Current Mortgage Rates - September 29, 2020: The 30-Year Hangs in Below 3%

Mortgage rates are staying competitive. These are the rates you can find today.

Mortgage rates are holding steady, with both the 30- and 20-year loan hanging in at under 3% and the 15-year loan still available at under 2.5%. Here's what they're averaging today:

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

30-year mortgage rates

The average 30-year mortgage rate today is 2.933%, down 0.008% from yesterday. At today's rate, you’ll pay principal and interest of $417.73 for every $100,000 you borrow. That doesn't include expenses like property taxes and homeowners insurance premiums.

Check out The Ascent's mortgage calculator to see what your monthly payment might be and how much your loan will ultimately cost. Also learn how much money you'd save by snagging a lower interest rate, making a larger down payment, or choosing a shorter loan term.

20-year mortgage rates

The average 20-year mortgage rate today is 2.822%, down 0.007% from yesterday. At today's rate, you’ll pay principal and interest of $545.63 for every $100,000 you borrow. Though your monthly payment will go up by $127.90 with a 20-year loan versus a 30-year loan, you'll save $19,432.14 in interest over the course of your repayment period for every $100,000 you borrow.

15-year mortgage rates

The average 15-year mortgage rate today is 2.444%, up 0.003% from yesterday. At today's rate, you’ll pay principal and interest of $664.34 for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $246.61 higher per $100,000 you borrow. Your interest savings, however, will total $30,801.24 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 3.781%, which is a 0.147% increase from yesterday. With a 5/1 ARM, you lock in the same interest rate for five years, after which your rate will adjust upward or downward once a year. The 5/1 ARM makes sense when its interest rate is lower than that of the 30-year loan, but since that's not the case today, you're better off with a 30-fixed mortgage right now.

Should I lock my mortgage rate now?

A mortgage rate lock guarantees you a specific interest rate for a predetermined 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 still quite low. 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

Before you sign a mortgage, be sure to solicit offers from different mortgage lenders. But don't just look at rates; pay attention to closing costs as well. If two lenders offer a comparable rate but one has much lower closing costs, you'll ultimately save more money by opting for that better deal.