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Today's mortgage and refinance rates: August 25, 2021

Table of Contents: Masthead StickySummary List Placement Today's mortgage rates
Mortgage typeAverage rate today
15-year fixed2.41%
30-year fixed3.30%
7/1 ARM4.88%
10/1 ARM4.59%
30-year FHA2.79%
VA mortgage loan2.70%

Conventional rates from Money.com; government-backed rates from RedVentures.

  Today's refinance rates
Mortgage typeAverage rate today
15-year fixed2.52%
30-year fixed3.47%
7/1 ARM4.93%
10/1 ARM4.66%
30-year FHA2.77%
VA mortgage loan2.70%

Conventional rates from Money.com; government-backed rates from RedVentures.

  Mortgage interest rates forecast

Mortgage rates are low across the board, and rates tend to be low when the economy is struggling. In spring 2020, mortgage rates dropped in response to the COVID-19 pandemic.

The US has been gradually recovering from the pandemic in the last few months, with businesses reopening, employment numbers rising, and inflation increasing. The Delta variant of the coronavirus has hit the country, though, so could America go through a similar economic situation as it did in 2020, and could mortgage rates drop even lower?

Probably not.

Many cities and businesses are finding ways to operate with caution, such as mandating masks or encouraging vaccinations. There also hasn't been a sign of unemployment rates spiking again. It may be too soon to know whether the economy will steadily improve enough to increase mortgage rates anytime soon, but don't expect mortgage rates to go much lower in response to the Delta variant.

Related Content Module: More Mortgage Coverage

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