Today's mortgage and refinance rates: March 10, 2021 | Rates increase

Since last Wednesday, most mortgage and refinance rates have gone up — though rates remain at all-time lows overall. 

You may want to lock in a low rate on a fixed-rate mortgage soon, provided your finances are in order. 

Mat Ishbia, CEO of United Wholesale Mortgage, told Insider that adjustable-rate mortgages likely aren’t as good of a deal for borrowers as fixed-rate mortgages.

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Currently, Ishbia said adjustable rates are starting higher than fixed rates. You also may face an increased future rate with an ARM, so you might want to secure a low rate while possible.

Mortgage rates for Wednesday, March 10, 2021

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.56%2.54%2.33%
30-year fixed3.47%3.38%3.11%
7/1 ARM4.5%4.32%3.86%
10/1 ARM4.3%4.03%3.82%

Rates from

Since last week, mortgage rates have gone up across the board. They have risen significantly since last month as well, though rates are still at striking lows in general. 

We’re displaying the average rates nationwide for conventional mortgages, which may be what you consider “normal mortgages.” You may be eligible for a lower rate with a government-backed mortgage through the FHA, VA, or USDA.

Refinance rates for Wednesday, March 10, 2021

Mortgage typeAverage rate todayAverage rate last weekAverage rate last month
15-year fixed2.87%2.88%2.58%
30-year fixed3.83%3.82%3.47%
7/1 ARM4.82%4.89%4.19%
10/1 ARM4.77%4.64%4.22%

Rates from

Since last Wednesday, 15-year fixed rates and 7/1 ARM rates have ticked down, while 30-year fixed rates and 10/1 ARM rates have increased slightly. All refinance rates are higher than they were at this point last month.

In general, refinance rates remain at all-time lows currently. Low rates often are an indicator of a floundering economy. Rates will probably remain low as the US continues to face the economic impact of the COVID-19 pandemic.

Best ways to get a low mortgage rate

Almost all fixed and adjustable mortgage rates have gone up since last Wednesday, but they are still at historic lows. You might consider locking in a low mortgage rate today. 

At the same time, a rate increase shortly is probably unlikely, so you don’t need to hurry. Rates will likely stay low for several months, if not longer. You have the chance to improve your financial situation and get a better rate. 

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

  • Boost your credit scoreThe most important way to bolster your credit score is to make payments on time. You may also think about paying off debts or letting your credit age. 
  • Save more for a down paymentYou may be able to put down as little as 3% if you’re applying for a conventional mortgage, but the smallest amount will be contingent on which type of mortgage you want. You’ll likely get a better rate with a larger down payment.
  • 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 improve your ratio, pay down debts or find ways to increase your income. 
  • Choose a government-backed mortgage. You consider a USDA loan (aimed at low-to-moderate income borrowers buying in a rural area), a VA loan (designed for military members and veterans), or an FHA loan (not designated for any particular group). These mortgages frequently come with lower interest rates than conventional mortgages. As a bonus, a down payment isn’t needed for USDA or VA loans.

If your finances are in good shape, now may be an excellent time to lock in a low rate on a mortgage or refinance. 

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How do 15-year fixed mortgage rates work?

If you get a 15-year fixed mortgage, you’ll pay the same interest rate over the decade and a half it will take you to pay down your loan.

A 15-year term will cost less than a 30-year term. You’ll get a lower interest rate and you’ll pay off your mortgage in half the time. 

However, you’ll dole out higher monthly payments with a 15-year fixed mortgage than a 30-year fixed mortgage because you’re paying off the same mortgage principal over fewer years. 

How do 30-year fixed mortgage rates work?

With a 30-year fixed mortgage, you’ll pay off your loan over 30 years, and your interest rate will stay locked in for the entire term. A 30-year fixed mortgage has a higher interest rate than a shorter term.

You’ll pay more total interest with a 30-year fixed mortgage than a 15-year fixed mortgage because you’re paying a higher interest rate for more years. 

On the bright side, you’ll dish out smaller monthly payments with a 30-year term than a shorter term because you’re splitting up your payments over more time.

How do ARMs work?

A fixed-rate mortgage keeps your rate the same for your entire loan period. But with an adjustable-rate mortgage, you’ll pay a locked-in rate for an agreed-upon period, then that rate will change regularly. A 10/1 ARM secures your rate for a decade. Then your rate will fluctuate once per year.

Although ARM rates are relatively low now, you might prefer a fixed-rate mortgage. You can save yourself from worrying over a potential future rate increase with an ARM and secure a low rate for 15 or 30 years. 

If you’re thinking about getting an ARM, find out from your lender what your rates would be if you chose a fixed-rate versus an adjustable-rate mortgage.

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

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.

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.

See the mortgage rates for Tuesday, March 9 »

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