Today's Mortgage Rates -- June 18, 2021: Rates Rise for Fixed-Rate Loans

How did mortgage rates change on June 18? Find out here.

Mortgage rates are up for fixed-rate loan options today. Tracking average mortgage rates can give you an idea of when you can apply for an affordable home loan.

Check out average mortgage rates for Friday, June 18:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.164%, up 0.016% from yesterday's average of 3.148%. A mortgage loan at today's average interest rate would cost you $431 per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $54,980 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.947%, up 0.033% from yesterday's average of 2.914%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $552 per $100,000 borrowed. You'd be looking at total interest costs of $32,468 per $100,000 in mortgage debt over the life of the loan.

Interest costs over time are lower with this loan than with the 30-year mortgage but monthly payments are higher. Reducing the number of payments you make saves on interest since you won't pay it for as long. But you will see higher monthly payments since you make fewer of them.

15-year mortgage rates

The average 15-year mortgage rate today is 2.395%, up 0.011% from yesterday's average of 2.384%. 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 $19,134 per $100,000 borrowed at today's average rate.

Although this loan has much higher monthly payments than either of the loans with longer payoff times, the interest savings over time is really substantial. If you want to pay as little as possible in interest and can afford the higher monthly payments, a 15-year loan could be right for you.

5/1 ARMs

The average 5/1 ARM rate is 2.782%, down 0.173% from yesterday's average of 2.955%. Although this starting rate is below the average rate on 30-year fixed-rate loans, this loan could end up being more expensive over time. That's because the initial rate is guaranteed just for five years and will begin adjusting after that. It could adjust upward, sending payments and total costs rising.

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.