Current Mortgage Rates -- February 23, 2021: All Rates Climb

Here's what mortgage rates look like today. Are you ready to apply?

Today's mortgage rates are up across all loan products. This is what they look like now:

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

30-year mortgage rates

The average 30-year mortgage rate today is 2.980%, up 0.025% from yesterday. At today's rate, you'll pay principal and interest of $420.31 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 2.715%, up 0.034% from yesterday. At today's rate, you'll pay principal and interest of $540.29 for every $100,000 you borrow. Though your monthly payment will go up by $119.98 with a 20-year, $100,000 loan versus a 30-year loan of the same amount, you'll save $21,642.04 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 2.314%, up 0.009% from yesterday. At today's rate, you'll pay principal and interest of $658.16 for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $237.85 higher per $100,000 in mortgage principal. Your interest savings, however, will amount to $32,842.81 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 3.080%, up 0.272% from yesterday. With a 5/1 ARM, you lock in your initial interest rate for five years, but after that period ends, your rate can adjust once a year, either upward or downward. Yesterday, the average 5/1 ARM rate was lower than the average 30-year loan rate, but today, that's not the case, and as such, an adjustable-rate mortgage makes little sense. Since you won't get a discount on your interest rate up front, why take the risk of it climbing over time?

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 still quite attractive. 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, and while today's rates are very competitive, 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 apply for a mortgage, reach out to a few different lenders so you can compare the offers you get. Keep in mind, though, that you're more likely to get attractive offers if you go in with a high credit score and low debt-to-income ratio. If you're loaded with debt at present, paying some of it off could help in both regards, especially if that debt comes in the form of a credit card balance. The more appealing a loan candidate you are, the more apt lenders will be to want your business -- and offer you a low enough interest rate on your mortgage to get it.