Today's Mortgage Rates -- August 30, 2021: Rates Up for All Loans

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How are mortgage rates trending today? Find out here.

On Aug. 30, 2021, mortgage rates rose higher for all loans. If you're buying a home, check out today's average mortgage rates so you can get an idea of what it might cost you to borrow for your property:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.090%
20-year fixed mortgage 2.768%
15-year fixed mortgage 2.335%
5/1 ARM 3.050%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.090%, up 0.003% from Friday's average of 3.087%. At today's average rate, the monthly principal and interest payment would add up to $426 per $100,000 in mortgage debt. During your entire loan repayment period, you'd pay total interest costs of $53,530 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.768%, up 0.004% from Friday's average of 2.782%.​​ A mortgage loan at today's average interest rate would cost you $543 per $100,000 borrowed. Your total interest costs over the life of the loan would equal $30,333 per $100,000 borrowed.

This loan is a good option compared with the 30-year if you'd prefer to pay less interest over time. However, by reducing your payoff time, you will need to make higher monthly payments, so consider this downside.

15-year mortgage rates

The average 15-year mortgage rate today is 2.335%, up 0.006% from Friday's average of 2.329%. A loan at today's average rate would cost you $659 per month in principal and interest for each $100,000 you borrow. Your total interest costs over the life of the loan would equal $18,629 per $100,000 borrowed.

With such a short repayment timeline, the 15-year mortgage comes with very high monthly payments. However, the cost savings over time are considerable, so making these higher payments may be worth it.

5/1 ARMs

The average 5/1 ARM rate is 3.050%, up 0.092% from Friday's average of 2.958%. ARM stands for adjustable-rate mortgage. After the first five years, this rate can adjust -- unlike with fixed-rate loans, which never change. If your rate adjusts upward, and there's a good chance it will, you could face higher total mortgage costs as well as higher monthly payments.

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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