Current Mortgage Rates -- March 10, 2021: Rates Up for Most Loans

by Christy Bieber | Updated July 19, 2021 - First published on March 10, 2021

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Large, modern-style home with Today's Mortgage Rates graphic.

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On March 10, 2021, average mortgage rates rose for most loans. See how much a mortgage at these rates could cost you.

While average mortgage rates are no longer repeatedly hitting new record lows, rates remain very competitive. In fact, despite today's slight increase in rates on most loans, many home buyers can still secure an affordable loan.

Here's what you need to know about average mortgage rates for March 10, 2021.

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.179%
20-year fixed mortgage 2.821%
15-year fixed mortgage 2.468%
5/1 ARM 3.035%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.179%, up 0.012% from yesterday's average of 3.167%. At today's average rate, the monthly principal and interest payment would add up to $431 per $100,000 in mortgage debt. Over the life of the loan, your total interest costs would add up to $55,275 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.821%, down 0.006% from yesterday's average of 2.827%. A loan at today's average rate would come with a monthly principal and interest payment of $546 per $100,000 borrowed. Total interest costs would add up to $30,963 per $100,000 borrowed over the life of the loan.

The interest costs on this loan are lower than on the 30-year loan because of the shorter payoff time. Of course, monthly payments are higher for the same reason. You'll need to decide whether low monthly payments are a priority or you'd prefer to save on interest over time and become debt free sooner.

15-year mortgage rates

The average 15-year mortgage rate today is 2.468%, up 0.021% from yesterday's average of 2.447%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $665 per $100,000 in mortgage debt. During your entire loan repayment period, you'd pay total interest costs of $19,751 per $100,000 borrowed.

A 15-year loan has an even shorter payoff time, so monthly payments are higher than on the 20-year but interest costs over time are lower. Decide if the tradeoff is worth it and you're willing to accept higher monthly payments in order to become debt free much faster and save considerably on interest over the life of the loan.

5/1 ARMs

The average 5/1 ARM rate is 3.035%, up 0.375% from yesterday's average of 2.930%. This initial starting rate is locked in only for five years. In fact, since a 5/1 ARM is an adjustable-rate mortgage, your rate could adjust as often as once annually after the first five years. Although your starting rate is lower than with the 30-year fixed-rate loan, you're taking on a big risk of rates rising. Consider carefully whether this risk is worth 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 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 and other factors, such as closing costs, from at least three of the best mortgage lenders before locking in.

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