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today mortgage rates are mixed compared to yesterday. This is what they look like:

The data source: The Ascent National Mortgage Interest Rate Tracker.

30-year mortgage rates

The average 30 year mortgage rate today is 3.164%, up 0.007% from yesterday. At today’s rate, you’ll pay principal and interest of $ 430.72 for every $ 100,000 you borrow. This does not include additional expenses like property taxes and home insurance premiums.

20-year mortgage rates

The average 20-year mortgage rate today is 2.835%, down 0.009% from yesterday. At today’s rate, you’ll pay principal and interest of $ 546.23 for every $ 100,000 you borrow. Although your monthly payment increases by $ 116.22 with a 20-year loan of $ 100,000 compared to a 30-year loan of the same amount, you will save $ 23,964.63 in interest over your repayment period for every $ 100,000 you borrow.

15-year mortgage rates

The average 15-year mortgage rate today is 2.449%, down 0.010% from yesterday. At today’s rate, you’ll pay principal and interest of $ 664.34 for every $ 100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $ 236.06 higher for every $ 100,000 of mortgage principal. However, your interest savings will amount to $ 35,476.33 over the duration of your repayment period per $ 100,000 of mortgage debt.

5/1 arm

The average ARM rate 5/1 is 2.822%, down 0.125% from yesterday. With an ARM 5/1, you lock in your initial interest rate for five years, but beyond that, your rate can adjust once a year, up or down. The ARM 5/1 rate has dropped significantly from what it was in February, and right now there is a significant discount to be had with this loan product compared to a 30 year fixed loan. Just make sure you understand the risks of getting an adjustable rate mortgage if you decide to go this route.

Should I lock in my mortgage rate now?

A mortgage rate freeze guarantees you a specific interest rate for a certain period of time – typically 30 days, but you may be able to guarantee your rate for up to 60 days. You’ll usually pay a fee to lock in your mortgage rate, but that way you’re protected if rates go up by the time your mortgage closes.

If you plan to close your home in the next 30 days, it pays to lock in your mortgage rate based on today’s rates, especially since they are still quite low. But if your close is more than 30 days away, you might want to choose an adjustable rate lock instead for what will usually be a higher fee, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your loan if rates drop before your mortgage closes, and while rates today are pretty attractive, we don’t know if rates will go up. or decline over the next few months. As such, it is beneficial to:

• LOCK if closing in 7 days
• LOCK if closing in 15 days
• LOCK if closing in 30 days
• FLOAT if closing in 45 days
• FLOAT if closing in 60 days

While mortgage rates may be higher these days than they were a month ago, they are still quite competitive on a historical basis. If you are ready to apply for a mortgage, contact several lenders so you can compare the offers. Each lender sets their own credit score and credit score requirements. debt to income ratio, so it makes sense to seek out the best deal possible.

A historic opportunity to potentially save thousands on your mortgage

There is a good chance that interest rates will not stay at multi-decade lows any longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger to buy a new home.

Our expert recommends this company to find a low rate – and in fact he used it himself for refi (twice!). Click here to find out more and see your rate. While this does not influence our opinions on the products, we do receive compensation from partners whose offers appear here. We are by your side, always. See our full advertiser disclosure here.

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