchase:
Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.
As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.