Today's Mortgage Rates -- February 14, 2022: Rates Up for Fixed-Rate Loan Options

Have mortgage rates continued their upward trend? Check out how average mortgage rates changed on Feb. 14, 2022.

On Feb. 14, 2022, average mortgage rates are up for all fixed-rate loans. Anyone who is considering buying a home should check how national rates are trending to get an idea of what they might pay for a loan. You can also compare different types of fixed and adjustable-rate loans to decide which is best for your situation.

Here are today's average mortgage rates so you can learn more about current financing options for home loans:

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

30-year mortgage rates

The average 30-year mortgage rate today is 4.001%, up 0.039% from Friday's average of 3.962%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $477. Over the life of the loan, your total interest costs would add up to $71,890 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 3.793%, up 0.07% from Friday's average of 3.723%. If you borrow at today's average rate, your monthly principal and interest payment would be $595 per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $42,831 per $100,000 borrowed.

You will definitely save money over time with the 20-year loan versus the 30-year loan, as you can see by comparing total loan costs. But while you pay a lower interest rate with this loan, your monthly payments still must be higher than the payments due on the 30-year loan since you must get your entire balance paid off a decade sooner.

15-year mortgage rates

The average 15-year mortgage rate today is 3.221%, up 0.069% from Friday's average of 3.152%. A mortgage loan at today's average interest rate would cost you $701 per $100,000 borrowed. Total interest costs would add up to $26,227 per $100,000 borrowed over the life of the loan.

This loan comes with very high monthly payments that may be cost-prohibitive for some buyers. However, since you pay interest for such a short time and at such a low rate, this loan can be the most affordable over time -- if you can cover the monthly costs.

5/1 ARMs

The average 5/1 ARM rate is 3.349%, down 0.089% from Friday's average of 3.438%. This loan has an adjustable rate, which means it can change after five years. If the rate goes up, you will find that your loan becomes more expensive each month and over time. You need to be aware of the big risk of this occurring before you decide a 5/1 ARM is right for you.

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 pretty 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 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.