Today’s Mortgage and Refinance Rates: July 11, 2021

Mortgage and refinance rates are low across the board today, so it could be a good day to lock in a low rate.

We’re showing the national average mortgage rates. Your exact rate will depend on where you live, so take a look at our state-by-state guide below.

Your mortgage rate will also depend on your finances and which type of mortgage you get. But overall, mortgage rates are at historic lows.

Current mortgage rates

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

Current refinance rates

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

How are mortgage rates determined?

Mortgage rates are largely determined by the economy. Rates are higher when the US economy is flourishing and lower when it’s struggling.

Employment and inflation are the two main economical factors that impact mortgage rates. When employment numbers and inflation go up, mortgage rates tend to follow suit.

You do have some power over your mortgage rate, though. Here are the factors you can control:

• Credit score. The higher your credit score, the lower your mortgage rate should be. To improve your score, focus on paying all your bills on time and paying down debts.
• Debt-to-income ratio. Your DTI ratio is the amount you pay toward debts each month, divided by your gross monthly income. The lower your DTI…