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Mortgage rates on Monday Nov. 30 have largely remained stable compared with last week, with some rising slightly and others moving down a little. Here's what mortgage rates look like today.
| Mortgage Type | Today's Interest Rate |
|---|---|
| 30-year fixed mortgage | 2.800% |
| 20-year fixed mortgage | 2.660% |
| 15-year fixed mortgage | 2.272% |
| 5/1 ARM | 3.387% |
30-year mortgage rates
The average 30-year mortgage rate today is 2.800%, up .004% compared with Friday's average of 2.796%. A mortgage loan at today's average interest rate would cost you $411 per $100,000 borrowed. For each $100,000 you borrow at today's average rate, total interest costs would add up to $47,922.
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 2.660%, down .005% compared with Friday's average of 2.665%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $538. Over the life of the loan, you'd pay total interest costs of $29,056 per $100,000 borrowed.
Although the average interest rate on a 20-year loan is below the average rate on a 30-year loan, monthly payment costs are higher due to the fact you will repay your loan 10 years early. Total interest costs are far lower, though, since paying your loan for a decade less results in substantial savings.
15-year mortgage rates
The average 15-year mortgage rate today is 2.272%, down .006% compared with Friday's average of 2.278%. If you borrow at today's average rate, your monthly principal and interest payment would be $656 per $100,000 borrowed. Your total interest costs over the life of the loan would equal $18,100 per $100,000 borrowed.
Like with the 20-year loan, 15-year loans have higher monthly payment costs but lower total interest costs than the 30-year alternative. In this case, the effect is even more pronounced since you are repaying your loan in half the time.
5/1 ARMs
The average 5/1 ARM rate is 3.387%, up .069% compared with Friday's average of 3.318%. This is above the average interest rate on a 30-year fixed loan, which means it makes little sense for borrowers to take an adjustable-rate mortgage right now. You would be starting at a higher rate than the fixed-rate alternative, and would take the chance of rates going upward since a 5/1 ARM locks in your starting rate for only five years after which rates adjust once per year based on the movement of a financial index.
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, though 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
Before locking in, you should get rate quotes from at least three of the best mortgage lenders to ensure you're getting a loan at the most competitive possible rate.
