Current Mortgage Rates -- December 16, 2021: Most Rates Rise

Hollow model home on top of stacks of cash with Today's Mortgage Rates graphic.

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Curious about today's mortgage rates? Here's what you need to know.

Mortgage rates are mostly higher today, though the 30-year loan dropped slightly from where it sat yesterday. Here's what rates look like on Dec. 16, 2021:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.336%
20-year fixed mortgage 3.124%
15-year fixed mortgage 2.577%
5/1 ARM 2.871%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.336%, down 0.008% from yesterday. At today's rate, you'll pay principal and interest of $440.00 for every $100,000 you borrow. That doesn't include added expenses like property taxes and homeowners insurance premiums.

20-year mortgage rates

The average 20-year mortgage rate today is 3.124%, up 0.052% from yesterday. At today's rate, you'll pay principal and interest of $561.00 for every $100,000 you borrow. Though your monthly payment will go up by $121.00 with a 20-year, $100,000 loan versus a 30-year loan of the same amount, you'll save $23,829.00 in interest over the course of your repayment period for every $100,000 you borrow.

15-year mortgage rates

The average 15-year mortgage rate today is 2.577%, up 0.001% from yesterday. At today's rate, you'll pay principal and interest of $671.00 for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $231.00 higher per $100,000 in mortgage principal. Your interest savings, however, will amount to $37,678.00 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 2.871%, up 0.155% from yesterday. With a 5/1 ARM, you lock in the same interest rate for five years, but from there, that rate can adjust once annually, either upward or downward. The risk of getting a 5/1 ARM is having your loan's interest rate climb over time, making it more expensive. And so while you may reap a substantial amount of savings with a 5/1 ARM now compared to a 30-year loan, just know that you're running the risk of higher monthly payments down the line.

Should I lock in my mortgage rate now?

A mortgage rate lock guarantees you a specific interest rate for a certain 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 if rates climb between now and when you close on your home loan.

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 pretty attractive, historically speaking. 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 loan if rates fall before you close on your mortgage. While today's rates are pretty 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

If you're ready to get a mortgage, reach out to different lenders and compare the rates they offer you. Also, be sure to ask about closing costs, which are the fees you'll pay to finalize your loan. Your goal should be to snag the lowest rate and closing costs possible, and so the more data you gather, the more likely you'll be to eke out the most savings.

Our Research Expert