Today's Mortgage Rates -- September 8, 2021: 30- Year Rate Ticks Up

If you're thinking about buying a home, check out today's average mortgage rates.

On Sept. 8, 2021, average mortgage rates are mixed, with some trending up and others down. Rates remain competitive, although up from historic lows during the heart of the pandemic. Check out today's average rates to see what you might pay for a home loan:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.095%, up 0.011% from yesterday's average of 3.084%. A mortgage loan at today's average interest rate would cost you $427 per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $53,628 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.806%, down 0.044% from yesterday's average of 2.850%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $545 per $100,000 borrowed. You'd be looking at total interest costs of $30,785 per $100,000 in mortgage debt over the life of the loan.

The 20-year mortgage comes with lower total costs over time than the 30-year but higher total costs than the 15-year. However, monthly payments are higher than the 30-year mortgage but lower than the 15-year. That's because there's always a tradeoff. If you shorten your payoff time, your monthly payments must be higher, but you'll save over time since you aren't paying interest for as long.

15-year mortgage rates

The average 15-year mortgage rate today is 2.348%, up 0.006% from yesterday's average of 2.342%. You'd be looking at a principal and interest payment of $660 per $100,000 borrowed at today's average rate. The total costs of interest would add up to $18,738 per $100,000 borrowed at today's average rate.

As mentioned above, you'll face higher monthly payments with this loan due to the short payoff time. But your interest saved over time is considerable, so your total borrowing costs are much lower than with the longer-term loans.

5/1 ARMs

The average 5/1 ARM rate is 2.950%, down 0.011% from yesterday's average of 2.961%. This rate is locked in for five years, after which time it can adjust. If your rate goes up, then your monthly payment and total costs will rise. This risk should be seriously considered before choosing an ARM.

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, 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.