Current Mortgage Rates -- November 22, 2021: Rates Rise for Most Loans

What are average mortgage rates on fixed and adjustable-rate loans for Nov. 22, 2021?

Thinking of buying a home soon? If so, you should keep tabs on average mortgage rates as the national average rate can impact how much a lender may charge you to borrow for a home.

Here are today's average mortgage rates for fixed and adjustable-rate loans:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.304%, down 0.005% from Friday's average of 3.309%. A mortgage loan at today's average interest rate would cost you $438 per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $57,743 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 3.015%, up 0.005% from Friday's average of 3.010%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $555 per $100,000 borrowed. Your total interest costs over the life of the loan would equal $33,284 per $100,000 borrowed.

If you would prefer to pay less over time and you're OK with a higher monthly payment, you may prefer the 20-year loan to the 30-year loan. When you shorten your payoff time, you end up increasing each payment you make -- but you also qualify for a lower rate and you pay interest for less time.

15-year mortgage rates

The average 15-year mortgage rate today is 2.579%, up 0.018% from Friday's average of 2.561%. You'd be looking at a principal and interest payment of $671 per $100,000 borrowed at today's average rate. Total interest costs would be $20,693 per $100,000 in mortgage debt over the life of the loan.

This loan has an even shorter payoff time than the 20-year loan, so you end up with even higher monthly payments -- but you also save a lot more over the life of the loan. Think carefully about the opportunity cost of committing to such high monthly payments and make sure they are affordable for you.

5/1 ARMs

The average 5/1 ARM rate is 3.019%, up 0.09% from Friday's average of 3.109%. ARM stands for adjustable-rate mortgage and, as the name suggests, the rate adjusts. It's locked in for the first five years and can then move with a financial index. If rates end up adjusting up, then you could be looking at higher monthly payments and higher total costs over time.

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.