Large, suburban home with Today's Mortgage Rates graphic.

Image source: Getty images.

Mortgage rates have been low throughout October, and despite a slight climb since yesterday, today is no exception. Here's what today's rates look like:

Mortgage Type

Today's Interest Rate

30-year fixed mortgage


20-year fixed mortgage


15-year fixed mortgage


5/1 ARM


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

30-year mortgage rates

The average 30-year mortgage rate today is 2.881%, up 0.005% from yesterday. At today's rate, you'll pay principal and interest of $415.16 for every $100,000 you borrow. That doesn't include added 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.

20-year mortgage rates

The average 20-year mortgage rate today is 2.714%, up 0.021% from yesterday. At today's rate, you'll pay principal and interest of $540.29 for every $100,000 you borrow. Though your monthly payment will go up by $125.13 with a 20-year, $100,000 loan versus a 30-year loan of the same amount, you'll save $19,787.53 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 2.402%, up 0.008% from yesterday. At today's rate, you'll pay principal and interest of $662.09 for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $246.93 higher per $100,000 in mortgage principal. Your interest savings, however, will amount to $30,280.83 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 3.393%, up 0.178% from yesterday. With a 5/1 ARM, you're guaranteed your initial interest rate for five years, but from there, your rate can adjust upward or downward, depending on market conditions. Because you're taking the risk of seeing your rate increase, an ARM generally only makes sense when you can score a lower interest rate up front. Since that's not the case today, what with the 30-year mortgage coming in at a much lower rate, an ARM doesn't offer much value right now.

Should I lock my mortgage rate now?

A mortgage rate lock guarantees you a specific interest rate for a certain 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 if rates climb between now and when you 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 nice and 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

If you're ready to apply for a mortgage, be sure to solicit offers from multiple lenders to ensure that you're getting a good deal. Each lender sets its own credit score and income requirements, so you may find that one offer comes in much lower than another. But don't just look at interest rates when comparing offers. Rather, look at the rates you're presented with plus the closing costs you're being quoted. You may find that it's worth paying a slightly higher rate if that results in major savings on the upfront fees you'll need to pay to finalize your loan. 


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.