Today's Mortgage Rates -- November 8, 2021: Rates Fall Across the Board

Hand piling stacks of coins next to model home with Today's Mortgage Rates graphic.

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Buying a home? Here's what you need to know about how average mortgage rates are trending on Nov. 8, 2021.

On Nov. 8, 2021, average mortgage rates are down for all loans. When rates move up, borrowing for a home loan becomes more expensive. But if rates fall, you may be able to pay less over time for your loan.

Check out how average mortgage rates are trending today to see if now is a good time to get a loan for a home:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.260%
20-year fixed mortgage 2.900%
15-year fixed mortgage 2.480%
5/1 ARM 2.948%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.260%, down 0.013% from Friday's average of 3.273%. A loan at today's average rate would come with a monthly principal and interest payment of $436 per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $56,872 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.900%, down 0.035% from Friday's average of 2.935%. A mortgage loan at today's average interest rate would cost you $550 per $100,000 borrowed. For each $100,000 you borrow at today's average rate, total interest costs would add up to $31,905.

Although more expensive each month than the 30-year loan, the 20-year fixed-rate mortgage is considerably cheaper over time. The lower cost comes from the fact the interest rate is lower and the shortened payoff time means you won't pay interest for as long.

15-year mortgage rates

The average 15-year mortgage rate today is ​​2.480%, down 0.019% from Friday's average of 2.499%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $666. Total interest costs would be $19,853 per $100,000 in mortgage debt over the life of the loan.

This loan is cheapest of the three fixed-rate loans due to the fact the rate is even lower and the repayment time even shorter. Of course, you do have to make considerably higher monthly payments when you're working to become mortgage free in half the time as it would take with a 30-year loan.

5/1 ARMs

The average 5/1 ARM rate is 2.948%, down 0.069% from Friday's average of 3.017%. This rate is locked in for five years and is then adjustable, which means it can move with a financial index. There's a good chance your rate would rise if you opted for this loan now, making both monthly payments and total loan costs higher 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.

Our Research Expert