Today's Mortgage Rates -- November 29, 2021: Rates Up for Most Loans

If you're hoping to buy a home soon, check out today's average mortgage rates for Nov. 29, 2021.

As November draws to a close, average mortgage rates are up for most loans, but down for the 15-year fixed-rate option. If you are considering purchasing a home soon and want to know how much your loan might cost you, check out today's average mortgage rates for Nov. 29, 2021.

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.345%, up 0.015% from Friday's average of 3.330%. A mortgage loan at today's average interest rate would cost you $440 per $100,000 borrowed. Total interest costs would add up to $58,557 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 3.044%, up 0.002% from Friday's average of 3.042%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $557 per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $33,633 per $100,000 borrowed.

Over time, this loan will cost you less than the 30-year mortgage, but you'll have to pay more each month. That's because you won't pay interest for as long and you'll pay it at a lower rate, but you'll also make many fewer payments, so each one must be larger.

15-year mortgage rates

The average 15-year mortgage rate today is 2.611%, down 0.015% from Friday's average of 2.626%. You'd be looking at a principal and interest payment of $672 per $100,000 borrowed at today's average rate. Your total interest costs over the life of the loan would equal $20,965 per $100,000 borrowed.

This loan is cheaper than the 20-year or 30-year mortgage over time, but the monthly payments are higher than for either loan. Again, when you shorten your payoff time, there's a tradeoff between high monthly payments and low total costs over time.

5/1 ARMs

The average 5/1 ARM rate is 3.029%, up 0.043% from Friday's average of 2.986%. Because this rate is tied to a financial index, it can adjust once per year -- either up or down -- once the five-year introductory rate ends. You could end up with a loan that has higher monthly payments than you started with and that's more expensive over time, so be aware of the risks.

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.