Current Mortgage Rates -- April 23, 2021: Rates Fall Slightly

What would a buyer pay for a mortgage at today's average rates? You can find out here.

As April draws nearer to a close, average mortgage rates are down a bit on April 23, 2021. While rates had been steadily going down last year, trends have been more mixed this year, with rates moving up on some days and down on others.

Check out today's average mortgage rates to see what interest you might pay when borrowing to buy a home:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.156%, down 0.002% from yesterday's average of 3.158%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $430. Total interest costs would add up to $54,823 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 2.928%, unchanged from yesterday's average of 2.928%. A loan at today's average rate would cost you $551 per month in principal and interest for each $100,000 you borrow. During your entire loan repayment period, you'd pay total interest costs of $32,240 per $100,000 borrowed.

You make payments for 10 years less with this loan than with the 30-year fixed-rate mortgage. Because you pay interest for much less time, your total borrowing costs over time are much lower. But your monthly payment is considerably higher since you aren't making nearly as many payments.

15-year mortgage rates

The average 15-year mortgage rate today is 2.422%, down 0.008% from yesterday's average of 2.430%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $663 per $100,000 borrowed. You'd be looking at total interest costs of $19,362 per $100,000 in mortgage debt over the life of the loan.

The repayment timeline is shorter on the 15-year than the 20-year, so you'll again see higher monthly payments but lower costs in total over time. Consider whether the opportunity cost of committing so much money to your mortgage is worth the benefit of being debt free sooner.

5/1 ARMs

The average 5/1 ARM rate is 2.905%, down 0.091% from yesterday's average of 2.996%. This rate is below the average rate on a 30-year fixed-rate mortgage.

But while the 30-year fixed-rate mortgage comes with guaranteed rates and payments that never change, rates can begin adjusting after five years with the 5/1 ARM. Consider whether you want to take the risk of rates going up over time before you take this loan.

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, 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 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 still pretty 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, historically speaking, 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

To find out what rates are available to you, compare rates from at least three of the best mortgage lenders before locking in.