Current Mortgage Rates -- October 22, 2021: Rates Up for Fixed-Rate Loan Options

by Christy Bieber | Published on Oct. 22, 2021

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

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Is now a good time to get a mortgage? Find out by taking a look at today's average mortgage rates for Oct. 22, 2021.

On Oct. 22, 2021, average mortgage rates are up for fixed-rate loans. If you are thinking about buying a home, here's what you need to know about how rates are trending for fixed and adjustable-rate loans today:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.296%
20-year fixed mortgage 2.948%
15-year fixed mortgage 2.553%
5/1 ARM 2.951%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.296%, up 0.02% from yesterday's average of 3.276%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $438 per $100,000 borrowed. Total interest costs would add up to $57,585 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 2.948%, up 0.004% from yesterday's average of 2.944%. At today's average rate, the monthly principal and interest payment would add up to $552 per $100,000 in mortgage debt. Over the life of the loan, your total interest costs would add up to $32,480 per $100,000 borrowed.

This loan is less expensive than the 30-year mortgage over the life of the loan, but more expensive each month. There's always a tradeoff between high monthly payments and low total costs since shortening your loan repayment term makes each monthly payment higher but considerably reduces total interest costs since you don't pay interest for as long.

15-year mortgage rates

The average 15-year mortgage rate today is 2.553%, up 0.012% from yesterday's average of 2.541%. A loan at today's average rate would cost you $669 per month in principal and interest for each $100,000 you borrow. Your total interest costs over the life of the loan would equal $20,472 per $100,000 borrowed.

With its even shorter payoff time, this loan is less expensive than the 30-year or 20-year over the life of the loan but monthly payments are considerably higher. Many homeowners will find it is cost-prohibitive to take out a 15-year loan.

5/1 ARMs

The average 5/1 ARM rate is 2.951%, down 0.262% from yesterday's average of 3.213%. You take a risk with this loan option, even though it has a lower starting rate than the 30-year mortgage. The rate could adjust upwards because the initial interest rate is locked in only for the first five years. That would make monthly payments and total costs both more expensive.

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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