Today's Mortgage Rates -- February 16, 2022: Rates Rise for Fixed-Rate Options

Mortgage rates impact the cost of your home. Here are today's average rates.

Average mortgage rates are up for all fixed-rate loans today. If you're considering purchasing a home, it's helpful to see how rates are trending so you can get a good idea of what you'll pay for different loan types.

Check out today's average mortgage rates for Feb. 16, 2022:

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

30-year mortgage rates

The average 30-year mortgage rate today is 4.095%, up 0.053% from yesterday's average of 4.042%. A loan at today's average rate would cost you $483 per month in principal and interest for each $100,000 you borrow. Your total interest costs over the life of the loan would equal $73,847 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 3.814%, up 0.014% from yesterday's average of 3.800%. If you borrow at today's average rate, your monthly principal and interest payment would be $596 per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $43,094 per $100,000 borrowed.

If you're looking to save money on your loan over time without your monthly payments going too high, this loan option may be the best fit. It won't save you as much as the 15-year loan, but the monthly payments won't be as much of a financial burden. You should consider both monthly payments and total loan costs when deciding which borrowing option is best.

15-year mortgage rates

The average 15-year mortgage rate today is 3.327%, up 0.064% from yesterday's average of 3.263%. At today's average rate, you'd pay $706 per month in principal and interest per $100,000 borrowed. Total interest costs would add up to $27,155 per $100,000 borrowed over the life of the loan.

This loan will save you more than the 30-year or 20-year loans over the long term, but the high monthly payments can make it hard to qualify for. Think carefully about whether taking on such a large monthly obligation makes sense.

5/1 ARMs

The average 5/1 ARM rate is 3.305%, down 0.071% from yesterday's average of 3.376%. ARMs are different from the other loans on this page, which are all fixed rate. Since this is an adjustable-rate mortgage, you take the risk associated with the fact your rate can change over time after your initial five-year period ends. If your rate rises, you'll face higher costs each month and over the life of the loan.

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.