Current Mortgage Rates -- November 5, 2021: Rates Down for 2 Popular Loans

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Interest rates trend up and down, and the rate you pay affects the cost of your home loan. Check out how much you might pay if you got a mortgage today.

On Nov. 5, 2021, average mortgage rates are up for some loans and down for others, but fell for two of the most popular borrowing options. Rates differ depending on loan type and loan term, so check out today's average rates for different loan options to see how much you might pay based on what loan you choose.

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.273%
20-year fixed mortgage 2.935%
15-year fixed mortgage 2.499%
5/1 ARM 3.017%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.273%, down 0.002% from yesterday's average of 3.275%. A loan at today's average rate would cost you $436 per month in principal and interest for each $100,000 you borrow. During your entire loan repayment period, you'd pay total interest costs of $57,129 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.935%, up 0.002% from yesterday's average of 2.933%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $551 per $100,000 in mortgage debt. You'd be looking at total interest costs of $32,324 per $100,000 in mortgage debt over the life of the loan.

Interest costs less over time with a shorter loan term, both because the rate is lower and you won't pay it as long. That makes total costs cheaper with the 20-year mortgage compared to the 30-year. However, when you reduce the number of payments made, this pushes each payment higher, so it's important to be sure you can afford to choose a shorter payoff timeline.

15-year mortgage rates

The average 15-year mortgage rate today is 2.499%, down 0.02% from yesterday's average of 2.519%. If you borrow at today's average rate, your monthly principal and interest payment would be $667 per $100,000 borrowed. The total costs of interest would add up to $20,014 per $100,000 borrowed at today's average rate.

The total savings over time is substantial with this loan compared with the 20-year or 30-year, but the downside is the high monthly payments. Decide whether you'd prefer to pay less over time with a higher monthly payment or if you'd rather have a lower monthly payment and more budget flexibility even if that means your mortgage costs more in the end.

5/1 ARMs

The average 5/1 ARM rate is 3.017%, up 0.126% from yesterday's average of 2.891%. This is an adjustable-rate loan, so you're guaranteed this rate just for the first five years. Your loan costs and monthly payments can go up if interest rates rise, so you need to be aware of the risks associated with ARMs.

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.

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