There’s Still Plenty of Opportunity for Borrowers

Mortgage rates are staying low, with both the 30- and 20-year loan coming in at below 3% and the 15-year loan still available at under 2.5%. Here’s what rates look like today:

Data source: The Ascent’s national mortgage interest rate tracking.

6 Simple Tips to Secure a 1.75% Mortgage Rate

Secure access to The Ascent’s free guide that reveals how to get the lowest mortgage rate for your new home purchase or when refinancing. Rates are still at multi-decade lows so take action today to avoid missing out.

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30-year mortgage rates

The average 30-year mortgage rate today is 2.913%, down 0.008% from yesterday. At today’s rate, you’ll pay principal and interest of $417.09 for every $100,000 you borrow. That doesn’t include other expenses like property taxes and homeowners insurance premiums.

Check out The Ascent’s mortgage calculator to see what your monthly payment might be and how much your loan will ultimately cost. Also learn how much money you’d save by snagging a lower interest rate, making a larger down payment, or choosing a shorter loan term.

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20-year mortgage rates

The average 20-year mortgage rate today is 2.798%, down 0.054% from yesterday. At today’s rate, you’ll pay principal and interest of $544.44 for every $100,000 you borrow. Though your monthly payment will go up by $127.35 with a 20-year, $100,000 loan versus a 30-year loan of the same amount, you’ll save $19,484.83 in interest over the course of your repayment period for every $100,000 you borrow.

15-year mortgage rates

The average 15-year mortgage rate today is 2.428%, up 0.008% from yesterday. At today’s rate, you’ll pay principal and interest of $663.22 for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $246.13 higher per $100,000 in mortgage principal. Your interest savings, however, will total $30,771.81 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 3.591%, down 0.114% from yesterday. With a 5/1 ARM, you only get to lock in an initial interest rate for five years, after which your rate will adjust once a year — either upward or downward. It pays to get a 5/1 ARM when its interest rate is lower than that of a 30-fixed mortgage, but since the 30-year loan is currently averaging 2.913%, an ARM makes little sense today.

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Should I lock my mortgage rate now?

A mortgage rate lock guarantees you a specific interest rate for a preset period of time — usually 30 days, but you may be able to secure your rate for up to 60 days. You’ll generally pay a fee to lock in your mortgage rate, but that way, you’re protected in case rates climb between now and when you actually close on your home loan.

If you plan to close on your home within the next 30 days, then it pays to lock in your mortgage rate based on today’s rates — especially since they’re still very low. But if your closing is more than 30 days away, you may want to choose a floating rate lock instead for what will usually be a higher fee, but one that could save you money in the long run. A floating rate lock lets you secure a lower rate on your mortgage if rates fall prior to your closing, and while today’s rates are still quite low, we don’t know if rates will go up or down over the next few months. As such, it pays 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
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Either way, don’t sign a mortgage until you’ve shopped around with different lenders. Each sets its own rates and requirements, and you may find that based on your income, existing debt, and credit score, you get a much better offer from one lender over another.


The Ascent team partners with market-leading data provider Optimal Blue to track the seven-day average of daily mortgage rates that actual borrowers are locking in nationwide. Learn more about our mortgage rates tracking methodology.

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