Current Mortgage Rates -- September 9, 2021: 30- and 20-Year Rates Drop

by Maurie Backman | Published on Sept. 9, 2021

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House keys hanging from a key hook with Today's Mortgage Rates graphic.

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Is now a good time to get a mortgage? Check out what rates look like to find out.

Mortgage rates are mixed today compared to yesterday, with some higher and some lower. Here's what rates look like on Sept. 9, 2021:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.092%
20-year fixed mortgage 2.771%
15-year fixed mortgage 2.361%
5/1 ARM 3.049%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.092%, down 0.003% from yesterday. At today's rate, you'll pay principal and interest of $427.00 for every $100,000 you borrow. That doesn't include added expenses like property taxes and homeowners insurance premiums.

20-year mortgage rates

The average 20-year mortgage rate today is 2.771%, down 0.035% from yesterday. At today's rate, you'll pay principal and interest of $543.00 for every $100,000 you borrow. Though your monthly payment will go up by $116.00 with a 20-year, $100,000 loan versus a 30-year loan of the same amount, you'll save $23,267.00 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 2.361%, up 0.013% from yesterday. At today's rate, you'll pay principal and interest of $660.00 for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $233.00 higher per $100,000 in mortgage principal. Your interest savings, however, will amount to $34,775.00 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 3.049%, up 0.099% from yesterday. With a 5/1 ARM, your loan's interest rate will remain in place for five years, after which it can adjust once annually. Right now, the 5/1 ARM rate is comparable to the rate you can lock in on a 30-year mortgage, and because of that, it pays to get yourself a fixed-rate loan. That way, you won't run the risk of having to take on higher mortgage payments down the line.

Should I lock in my mortgage rate now?

A mortgage rate lock guarantees you a specific interest rate for a certain 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 if rates climb between now and when you close on your home loan.

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 very attractive, historically speaking. 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 loan if rates fall before you close on your mortgage. While today's rates are very 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

If you're thinking it's time to apply for a mortgage, contact different lenders to see what rates they're able to offer you. And also, be sure to ask about closing costs, which are the different fees you'll pay to close on your home loan. It could be that one lender offers a lower interest rate than another but much higher closing costs, so assess all of that information before making your choice.

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