Today's Mortgage Rates -- June 14, 2021: Rates Fall for Most Loans

by Christy Bieber | Updated July 19, 2021 - First published on June 14, 2021

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Hand typing on a calculator next to small model home with Today's Mortgage Rates graphic.

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Did mortgage rates go up or down on June 14, 2021? Find out here.

On June 14, 2021, mortgage rates are down for most loans. If you are looking into buying a home and you plan to borrow, it's a good idea to keep tabs on average rates charged by lenders.

Here are today's average mortgage rates for June 14, 2021:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.131%
20-year fixed mortgage 2.919%
15-year fixed mortgage 2.397%
5/1 ARM 2.969%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.131%, down 0.007% from Friday's average of 3.138%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $429 per $100,000 in mortgage debt. Total interest costs would be $54,333 per $100,000 in mortgage debt over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 2.919%, up 0.012% from Friday's average of 2.907%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $551. During your entire loan repayment period, you'd pay total interest costs of $32,132 per $100,000 borrowed.

You will save on interest over time with this loan compared with the 30-year loan since you don't pay interest for as long. But you will have to make much higher monthly payments than with the 30-year loan since you aren't making nearly as many payments.

15-year mortgage rates

The average 15-year mortgage rate today is 2.397%, down 0.009% from Friday's average of 2.406%. You'd be looking at a principal and interest payment of $662 per $100,000 borrowed at today's average rate. The total costs of interest would add up to $19,151 per $100,000 borrowed.

This loan option comes with the highest monthly payments due to its short payoff time. It also has the lowest total interest costs. You'll have to weigh the tradeoff of higher monthly payments versus a lower total interest cost before you decide this option is right for you.

5/1 ARMs

The average 5/1 ARM rate is 2.969%, down 0.066% from Friday's average of 3.035%.This rate is guaranteed for just the first five years after you borrow. So while it is lower from the start than the 30-year fixed-rate loan, it's a far riskier option.

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.

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