Today's Mortgage Rates -- April 12, 2021: Rates Mixed

by Christy Bieber | Updated July 19, 2021 - First published on April 12, 2021

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House key inside a lock with Today's Mortgage Rates graphic.

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Here's what you should know about average mortgage rates on April 12, 2021.

Here's what you should know about today's average mortgage rates.

Average mortgage rates on April 12, 2021 moved down for some loans and up for others. If you are buying a home, here's what you should know about today's average rates.

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.275%
20-year fixed mortgage 2.999%
15-year fixed mortgage 2.522%
5/1 ARM 3.007%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.275%, down 0.008% from Friday's average of 3.283%. A loan at today's average rate would cost you $437 per month in principal and interest for each $100,000 you borrow. Over the life of the loan, your total interest costs would add up to $57,169 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.999%, up 0.012% from Friday's average of 2.987%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $555 per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $33,091 per $100,000 borrowed.

Interest costs less over time with the 20-year loan compared with the 30-year loan due to the shortened payoff time. Since you make fewer monthly payments, though, each one must be higher.

15-year mortgage rates

The average 15-year mortgage rate today is 2.522%, down 0.017% from Friday's average of 2.539%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $668. Over the life of the loan, you'd pay total interest costs of $20,209 per $100,000 borrowed.

The 15-year comes with more interest savings than either the 20-year or 30-year fixed-rate loans. You'll save both because of the lower rate and shortened payoff time. However, you will have to pay much more each month since you significantly reduce the number of payments you make.

5/1 ARMs

The average 5/1 ARM rate is 3.007%, up 0.133% from Friday's average of 2.874%. While this rate starts out lower than the one on the 30-year fixed-rate mortgage, it is guaranteed to remain at this level only for five years. It can move once annually after that and is tied to a financial index. There's a good chance that the rate will go up, raising your monthly payment, so consider this risk before opting for an ARM.

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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