Current Mortgage Rates -- December 6, 2021: Rates Up for Most Loans

On Dec. 6, 2021, mortgage rates rose for most loan options. Take a look at how much a fixed or adjustable-rate mortgage could cost the typical home buyer.

If you are considering buying a home, the interest rate you're offered on your home loan will determine how much the purchase will cost you each month and over time. Although your individual financial situation will determine your personalized rate, it's important to pay attention to trends in national average mortgage rates to get an idea of what you'll pay.

To find out how much a mortgage loan might cost you, check out today's average rates for Dec. 6, 2021:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.318%, up 0.007% from Friday's average of 3.311%. At today's average rate, the monthly principal and interest payment would add up to $439 per $100,000 in mortgage debt. Total interest costs would add up to $58,021 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 3.057%, down 0.015% from Friday's average of 3.072%. You'd be looking at a principal and interest payment of $557 per $100,000 borrowed at today's average rate. Over the life of the loan, your total interest costs would add up to $33,789 per $100,000 borrowed.

This loan has a lower total cost than the 30-year over time. A low interest rate helps to keep costs down, as does the fact that you pay interest for a decade less. But with many fewer payments to make, you'll end up having to pay more each month to pay off your loan.

15-year mortgage rates

The average 15-year mortgage rate today is 2.548%, up 0.007% from Friday's average of 2.541%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $669 per $100,000 borrowed. Your total interest costs over the life of the loan would equal $20,429 per $100,000 borrowed.

This loan has a very short payoff time, so you pay interest for far less time than with the 30-year or 20-year loan. You'll also have a lower rate with a shorter-term loan. As such, this loan ends up being much less expensive over time. The downside is that the very short payoff time necessitates considerably higher monthly payments that could be out of reach for your budget.

5/1 ARMs

The average 5/1 ARM rate is 3.326%, up 0.192% from Friday's average of 3.134%. You are guaranteed this rate for just five years, after which time it can adjust. It's tied to a financial index, and if it moves up, your loan could become more expensive over time and your monthly payments would rise with it.

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.