Current Mortgage Rates -- February 11, 2022: Rates Continue Their Upward Climb

How much would a home loan cost now? Check out today's current average mortgage rates to find out.

On Feb. 11, 2022, average mortgage rates are up for all loans. If you are hoping to buy a home soon, it's helpful to check out current rates for different loan types so you'll know what you can expect to pay and can pick the loan that's right for you.

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.962%, up 0.042% from yesterday's average of 3.920%. A loan at today's average rate would come with a monthly principal and interest payment of $475 per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $71,082 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 3.723%, up 0.06% from yesterday's average of 3.663%. For each $100,000 borrowed at today's average rate, your total monthly principal and interest payment would be $591. Total interest costs would be $41,956 per $100,000 in mortgage debt over the life of the loan.

Since you pay interest at a lower rate and for 10 years less time, you'll find this loan is much cheaper in the long run than the 30-year mortgage. But since you're making 120 less payments, each individual monthly payment is higher on this loan than on the 30-year loan.

15-year mortgage rates

The average 15-year mortgage rate today is 3.152%, up 0.057% from yesterday's average of 3.095%. A mortgage loan at today's average interest rate would cost you $698 per $100,000 borrowed. Your total interest costs over the life of the loan would equal $25,625 per $100,000 borrowed.

If you're looking to pay the least amount possible over time for your mortgage, the 15-year loan is a better option than the 20-year or 30-year. A very short payoff time and a low interest rate both ensure this loan costs far less over time than either of the other fixed-rate options. But by cutting your payment time down to just 15 years, you end up raising the amount of your monthly payments substantially, so be aware of this downside.

5/1 ARMs

The average 5/1 ARM rate is 3.438%, up 0.103% from yesterday's average of 3.335%. This loan differs from the others mentioned above because those have fixed rates and this one has an adjustable rate. Since the rate can begin changing after five years with this loan, you face a risk of both monthly payments and total costs rising if interest rates go up over time.

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 still pretty competitive, 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 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.