Current Mortgage Rates -- February 9, 2022: Rates Tick Up

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What would a home loan cost you if you borrowed today? Check out today's average mortgage rates to find out.

On Feb. 9, 2022, average mortgage rates are up for all loans. Check out today's average rates for different loans to see what a typical borrower might pay and how much a loan would cost each month and over time.

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.895%
20-year fixed mortgage 3.569%
15-year fixed mortgage 3.061%
5/1 ARM 3.297%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.895%, up 0.032% from yesterday's average of 3.863%. If you borrow at today's average rate, your monthly principal and interest payment would be $471 per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $69,697 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 3.569%, up 0.067% from yesterday's average of 3.502%. A loan at today's average rate would cost you $584 per month in principal and interest for each $100,000 you borrow. Your total interest costs over the life of the loan would equal $40,043 per $100,000 borrowed.

Over time, this loan will cost less than the 30-year mortgage due to the lower interest rate and the fact you pay interest for a decade less. But with the shorter payoff schedule, each month's payment must be higher, so be sure the payments are affordable for you.

15-year mortgage rates

The average 15-year mortgage rate today is 3.061%, up 0.038% from yesterday's average of 3.023%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $694 per $100,000 in mortgage debt. Total interest costs would be $24,833 per $100,000 in mortgage debt over the life of the loan.

This loan is far cheaper over time than either the 30-year or 20-year loan. It has a lower interest rate and you pay interest for a very short period so you save considerably. However, monthly payments can be prohibitively expensive for many borrowers because you must repay your entire mortgage in just 15 years. Make sure payments fit into your budget before opting for a 15-year loan.

5/1 ARMs

The average 5/1 ARM rate is 3.297%, up 0.01% from yesterday's average of 3.287%. This rate is guaranteed for five years, and can then adjust once per year. Since you take the risk of rates rising, you'll need to think carefully about whether this loan is a good choice for your situation.

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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