Today's Mortgage Rates -- February 28, 2022: Rates Tick Up for Fixed-Rate Mortgages

Mortgage rates can change over time. Here are today's average mortgage rates as we close out February.

On Feb. 28, 2022, average mortgage rates are up for fixed-rate loan options. Rates differ based on prevailing economic conditions, and different types of loans have different average rates. Check out today's averages for 30-year, 20-year, and 15-year fixed-rate loans as well as for a 5/1 ARM.

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

30-year mortgage rates

The average 30-year mortgage rate today is 4.181%, up 0.017% from Friday's average of 4.164%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $488 per $100,000 in mortgage debt. The total costs of interest would add up to $75,647 per $100,000 borrowed at today's average rate.

20-year mortgage rates

The average 20-year mortgage rate today is 3.900%, up 0.04% from Friday's average of 3.860%. A mortgage loan at today's average interest rate would cost you $601 per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $44,174 per $100,000 borrowed.

If your priority is paying the lowest amount over time, a loan with a shorter payoff period is a good choice. The 20-year loan, for example, has reduced lifetime costs compared with the 30-year loan because you don't pay interest for as long and because loans with shorter terms tend to charge lower rates. However, a shorter payoff timeline means higher monthly payments are necessary to fully repay your loan on schedule.

15-year mortgage rates

The average 15-year mortgage rate today is 3.414%, up 0.015% from Friday's average of 3.399%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $711. During your entire loan repayment period, you'd pay total interest costs of $27,920 per $100,000 borrowed.

With this loan, you're paying off your debt much more quickly than with the 30-year or 20-year mortgage so total costs are considerably lower. Because the timeline is so short, however, monthly payments are much higher and this loan may be cost-prohibitive for many.

5/1 ARMs

The average 5/1 ARM rate is 3.347%, down 0.063% from Friday's average of 3.410%. ARM stands for adjustable-rate mortgage, so you can't count on this rate for the whole time you're paying off your loan. Your rate begins adjusting after five years and could easily end up going up, making your monthly payments and total costs more expensive.

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.