Today's Mortgage Rates -- December 13, 2021: Rates Down for Most Loans

Did mortgage rates go up or down on Dec. 13, 2021? You can find out here.

Average mortgage rates on Dec. 13, 2021 are down for most loans. If you are thinking about buying a home, national average mortgage rates can provide insight into what your loan may cost you. But your personal rate will be determined by many factors, including your individual financial credential such as your credit score.

Check out average mortgage rates to see what a typical buyer might pay for a fixed or adjustable-rate loan today:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.344%, down 0.001% from Friday's average of 3.345%. For each $100,000 borrowed at today's average rate, your total monthly principal and interest payment would be $440. Total interest costs would add up to $58,538 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 3.069%, down 0.004% from Friday's average of 3.073%. If you borrow at today's average rate, your monthly principal and interest payment would be $558 per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $33,934 per $100,000 borrowed.

Interest rates are lower on this loan than on the 30-year mortgage, and total costs over time are lower as well. That is because of the reduced rate and the reduced length of time you pay interest. But you will end up with a higher monthly payment due to the fact you're making so many fewer payments. You'll need to weigh the tradeoffs to decide if you'd rather pay more each month or more over time.

15-year mortgage rates

The average 15-year mortgage rate today is 2.579%, up 0.01% from Friday's average of 2.569%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $671 per $100,000 borrowed. Over the life of the loan, you'd pay total interest costs of $20,693 per $100,000 borrowed.

This loan has an even shorter payoff time than the 20-year loan, so monthly payments are higher despite the very low rate. You'll pay much less over time and become debt free much faster, however. Take the time to decide which payoff period makes the most sense for you.

5/1 ARMs

The average 5/1 ARM rate is 3.019%, down 0.299% from Friday's average of 3.318%. Your rate can adjust after five years with this loan. There's a good chance it could go up, since rates are fairly low right now by historical standards. Be aware of this big risk, as rising rates could mean both monthly payments and total loan costs are higher.

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 still fairly 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.