Mortgage rates today, April 7, 2020 | Rates retreat

Multiple key mortgage rates dropped today. The average rates on 30-year fixed and 15-year fixed mortgages both dropped. The average rate on 5/1 adjustable-rate mortgages, meanwhile, ticked up.

Mortgage rates change daily, but, overall, they are very low by historical standards. If you’re in the market for a mortgage, it could make sense to go ahead and lock if you see a rate you like. Just make sure you shop around first.

30-year fixed mortgages

The average rate for the benchmark 30-year fixed mortgage is 3.77 percent, a decrease of 7 basis points over the last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.66 percent.

At the current average rate, you’ll pay principal and interest of $464.25 for every $100,000 you borrow. That’s lower by $3.99 than it would have been last week.

You can use Bankrate’s mortgage calculator to estimate your monthly payments and see the effect of adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.23 percent, down 10 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $702 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.

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