Current Mortgage Rates -- April 1, 2021: Most Rates Come Down

This is what mortgage rates look like today. Are you ready to apply?

Today's mortgage rates are mostly lower than they were yesterday. Here's what they look like on the first day of April:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.302%, up 0.009% from yesterday. At today's rate, you'll pay principal and interest of $438.00 for every $100,000 you borrow. That doesn't include added expenses like property taxes and homeowners insurance premiums.

20-year mortgage rates

The average 20-year mortgage rate today is 2.993%, down 0.022% from yesterday. At today's rate, you'll pay principal and interest of $554.00 for every $100,000 you borrow. Though your monthly payment will go up by $116.00 with a 20-year, $100,000 loan versus a 30-year loan of the same amount, you'll save $24,704.00 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 2.569%, down 0.004% from yesterday. At today's rate, you'll pay principal and interest of $670.00 for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $232.00 higher per $100,000 in mortgage principal. Your interest savings, however, will amount to $37,064.00 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 3.047%, down 0.028% from yesterday. With a 5/1 ARM, you're guaranteed the same interest rate for five years, but from there, your rate has the potential to rise. It also, however, has the potential to drop, but ultimately, adjustable-rate mortgages carry risk. If you're only planning to stay in your home for a few years, then a 5/1 ARM could make a lot of sense, since you'll pay less interest than you will for a 30-year fixed loan.

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 pretty 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 pretty competitive despite a recent increase, 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

Today's mortgage rates are higher than they were at the start of the year. But don't let that deter you from applying. Historically speaking, today's rates are still quite competitive, and if you have a high credit score and low debt-to-income ratio, you'll be even more likely to qualify for a great rate.

That said, make sure you shop around with different lenders before signing a mortgage. Each lender sets its own rate and closing costs to finalize your loan, and comparing offers is an easy way to ensure that you end up getting a good deal.