Current Mortgage Rates -- September 15, 2021: Rates Down for Fixed-Rate Loans

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:

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

30-year mortgage rates

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.

20-year mortgage rates

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.

15-year mortgage rates

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.

5/1 ARMs

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.

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.