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Mortgage rates are staying low as we get into mid-November. Here's what rates look like today:
|
Mortgage Type |
Today's Interest Rate |
|---|---|
|
30-year fixed mortgage |
2.872% |
|
20-year fixed mortgage |
2.754% |
|
15-year fixed mortgage |
2.365% |
|
5/1 ARM |
3.584% |
Data source: The Ascent's national mortgage interest rate tracking.
30-year mortgage rates
The average 30-year mortgage rate today is 2.872%, up 0.007% from yesterday. At today's rate, you'll pay principal and interest of $414.52 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 2.754%, up 0.004% from yesterday. At today's rate, you'll pay principal and interest of $542.66 for every $100,000 you borrow. Though your monthly payment will go up by $128.14 with a 20-year, $100,000 loan versus a 30-year loan of the same amount, you'll save $18,987.94 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 2.365%, down 0.031% from yesterday. At today's rate, you'll pay principal and interest of $660.41 for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $245.98 higher per $100,000 in mortgage principal. Your interest savings, however, will amount to $30,353.47 over the life of your repayment period per $100,000 of mortgage debt.
5/1 ARMs
The average 5/1 ARM rate is 3.584%, up 0.027% from yesterday. With a 5/1 ARM, you lock in your initial interest rate for five years, but after that it adjusts once annually. That means your rate could go down in time, but it could also go up. As such, it pays to stick to a fixed mortgage when the rate for a 5/1 ARM is higher. An ARM really only makes sense when there's a discounted rate to be had at signing.
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 quite 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 loan if rates fall before you close on your mortgage, and while today's rates are still quite competitive, 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, gather offers from different lenders. You may find that one lender can offer a more competitive rate, or lower closing costs, than what another presents to you. And if you find the idea of rate shopping overwhelming, look at working with a mortgage broker, who can tackle much of that legwork for you.
