Today's Mortgage Rates -- November 17, 2021: Rates Up on Most Loans

Home buyers should check today's average mortgage rates to decide if now is a good time to apply for a home loan.

When you apply for a home loan, the rate you'll be offered is determined by many factors. This includes prevailing average mortgage rates as well as financial credentials such as your credit score, income, and the size of your down payment.

Check out today's average mortgage rates so you can get an idea of what the typical home buyer would pay and estimate how much your loan may cost you:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.287%, up 0.034% from yesterday's average of 3.253%. A mortgage loan at today's average interest rate would cost you $437 per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $57,406 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.985%, up 0.013% from yesterday's average of 2.972%. At today's average rate, the monthly principal and interest payment would add up to $554 per $100,000 in mortgage debt. Your total interest costs over the life of the loan would equal $32,923 per $100,000 borrowed.

This loan is cheaper than the 30-year mortgage over the life of the loan, but has more expensive monthly payments. The reason for both is that the payment timeline is much shorter. When you cut a decade off your repayment time, you save on interest but each monthly payment has to be higher.

15-year mortgage rates

The average 15-year mortgage rate today is 2.530%, up 0.054% from yesterday's average of 2.476%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $668. You'd be looking at total interest costs of $20,276 per $100,000 in mortgage debt over the life of the loan.

Like the 20-year loan, this loan has a short repayment time compared with the 30-year loan. As a result, the monthly payments are considerably higher but total costs over time are lower. Consider whether these payments are affordable and whether you'd rather pay more each month to become debt free faster and pay less interest over time.

5/1 ARMs

The average 5/1 ARM rate is 2.935%, down 0.117% from yesterday's average of 3.052%. While the other loans mentioned are fixed-rate loans, this is an adjustable-rate mortgage. Because of that, your rate is guaranteed only for the first five years. After that, rates could adjust up and leave you with higher monthly payments and higher total costs.

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.