Current Mortgage Rates -- February 7, 2022: Rates Rise

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Hoping to become a homeowner? Here are today's average rates so you can see what a mortgage loan might cost you.

On Feb. 7, 2022 average mortgage rates are up for all loans. If you are hoping to buy a home, the rate you pay will determine how expensive your loan is and whether the property is affordable. Check out today's average rates below and see how they have changed recently.

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.831%
20-year fixed mortgage 3.491%
15-year fixed mortgage 2.984%
5/1 ARM 3.214%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.831%, up 0.017% from Friday's average of 3.814%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $468 per $100,000 in mortgage debt. Total interest costs would add up to $68,381 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 3.491%, up 0.001% from Friday's average of 3.490%. A mortgage loan at today's average interest rate would cost you $580 per $100,000 borrowed. The total costs of interest would add up to $39,079 per $100,000 borrowed at today's average rate.

Over time, this loan is cheaper than the 30-year loan. However, it will cost you more each month. When you choose a shorter repayment time period, each monthly payment must be higher to pay off your debt on schedule, but total interest costs are much lower.

15-year mortgage rates

The average 15-year mortgage rate today is 2.984%, up 0.006% from Friday's average of 2.990%. At today's average rate, you'd pay $690 per month in principal and interest per $100,000 borrowed. For each $100,000 you borrow at today's average rate, total interest costs would add up to $24,166.

As you can see, this loan comes with much more expensive monthly payments than the 30-year or 20-year loan. But in exchange for these higher monthly payments, you will become debt free much faster and save a lot of money over the life of the loan.

5/1 ARMs

The average 5/1 ARM rate is 3.214%, up 0.008% from Friday's average of 3.206%. If you choose this loan, you should be aware of the risk you're taking on. Your interest rate will only be guaranteed for the first five years. After that, the rate fluctuates with a financial index and could very well increase, thus raising your monthly costs.

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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