Current Mortgage Rates -- April 28, 2021: Rates Rise for Most Fixed-Rate Loans

Planning to buy a home? Check out what happened with average mortgage rates today.

Average mortgage rates are mostly up for fixed-rate loans at the mid-week point. When you borrow for a home, your financial credentials will determine your personalized rate. Still, it pays to research national averages so you can get an idea of what rates to expect.

Here's what average mortgage rates look like on April 28, 2021:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.143%, up 0.002% from yesterday's average of 3.141%. If you borrow at today's average rate, your monthly principal and interest payment would be $429 per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $54,568 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.964%, up 0.028% from yesterday's average of 2.936%. At today's average rate, you'd pay $553 per month in principal and interest per $100,000 borrowed. Total interest costs would add up to $32,671 per $100,000 borrowed over the life of the loan.

Loan repayment times can have a major impact on both monthly payments and total borrowing costs over time. When you choose a loan with a shorter repayment time, such as the 20-year versus the 30-year, you will make higher monthly payments but have lower total costs over time since you won't pay interest for as long.

15-year mortgage rates

The average 15-year mortgage rate today is 2.396%, down 0.005% from yesterday's average of 2.401%. A loan at today's average rate would come with a monthly principal and interest payment of $662 per $100,000 borrowed. For each $100,000 you borrow at today's average rate, total interest costs would add up to $19,143.

With its shortened repayment timeline, a 15-year mortgage also costs less over time than the 30-year, but your monthly payments would be much higher.

5/1 ARMs

The average 5/1 ARM rate is 2.905%, down 0.037% from yesterday's average of 2.942%. This is the rate you're guaranteed to pay for the first five years, but after this initial period your rate can adjust. Since there's a possibility interest costs will go higher and your monthly payments will become more expensive, you'll want to consider the risks of an adjustable-rate mortgage.

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.