Today's Mortgage Rates -- June 16, 2021: 30-Year and 20-Year Loan Rates Rise but Others Fall

What changed in the world of mortgage rates today?

On June 16, 2021, average mortgage rates are up for the 30-year and 20-year loan but down for others. Average rates can give you an idea of what you might pay if you get a home loan. But your personal rate will be determined based on your individual financial credentials.

Check out today's average mortgage rates to find out what rates a typical borrower might be offered:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.133%, up 0.006% from yesterday's average of 3.127%. You'd be looking at a principal and interest payment of $429 per $100,000 borrowed at today's average rate. Over the life of the loan, your total interest costs would add up to $54,372 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.924%, up 0.016% from yesterday's average of 2.908%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $551. The total costs of interest would add up to $32,192 per $100,000 borrowed at today's average rate.

While the interest costs over time are lower than for the 30-year, the monthly payments are higher. That's what happens when you cut 10 years off the time it takes to pay off your loan. You won't pay interest for as long, but since you make fewer payments, each must be higher.

15-year mortgage rates

The average 15-year mortgage rate today is 2.381%, down 0.009% from yesterday's average of 2.390%. A mortgage loan at today's average interest rate would cost you $661 per $100,000 borrowed. Total interest costs would add up to $19,016 per $100,000 borrowed over the life of the loan.

This loan has a very short payoff time. That means your total interest costs are very low, but each monthly payment is very high due to the fact you have a very short period of time to pay your loan in full.

5/1 ARMs

The average 5/1 ARM rate is 3.046%, down 0.161% from yesterday's average of 3.207%. This is lower than the 30-year fixed-rate loan, which may make this loan option seem attractive. But remember, this rate will begin adjusting after five years, and there's a high risk it will go up. That would make monthly payments and total borrowing costs higher.

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.