Today's Mortgage Rates -- April 27, 2021: Rates Are Mixed

Here's what mortgage rates look like today. Are you ready to apply for a home loan?

Today's mortgage rates are mixed compared to yesterday. Here's what they look like on April 27, 2021:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.141%, down 0.008% from yesterday. At today's rate, you'll pay principal and interest of $429.00 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 2.936%, up 0.018% from yesterday. At today's rate, you'll pay principal and interest of $552.00 for every $100,000 you borrow. Though your monthly payment will go up by $123.00 with a 20-year, $100,000 loan versus a 30-year loan of the same amount, you'll save $22,204.00 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 2.401%, down 0.006% from yesterday. At today's rate, you'll pay principal and interest of $662.00 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 $35,411.00 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 2.942%, up 0.021% from yesterday. With a 5/1 ARM, you lock in the same rate for five years. After that point, your rate has the potential to climb. On the flipside, a 5/1 ARM will give you a lower rate than a 30-year fixed loan in the near term, and if you're not planning to stay in your home for more than five years, it could be a solid choice. Even if you are buying a forever home, there's always the option to refinance to a fixed loan before your rate really hikes upward.

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 quite competitive, 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, and while today's rates are pretty 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

Mortgage rates are no longer sitting at historic lows, but they've come down in recent weeks, so it could be a good time to apply. This especially holds true if you have a high credit score and a low debt-to-income ratio, because that way, you're more likely to snag a competitive rate on your home loan. If you are ready to apply for a mortgage, gather offers from a few different lenders. The more offers you get, the more opportunities you'll have to reap savings in the course of buying a home.