Current Mortgage Rates -- June 21, 2021: Rates Up Across the Board

How are mortgage rates trending today for fixed- and adjustable-rate mortgage loans?

On Monday, June 21, mortgage rates are up for all loans. Check out today's average rates for 30-year, 20-year, and 15-year fixed-rate mortgages as well as for a 5/1 adjustable-rate mortgage:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.180%, up 0.016% from Friday's average of 3.164%. You'd be looking at a principal and interest payment of $431 per $100,000 borrowed at today's average rate. Over the life of the loan, your total interest costs would add up to $55,295 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.960%, up 0.013% from Friday's average of 2.947%. At today's average rate, the monthly principal and interest payment would add up to $553 per $100,000 in mortgage debt. The total costs of interest would add up to $32,623 per $100,000 borrowed at today's average rate.

Although your monthly payments are higher with the 20-year mortgage than the 30-year, the total costs over time are lower. You'll have to decide if this tradeoff is worth making. If becoming debt free ASAP is your goal and you want lower total costs, you'll have to pay more each month to get your loan paid down faster.

15-year mortgage rates

The average 15-year mortgage rate today is 2.408%, up 0.013% from Friday's average of 2.395%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $662 per $100,000 borrowed. For each $100,000 you borrow at today's average rate, total interest costs would add up to $19,244.

This loan shortens your payoff time even more than the 20-year loan, and the interest rate is lower as well. As a result, you will save considerably over time. Of course, each monthly payment is considerably higher since you're making half the number of payments compared with the 30-year mortgage.

5/1 ARMs

The average 5/1 ARM rate is 2.844%, up 0.062% from Friday's average of 2.782%. After five years, this rate could adjust once per year. It's tied to a financial index, and if rates go up, you could end up with higher monthly payments and high total interest costs over time. Be aware of this risk and take it into account if you're tempted by the fact the starting rate is lower than on the 30-year fixed-rate loan.

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 so competitive. 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.