Generally, five-year fixed mortgage rates are higher than two-year because the borrower is paying for the security of knowing their rate will not change for a longer period.
Besides, what is a good interest rate for a 30-year fixed mortgage?
On Monday, May 17, 2021, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30–year fixed mortgage rate is 3.060% with an APR of 3.280%. The average 30–year fixed VA mortgage rate is 2.660% with an APR of 2.840%.
Keeping this in consideration, what is the lowest 30-year fixed mortgage rate in history?
2016 held the lowest annual mortgage rate on record going back to 1971. Freddie Mac says the typical 2016 mortgage was priced at just 3.65%. Mortgage rates had dropped lower in 2012, when one week in November averaged 3.31%. But some of 2012 was higher, and the entire year averaged out at 3.66% for a 30–year mortgage.