Today's Mortgage Rates -- June 22, 2021: Fixed Rates Climb

by Maurie Backman | Published on June 22, 2021

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Large, modern-style home with Today's Mortgage Rates graphic.

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Here's what mortgage rates look like today. Is it the right time for you to apply for a home loan?

Mortgage rates are higher today for fixed loans. Here's what they look like on June 22, 2021:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.200%
20-year fixed mortgage 2.963%
15-year fixed mortgage 2.452%
5/1 ARM 2.759%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.200%, up 0.020% from yesterday. At today's rate, you'll pay principal and interest of $433.00 for every $100,000 you borrow. That doesn't include added expenses like property taxes and homeowners insurance premiums.

20-year mortgage rates

The average 20-year mortgage rate today is 2.963%, up 0.003% from yesterday. At today's rate, you'll pay principal and interest of $553.00 for every $100,000 you borrow. Though your monthly payment will go up by $120.00 with a 20-year, $100,000 loan versus a 30-year loan of the same amount, you'll save $23,095.00 in interest over the course of your repayment period for every $100,000 you borrow.

15-year mortgage rates

The average 15-year mortgage rate today is 2.452%, up 0.044% from yesterday. At today's rate, you'll pay principal and interest of $664.00 for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $231.00 higher per $100,000 in mortgage principal. Your interest savings, however, will amount to $36,184.00 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 2.759%, down 0.085% from yesterday. A 5/1 ARM will let you lock in the same interest rate for five years, but once that period is up, your rate has the potential to climb. Right now, you'll save a fair amount of money on your monthly mortgage payments with a 5/1 ARM versus a 30-year loan, so a 5/1 ARM may be a good bet if you're buying a starter home or property you only expect to live in for a handful of years.

Should I lock in my mortgage rate now?

A mortgage rate lock guarantees you a specific interest rate for a certain 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 if rates climb between now and when you close on your home loan.

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 very attractive, 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 loan if rates fall before you close on your mortgage. While today's rates are pretty 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

If you're ready to buy a home, get in touch with different mortgage lenders to see what rates they have available. Keep in mind that applicants with high credit scores and low levels of existing debt are generally eligible for more favorable rates than those with lower scores and more debt. If you're not confident in your ability to snag a competitive mortgage rate, you may want to pause your home search and work on improving in those areas. But if you're confident in your ability to get approved for a home loan, then based on how rates are trending, now's a great time to apply.

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