Today's Mortgage Rates -- July 19, 2021: Rates Up for All Loans

Mortgage rates went up on July 19. Check out today's rates to learn more.

On July 19, 2021, mortgage rates are up across the board. Although your individual financial situation will determine the rates you pay for your home loan, it can be helpful to see what a typical borrower would pay.

Check out today's average mortgage rates to get an idea of how expensive a home loan would be:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.105%, up 0.005% from Friday's average of 3.100%. If you borrow at today's average rate, your monthly principal and interest payment would be $427 per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $53,824 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.863%, up 0.036% from Friday's average of 2.827%. You'd be looking at a principal and interest payment of $548 per $100,000 borrowed at today's average rate. For each $100,000 you borrow at today's average rate, total interest costs would add up to $31,463.

Interest costs less over time with this loan compared with the 30-year loan, but your monthly payments are higher. That's because you aren't making as many payments, or paying interest for as long.

15-year mortgage rates

The average 15-year mortgage rate today is 2.399%, up 0.002% from Friday's average of 2.397%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $662 per $100,000 borrowed. Total interest costs would add up to $19,168 per $100,000 borrowed over the life of the loan.

This loan's payoff time is even shorter than the 20-year or 30-year loan, so the interest costs are even lower over time -- but the monthly payment is even higher. Although saving so much on interest is nice, the high monthly payments can sometimes strain your budget.

5/1 ARMs

The average 5/1 ARM rate is 2.900%, up 0.025% from Friday's average of 2.875%. You are guaranteed this rate just for the first five years. After that, the rate can adjust. If it adjusts up, your total loan costs and monthly payment would increase. Be sure you're OK with this risk.

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 so 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.