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

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Mortgage rates remain low as December kicks into gear. Here's what they look like today:

Mortgage Type

Today's Interest Rate

30-year fixed mortgage

2.789%

20-year fixed mortgage

2.655%

15-year fixed mortgage

2.289%

5/1 ARM

3.361%

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

30-year mortgage rates

The average 30-year mortgage rate today is 2.789%, down 0.011% from yesterday. At today's rate, you'll pay principal and interest of $410.04 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 2.655%, down 0.005% from yesterday. At today's rate, you'll pay principal and interest of $537.34 for every $100,000 you borrow. Though your monthly payment will go up by $127.30 with a 20-year, $100,000 loan versus a 30-year loan of the same amount, you'll save $18,655.61 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 2.289%, up 0.017% from yesterday. At today's rate, you'll pay principal and interest of $657.04 for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $247.00 higher per $100,000 in mortgage principal. Your interest savings, however, will amount to $29,349.31 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 3.361%, down 0.026% from yesterday. This means you're guaranteed that 3.361% rate for the first five years of your loan only. Adjustable-rate mortgages really only pay when you're able to snag a discounted rate to start out with compared to fixed-rate loans. But since today's 5/1 ARM rate is higher than what you'll pay on other mortgage types, this loan doesn't make a lot of sense right now, especially since you end up taking the risk of your rate climbing over time.

Should I lock in 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 very 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 incredibly 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, spend a week or two getting offers from different lenders. You may find that you get a better rate from one lender over another based on your income and credit score. But also, pay attention to closing costs when shopping around, because while one lender might give you a better interest rate on your home loan than another, higher closing costs could cancel those savings out.