Current Mortgage Rates -- December 22, 2021: Rates Up for Most Loans

Did mortgage rates trend up or down today? Take a look at today's average rates to find out.

On Dec. 22, 2021, average mortgage rates are up for most loans. Here are today's average rates for 30-year, 20-year and 15-year fixed-rate loans as well as for 5/1 adjustable-rate mortgages (ARMs).

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.326%, up 0.001% from yesterday's average of 3.325%. If you borrow at today's average rate, your monthly principal and interest payment would be $439 per $100,000 borrowed. Your total interest costs over the life of the loan would equal $58,180 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 3.101%, up 0.039% from yesterday's average of 3.062%. A loan at today's average rate would cost you $560 per month in principal and interest for each $100,000 you borrow. Over the life of the loan, your total interest costs would add up to $34,320 per $100,000 borrowed.

This loan is cheaper over time than the 30-year mortgage but more expensive each month. Both are explained by the shorter payoff time, which reduces total interest costs but necessitates each payment be higher.

15-year mortgage rates

The average 15-year mortgage rate today is 2.625%, down 0.032% from yesterday's average of 2.657%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $673 per $100,000 in mortgage debt. Total interest costs would add up to $21,084 per $100,000 borrowed over the life of the loan.

With an even shorter loan repayment period than the 20-year mortgage, the 15-year loan has very high monthly payments but the total costs over time are extremely low compared with longer term loans.

5/1 ARMs

The average 5/1 ARM rate is 2.889%, up 0.128% from yesterday's average of 2.761%. You're guaranteed this rate for just five years. After which it can adjust once per year. If the financial index it is tied to shows rising rates, your monthly mortgage costs and total mortgage repayment costs will both go up. As a result, an ARM presents a considerable risk.

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.