Today's Mortgage Rates -- February 2, 2022: Rates Up for Most Loans

Is it a good time to get a mortgage? Check out today's average mortgage rates for Feb. 2, 2022.

Mortgage lenders consider a number of factors when determining what rate a borrower will pay for a loan. In addition to the would-be homeowner's financial credentials, national average rates also impact loan costs. That's why paying attention to mortgage rates is smart for anyone shopping for a property.

If you're thinking of buying a home soon, check out today's average mortgage rates for Feb. 2, 2022 to see what you might end up paying if you borrow for a property soon.

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.797%, up 0.009% from yesterday's average of 3.788%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $466 per $100,000 borrowed. For each $100,000 you borrow at today's average rate, total interest costs would add up to $67,683.

20-year mortgage rates

The average 20-year mortgage rate today is 3.453%, down 0.014% from yesterday's average of 3.467%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $578 per $100,000 in mortgage debt. Your total interest costs over the life of the loan would equal $38,611 per $100,000 borrowed.

Over time, you pay less for this loan than you would for a 30-year fixed-rate mortgage. When you pay interest for less time and qualify for a lower interest rate, you'll save money over the life of the loan. Unfortunately, because of the truncated payoff schedule, you do have to pay more each month.

15-year mortgage rates

The average 15-year mortgage rate today is 2.969%, up 0.005% from yesterday's average of 2.964%. A mortgage loan at today's average interest rate would cost you $689 per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $24,037 per $100,000 borrowed.

This loan is even more expensive each month than the 30-year or 20-year loan because the repayment time period is very short. Over time, however, you save considerably on interest because your rate is much lower and you pay interest for much less time. Weighing the tradeoff between high monthly payments and low total borrowing costs is important.

5/1 ARMs

The average 5/1 ARM rate is 3.115%, up 0.031% from yesterday's average of 3.084%. ARM stands for adjustable-rate mortgage. This means the rate is not guaranteed. It is locked in for just five years and can change once per year after that time. With rates still relatively low now by historical standards, you take a major risk of rates increasing over time if you take out this 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.