Mortgage Rates Are Climbing. Will the 30-Year Rate Hit 5.00%?

With mortgage rates climbing, there's a chance the 30-year rate could hit 5.00%.

In recent months, mortgage rates have been on the upswing, and today is no exception. With the 30-year loan rate hitting 4.787% today, there's a very real chance it could top 5.00% this year. Rates haven't been that high since January of 2010.

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

30-year mortgage rates

The average 30-year mortgage rate today is 4.787%. This loan is very popular because of the long payoff time, which makes monthly payments affordable compared to shorter-term loans.

20-year mortgage rates

The average 20-year mortgage rate today is 4.507%. This rate is lower than with the 30-year, but the loan has higher monthly payments because you don't make as many of them.

15-year mortgage rates

The average 15-year mortgage rate today is 3.884%. This rate is much more affordable than the 30-year, but this loan often isn't an option because the short payoff time results in high monthly payments.

5/1 ARMs

The average 5/1 ARM rate is 3.628%. If you choose to take out this loan, there's a very real risk your rate will increase after five years.

Borrowers may want to act before rates keep rising

It's impossible to predict if the 30-year rate will actually hit 5.00%, but if the current trajectory continues, it could happen sooner rather than later. While this rate will still be affordable by historical standards, it could scare off some would-be homeowners because it would be the highest in more than a decade.

If you don't want to worry about rates rising, you may want to lock in at the current rate. Comparison shop among the best mortgage lenders to see what rate you're offered and take action soon to avoid getting hit with further rate increases, which are likely.