Today's Mortgage Rates -- November 19, 2021: Rates Up for All Loans

On Nov. 19, 2021, did mortgage rates go up or down? Read on for the answer.

How are mortgage rates trending on Nov. 19, 2021? If you're thinking about buying a home, check out today's average rates in the table below so you can get an idea of what your loan might cost you.

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.309%, up 0.002% from yesterday's average of 3.307%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $438 per $100,000 in mortgage debt. Total interest costs would be $57,842 per $100,000 in mortgage debt over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 3.010%, up 0.001% from yesterday's average of 3.009%. At today's average rate, the monthly principal and interest payment would add up to $555 per $100,000 in mortgage debt. During your entire loan repayment period, you'd pay total interest costs of $33,224 per $100,000 borrowed.

Although the monthly payments are higher on this loan than on the 30-year loan, your total borrowing costs are much less expensive over time. That's because you've shortened the time you pay interest and this loan also comes with a lower rate.

15-year mortgage rates

The average 15-year mortgage rate today is 2.561%, up 0.016% from yesterday's average of 2.545%. A mortgage loan at today's average interest rate would cost you $670 per $100,000 borrowed. Over the life of the loan, you'd pay total interest costs of $20,540 per $100,000 borrowed.

Again, there's a tradeoff for higher monthly payments when you choose a loan with a much shorter term. You'll have to consider whether you'd rather pay more each month to pay less over time and also carefully evaluate whether this loan fits in your budget.

5/1 ARMs

The average 5/1 ARM rate is 3.109%, up 0.067% from yesterday's average of 3.042%. You aren't guaranteed to pay this rate for the life of the loan since this is an adjustable-rate mortgage. Since there's a risk rates could go up, consider whether you'd be comfortable taking the chance of your loan becoming more expensive each month and over time.

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.