Current Mortgage Rates -- December 24, 2021: 30- and 20-Year Rates Rise, 15-Year and 5/1 ARM Drop

House key inside a lock with Today's Mortgage Rates graphic.

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Ready to get a mortgage? Here's what you need to know about current rates.

Mortgage rates are mixed today. Rates rose slightly for the 30- and 20-year loan. But the 15-year loan and 5/1 ARM dropped a bit from yesterday's levels. Here's what rates look like on Dec. 24, 2021:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.328%
20-year fixed mortgage 3.105%
15-year fixed mortgage 2.581%
5/1 ARM 3.107%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.328%, up 0.004% from yesterday. At today's rate, you'll pay principal and interest of $439.00 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 3.105%, up 0.002% from yesterday. At today's rate, you'll pay principal and interest of $560.00 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 $23,735.00 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 2.581%, down 0.033% 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 $232.00 higher per $100,000 in mortgage principal. Your interest savings, however, will amount to $37,439.00 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 3.107%, down 0.035% from yesterday. With a 5/1 ARM, you lock in the interest rate that your loan offers for five years, but from there, your rate can adjust once annually. In some cases, that can mean a higher interest rate and mortgage payment over time. Make sure you're willing to take that risk if you get a 5/1 ARM.

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 see what rates they're willing to give you. Each lender establishes its own rate based on factors such as your credit score and existing debt relative to your income. If you're not happy with the rates you see, you may want to work on paying down debt, boosting your credit, and then reapplying.

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