Current Mortgage Rates -- April 19, 2021: Rates Tick Down

What are average interest rates like today? Find out here.

On April 19, 2021, mortgage rates are down a bit for all loans. Your individual rate will be determined by your financial credentials, the amount you borrow, your location, and the lender you work with. Still, it's helpful to see how rates are trending.

Check out today's average mortgage rates to get an idea of what you might pay to buy a home:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.196%, down 0.018% from Friday's average of 3.214%. A loan at today's average rate would come with a monthly principal and interest payment of $432 per $100,000 borrowed. Over the life of the loan, you'd pay total interest costs of $55,609 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.977, down 0.012% from Friday's average of 2.989%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $553 per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $32,827 per $100,000 borrowed.

With the 20-year loan, you're paying more each month than with the 30-year, but your total interest costs are lower over time. Whenever you shorten your repayment timeline, this happens. That's because you pay interest for less time, but have fewer payments to make before your loan must be paid off.

15-year mortgage rates

The average 15-year mortgage rate today is 2.451%, down 0.004% from Friday's average of 2.455%. You'd be looking at a principal and interest payment of $664 per $100,000 borrowed at today's average rate. If you borrow at today's average rate, you'd pay total interest costs of $19,607 per $100,000 borrowed.

5/1 ARMs

The average 5/1 ARM rate is 2.973%, down 0.062% from Friday's average of 3.035%. While an ARM's average starting rate is below the average rate on a 30-year fixed-rate loan, you have to consider the risk you're taking. Your initial rate is guaranteed only for five years, and there's a good chance it will adjust upward after that time. An increase in rate would mean your monthly payment goes up as well. Consider whether this is a risk worth taking.

Should I lock my mortgage rate now?

A mortgage rate lock guarantees you a certain interest rate for a specified 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 mortgage.

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 so competitive. 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, historically speaking, 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

To find out what rates are available to you, compare rates from at least three of the best mortgage lenders before locking in.