Current Mortgage Rates -- October 8, 2021: Rates Up for All Loans

Check out average mortgage rates for fixed and adjustable-rate loans on Oct. 8, 2021.

Average mortgage rates are up for all loans to close out the work week. If you are buying a home, national average trends in mortgage rates will affect the cost of your home loan -- as will your individual financial situation.

Check out today's average mortgage rates for Oct. 8, 2021 to see what a loan might cost today if you're a typical borrower:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.207%, up 0.007% from yesterday's average of 3.200%. For each $100,000 borrowed at today's average rate, your total monthly principal and interest payment would be $433. Over the life of the loan, your total interest costs would add up to $55,826 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.914%, up 0.022% from yesterday's average of 2.892%. A mortgage loan at today's average interest rate would cost you $550 per $100,000 borrowed. For each $100,000 you borrow at today's average rate, total interest costs would add up to $32,073

The rate on this loan is lower than on the 30-year loan and the total loan costs over time are considerably lower both because of the low rate and because you are paying interest for a full decade less time. Unfortunately, this shortened repayment timeline does lead to higher monthly payments, though.

15-year mortgage rates

The average 15-year mortgage rate today is 2.409%, up 0.011% from yesterday's average of 2.398%. At today's average rate, you'd pay $663 per month in principal and interest per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $19,253 per $100,000 borrowed.

The monthly payments are very high on this loan because you have a very limited number of payments to repay your debt in full. But the total amount you save over time is substantial compared with the 20-year and 30-year loan due to the lower rate and the fact you're paying interest for many fewer years. You'll have to decide if making higher payments is worth it to you to save money over time.

5/1 ARMs

The average 5/1 ARM rate is 3.148%, up 0.086% from yesterday's average of 3.062%. This rate is not guaranteed for the life of the loan, unlike with the other fixed-rate mortgages. It can change after just five years and may go up since rates are very low right now. You could find yourself with higher monthly payments and higher total loan costs, so be aware of this risk before choosing this 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.