Current Mortgage Rates -- February 23, 2022: Rates Down for 1 Popular Loan Option

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How did mortgage rates trend on Feb. 23, 2022? Check out today's average rates here.

When you buy a home, mortgage rates impact the cost of your purchase. They affect the interest you pay over time and the total cost of your loan.

Check out average mortgage rates for Feb. 23, 2022 to see how they have been trending and what you might pay to borrow for a property:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 4.145%
20-year fixed mortgage 3.765%
15-year fixed mortgage 3.329%
5/1 ARM 3.355%

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

30-year mortgage rates

The average 30-year mortgage rate today is 4.145%, unchanged from yesterday's average of 4.145%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $486 per $100,000 in mortgage debt. Over the life of the loan, your total interest costs would add up to $74,892 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 3.765%, up 0.003% from yesterday's average of 3.762%. A loan at today's average rate would come with a monthly principal and interest payment of $594 per $100,000 borrowed. Your total interest costs over the life of the loan would equal $42,443 per $100,000 borrowed.

You'll have to carefully consider whether you want a loan with a shorter payoff time, such as the 20-year loan versus the 30-year loan. When you reduce your payoff time, rates are lower and so are total borrowing costs. But with fewer payments to make, each monthly payment must be higher.

15-year mortgage rates

The average 15-year mortgage rate today is 3.329%, down 0.009% from yesterday's average of 3.338%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $707. Total interest costs would be $27,173 per $100,000 in mortgage debt over the life of the loan.

Again, you have to face the tradeoff between high monthly payments and low total borrowing costs versus lower payments and higher overall costs over time. If you choose the 15-year loan, you're going to pay much more each month but will save a lot over your repayment period.

5/1 ARMs

The average 5/1 ARM rate is 3.355%, up 0.137% from yesterday's average of 3.218%. ARM stands for adjustable-rate mortgage. This means your rate can adjust after the first five years. You'll want to carefully consider whether you're OK with the chances of your rate climbing higher and your total borrowing costs and monthly payments rising along 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 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.

Our Research Expert

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