Current Mortgage Rates -- August 11, 2021: Rates Rise Across the Board

Buying a home? Here's how much the average buyer would pay for a mortgage loan on Aug. 11, 2021.

Mortgage rates are up for all loans today. Homeowners should watch how mortgage rates trend over time so they can make a strategic choice about when it is best to apply for a home loan.

Check out today's average rates to see what a typical buyer would pay for a loan on Aug. 11, 2021:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.063%, up 0.028% from yesterday's average of 3.035%. A loan at today's average rate would come with a monthly principal and interest payment of $425 per $100,000 borrowed. You'd be looking at total interest costs of $53,003 per $100,000 in mortgage debt over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 2.799%, up 0.018% from yesterday's average of 2.781%. You'd be looking at a principal and interest payment of $545 per $100,000 borrowed at today's average rate. Total interest costs would add up to $30,702 per $100,000 borrowed over the life of the loan.

With this loan, you reduce your repayment time by a decade compared with the 30-year mortgage. This saves you a lot of money on interest over time, but it does mean that every monthly payment must be higher.

15-year mortgage rates

The average 15-year mortgage rate today is 2.321%, up 0.034% from yesterday's average of 2.287%. For each $100,000 borrowed at today's average rate, your total monthly principal and interest payment would be $658. Total interest costs would add up to $18,511 per $100,000 borrowed over the life of the loan.

This loan has a very short payoff time. The result of that is that all of your monthly payments must be very high. This affects the amount of flexibility you have in your budget. But you'll be debt free sooner and will save considerably on interest over time.

5/1 ARMs

The average 5/1 ARM rate is 3.079%, up 0.082% from yesterday's average of 2.997%. ARM stands for adjustable-rate mortgage. That means the rate can change, unlike with a fixed-rate loan. There's a good chance the rate will go up after five years and you could find yourself with higher monthly payments and a more expensive loan over time. Weigh that risk carefully.

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 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

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