Current Mortgage Rates -- Dec. 23: Rates Are Mixed

You still have a great opportunity to lock in a very affordable rate for a home mortgage. Learn more about your loan options here.

As the end of December nears, mortgage rates have increased for some loans and decreased for others. Here's what you need to know about average mortgage rates for Dec. 23.

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

30-year mortgage rates

The average 30-year mortgage rate today is 2.782%, up .006% from yesterday's average of 2.776%. For each $100,000 borrowed at today's average rate, your total monthly principal and interest payment would be $410. Total interest costs would be $47,578 per $100,000 in mortgage debt over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 2.623%, down .003% from yesterday's average of 2.626%. A loan at today's average rate would come with a monthly principal and interest payment of $536 per $100,000 borrowed. Over the life of the loan, total interest costs would be $28,620 per $100,000 in mortgage debt.

You will pay more each month with a 20-year loan than with a 30-year mortgage because of the shorter repayment timeline. However, you benefit from the ability to save substantially in total interest over the life of the loan since you're paying interest for a decade less time.

15-year mortgage rates

The average 15-year mortgage rate today is 2.239%, down .024% from yesterday's average of 2.263%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $655. For each $100,000 you borrow at today's average rate, total interest costs would add up to $17,823.

You'll take even less time to repay a 15-year loan than a 20-year mortgage. Since you're paying off your debt so much faster with this loan, your monthly payment will be much higher but total interest costs much lower.

5/1 ARMs

The average 5/1 ARM rate is 3.174%, up .058% from yesterday's average of 3.116%. Because this is an adjustable-rate mortgage, your initial starting rate is only guaranteed for a limited time -- five years with this particular loan type. Since rates are near record lows right now, the most likely result is that rates will adjust upward once your rate begins changing. You can lock in a loan at a lower rate than the 5/1 ARM is currently offering and ensure you'll keep your affordable rate for the life of the loan, so you're better off opting for a fixed-rate mortgage right now.

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

It's a good idea to compare rates and terms among three or more of the best mortgage lenders to find the most affordable rate before locking in.