Current Mortgage Rates -- September 29, 2021: Rates Tick Up Again

by Christy Bieber | Published on Sept. 29, 2021

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Hollow model home on top of stacks of cash with Today's Mortgage Rates graphic.

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On Sept. 29, 2021, mortgage rates are up for all loans. Check out today's average rates.

If you are buying a home, it's a good idea to pay attention to mortgage rates as the interest you are charged will affect the cost of buying a home. Check out today's average mortgage rates for Sept. 29, 2021 to see what the typical buyer would pay for a fixed- or adjustable-rate mortgage:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.168%
20-year fixed mortgage 2.805%
15-year fixed mortgage 2.381%
5/1 ARM 3.132%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.168%, up 0.028% from yesterday's average of 3.140%. A loan at today's average rate would cost you $431 per month in principal and interest for each $100,000 you borrow. Total interest costs would add up to $55,059 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 2.805%, up 0.026% from yesterday's average of 2.779%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $545. Over the life of the loan, total interest costs would be $30,773 per $100,000 in mortgage debt.

Interest costs less over time on this loan than with the 30-year loan because you are charged a lower rate and don't pay interest for as long. This makes your total costs lower. However, monthly payments are higher because you must pay more each month to repay your loan balance in full when you are making fewer payments.

15-year mortgage rates

The average 15-year mortgage rate today is 2.381%, up 0.009% from yesterday's average of 2.372%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $661 per $100,000 borrowed. You'd be looking at total interest costs of $19,016 per $100,000 in mortgage debt over the life of the loan.

A short payoff time and low rate make this loan very affordable when you look at total costs and interest paid over time. However, the high monthly payments necessitated by the short payoff time could make this loan cost prohibitive for many homeowners.

5/1 ARMs

The average 5/1 ARM rate is 3.132%, up 0.117% from yesterday's average of 3.015%. Although this seems like a competitive rate, it is guaranteed for just five years and could change once annually thereafter. You may want to stick with a fixed-rate loan to avoid the possibility your rate and monthly payment could both rise.

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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