by Christy Bieber | Published on Sept. 15, 2021
Many or all of the products here are from our partners. We may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
On Sept. 15, 2021, did mortgage rates go up or down? Find out here.
If you are in the process of buying a home, you may want to check out today's average mortgage rates to see how they're trending. Seeing what rates look like for the typical buyer can give you an idea of how much you'd pay to borrow when you secure a home loan.
Here are average mortgage rates for Wednesday, Sept. 15:
|Mortgage Type||Today's Interest Rate|
|30-year fixed mortgage||3.081%|
|20-year fixed mortgage||2.749%|
|15-year fixed mortgage||2.339%|
Secure access to The Ascent's free guide that reveals how to get the lowest mortgage rate for your new home purchase or when refinancing. Rates are still at multi-decade lows so take action today to avoid missing out.
By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.
The average 30-year mortgage rate today is 3.081%, down 0.007% from yesterday's average of 3.088%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $422 per $100,000 in mortgage debt. You'd be looking at total interest costs of $53,355 per $100,000 in mortgage debt over the life of the loan.
The average 20-year mortgage rate today is 2.749%, down 0.026% from yesterday's average of 2.775%. You'd be looking at a principal and interest payment of $542 per $100,000 borrowed at today's average rate. The total costs of interest would add up to $30,108 per $100,000 borrowed at today's average rate.
This is cheaper over time than the 30-year loan due to the lower interest rate and shortened time during which interest is paid. But you have to make higher monthly payments than with the 30-year loan because you don't have as many payments to repay your loan.
The average 15-year mortgage rate today is 2.339%, down 0.019% from yesterday's average of 2.358%. A mortgage loan at today's average interest rate would cost you $659 per $100,000 borrowed. Over the life of the loan, you'd pay total interest costs of $18,663 per $100,000 borrowed.
You'll see even higher monthly payments with this loan than with the 20-year fixed-rate loan, as a result of cutting the payoff time even more. Of course, while you must pay a lot while you have the loan, you'll become debt free quickly and will owe far less interest over time.
The average 5/1 ARM rate is 2.993%, up 0.164% from yesterday's average of 2.829%. Unlike the other loans, this one is an adjustable-rate mortgage rather than a fixed-rate mortgage. The low starting rate here is guaranteed for just five years and can change after that. If it goes up, which there's a good chance it will, your loan will become more expensive over time.
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:
To find out what rates are available to you, compare rates from at least three of the best mortgage lenders before locking in.
Chances are, interest rates won't stay put at multi-decade lows for much longer. That's why taking action today is crucial, whether you're wanting to refinance and cut your mortgage payment or you're ready to pull the trigger on a new home purchase.
The Ascent's in-house mortgages expert recommends this company to find a low rate - and in fact he used them himself to refi (twice!). Click here to learn more and see your rate. While it doesn't influence our opinions of products, we do receive compensation from partners whose offers appear here. We're on your side, always. See The Ascent's full advertiser disclosure here.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2021 The Ascent. All rights reserved.