Current Mortgage Rates -- August 13, 2021: Rates Up for 30-Year Loans

Are mortgage rates trending up or down? Check out today's average rates to find out.

On Aug. 13, 2021, mortgage rates are down for some loans and up for others. Homeowners should take steps to improve their financial credentials and should keep tabs on trends in mortgage rates so they can qualify for a loan at the lowest interest rate possible.

Check out today's average mortgage rates to get an idea of what you might pay for a home loan now:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.097%, up 0.015% from yesterday's average of 3.082%. If you borrow at today's average rate, your monthly principal and interest payment would be $427 per $100,000 borrowed. Total interest costs would add up to $53,667 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 2.869%, up 0.034% from yesterday's average of 2.835%. You'd be looking at a principal and interest payment of $548 per $100,000 borrowed at today's average rate. Your total interest costs over the life of the loan would equal $31,535 per $100,000 borrowed.

There's a tradeoff between higher monthly payments and lower total costs, or vice versa. If you would prefer to save money over time, the 20-year loan would be a better option than the 30-year loan despite the fact the monthly payments are higher.

15-year mortgage rates

The average 15-year mortgage rate today is 2.354%, down 0.009% from yesterday's average of 2.363%. For each $100,000 borrowed at today's average rate, your total monthly principal and interest payment would be $660. During your entire loan repayment period, you'd pay total interest costs of $18,789 per $100,000 borrowed.

Although the monthly payments are high with this loan, you will save a lot of money and become debt free much quicker. You'll have to decide if you'd prefer to pay more for a shorter period, or have smaller monthly payments for longer.

5/1 ARMs

The average 5/1 ARM rate is 3.082%, down 0.038% from yesterday's average of 3.120%. You could see this rate rise when it begins adjusting after the first five years. That could raise monthly payments as well as make your loan cost more over time. Consider the risk when deciding between an adjustable-rate mortgage and fixed-rate 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 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.