The SCOOP! Blog by® 'Stress-Free Mortgages'

Today's Mortgage Rates: August 3, 2021 - Mortgage Rates Hit Near Rock Bottom Lows

August 3rd, 2021 12:26 PM by Jackie A. Graves

The rate on a 30-year fixed mortgage decreased today, providing buyers and homeowners interested in refinancing a chance to lock in a historically low rate.

As of today, the average rate on a 30-year fixed mortgage is 3.02% with an APR of 3.25%, according to The 15-year fixed mortgage has an average rate of 2.31% with an APR of 2.66%. On a 30-year jumbo mortgage, the average rate is 2.99% with an APR of 3.12%. The average rate on a 5/1 ARM is 2.80% with an APR of 3.92%.

Loan Term



Rate Last Week

30-year fixed




15-year fixed




30-year jumbo




5/1 ARM





30-year Fixed-rate Mortgages

Today, the average rate for the benchmark 30-year fixed mortgage fell to 3.02%. One week ago, the 30-year fixed was 3.08%. The 52-week low is 2.83%.

The APR on a 30-year fixed is 3.25%. This time last week, it was 3.31%. APR is the all-in cost of your loan.

At an interest rate of 3.02%, a 30-year fixed mortgage would cost 423 per month in principal and interest (taxes and fees not included) per $100,000, according to the Forbes Advisor mortgage calculator. The total interest paid over the life of the loan will be about $52,166.

15-year Fixed-rate Mortgages

Today, the 15-year fixed mortgage rate sits at 2.31%, lower than it was yesterday. Last week, it was 2.34%. Today’s rate is than the 52-week low of 2.31%.

The APR on a 15-year fixed is 2.66%. This time last week, it was 2.66%.

With an interest rate of 2.31%, you would pay 658 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $18,419 in total interest.

Jumbo Mortgages

On a 30-year jumbo, the average interest rate is 2.99%, lower than it was at this time last week. The average rate was 3.05% at this time last week. The 30-year fixed rate on a jumbo mortgage is currently higher than the 52-week low of 2.85%.

Borrowers with a 30-year fixed-rate jumbo mortgage with today’s interest rate of 2.99% will pay 421 per month in principal and interest per $100,000. That means that on a $750,000 loan, the monthly principal and interest payment would be around 3,158, and you’d pay roughly $386,875 in total interest over the life of the loan.

5/1 ARMs

On a 5/1 ARM, the average rate rose to 2.80% from 2.78% yesterday. The average rate was 2.78% last week. Today’s rate is currently lower than the 52-week high of 3.43.

Borrowers with a 5/1 ARM of $100,000 with today’s interest rate of 2.80% will pay 411 per month in principal and interest.

Calculating Mortgage Payments

If you can’t or don’t want to pay cash, mortgage lenders and mortgages will be part of your home buying process. It’s important to figure out what you’ll likely pay each month to see if it fits into your budget.

Using a mortgage calculator can help you estimate your monthly mortgage payment based on your interest rate, purchase price, down payment and other expenses.

To calculate your monthly mortgage payment, here’s what you’ll need:

  • Home price
  • Down payment amount
  • Interest rate
  • Loan term
  • Taxes, insurance and any HOA fees

How Much to Save for a House?

You may know you have to save enough for a down payment, but it takes more money than that to get through the homebuying process. Plus, after you buy, you have to furnish your new home and keep up with potential repairs.

Here are six things to prepare for when saving up for a house:

  • Down payment
  • Inspection and appraisal
  • Closing costs
  • Ongoing costs
  • Home furnishings
  • Repairs and renovations

Why APR Is Important

APR, or annual percentage rate, is a calculation that includes both a loan’s interest rate and a loan’s finance charges, expressed as an annual cost over the life of the loan. In other words, it’s the total cost of credit. APR accounts for interest, fees and time.

APR can help you understand the total cost of a mortgage if you keep it for the entire term. Keep in mind that the APR is often higher than the interest rate.

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