Today's Mortgage Rates -- October 11, 2021: Rates Up for Fixed-Rate Mortgages

Did mortgage rates trend up or down on Oct. 11, 2021? Check out today's average rates for fixed and adjustable-rate mortgages.

On Oct. 11, 2021, average mortgage rates are up for fixed-rate loans. Whether you are considering a fixed-rate or adjustable-rate loan, you can find average mortgage rates here as well as some information on how much different kinds of home loans would cost you.

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.219%, up 0.012% from Friday's average of 3.207%. You'd be looking at a principal and interest payment of $434 per $100,000 borrowed at today's average rate. Over the life of the loan, total interest costs would be $56,062 per $100,000 in mortgage debt.

20-year mortgage rates

The average 20-year mortgage rate today is 2.922%, up 0.008% from Friday's average of 2.914%. For each $100,000 borrowed at today's average rate, your total monthly principal and interest payment would be $32,168. You'd be looking at total interest costs of $551 per $100,000 in mortgage debt over the life of the loan.

Although this loan costs more each month than the 30-year fixed-rate mortgage, it's cheaper over time. That's because reducing the number of payments reduces the time you pay interest, thus lowering total costs. But it means each payment must be higher.

15-year mortgage rates

The average 15-year mortgage rate today is 2.426%, up 0.017% from Friday's average of 2.409%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $663 per $100,000 in mortgage debt. Over the life of the loan, you'd pay total interest costs of $19,396 per $100,000 borrowed.

Monthly payments are higher still with this loan since you're shortening the payoff time even more than with the 20-year loan. However, you'll save a lot of money over the life of the loan by paying off your mortgage so quickly.

5/1 ARMs

The average 5/1 ARM rate is 3.020%, down 0.128% from Friday's average of 3.148%. After five years, this rate could adjust up and your loan could become more expensive both monthly and over time. If you don't want to take the risk of rates rising once your rate begins adjusting, you may prefer a fixed-rate loan option.

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.