Today's Mortgage Rates -- October 15, 2021: 30- and 15-Year Rates Drop

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Knowing what rates look like will help you decide if you should apply for a mortgage or wait.

Mortgage rates are mixed today. While the 30- and 15-year loan came down, the 20-year loan and 5/1 ARM rose. Here's what rates look like on Friday, Oct. 15:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.263%
20-year fixed mortgage 2.925%
15-year fixed mortgage 2.480%
5/1 ARM 3.063%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.263%, down 0.001% from yesterday. At today's rate, you'll pay principal and interest of $436.00 for every $100,000 you borrow. That doesn't include added expenses like property taxes and homeowners insurance premiums.

20-year mortgage rates

The average 20-year mortgage rate today is 2.925%, up 0.007% from yesterday. At today's rate, you'll pay principal and interest of $551.00 for every $100,000 you borrow. Though your monthly payment will go up by $115.00 with a 20-year, $100,000 loan versus a 30-year loan of the same amount, you'll save $24,710.00 in interest over the course of your repayment period for every $100,000 you borrow.

15-year mortgage rates

The average 15-year mortgage rate today is 2.480%, down 0.013% from yesterday. At today's rate, you'll pay principal and interest of $666.00 for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $230.00 higher per $100,000 in mortgage principal. Your interest savings, however, will amount to $37,064.00 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 3.063%, up 0.095% from yesterday. A 5/1 ARM will give you lower monthly mortgage payments than a 30-year fixed loan based on today's rates. But after five years, your rate could climb, making those payments more expensive. If you want the guarantee of having the same interest rate on your mortgage throughout your loan's repayment period, then you'll need to lock in a fixed-rate loan.

Should I lock in my mortgage rate now?

A mortgage rate lock guarantees you a specific interest rate for a certain 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 if rates climb between now and when you close on your home loan.

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 very attractive, historically speaking. 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 loan if rates fall before you close on your mortgage. While today's rates are pretty 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

If you're ready to get a mortgage, be sure to contact a number of different lenders to see what rates they offer you. Keep in mind that the higher your credit score at the time of your application, the more likely you'll be to snag a competitive interest rate on your home loan. If you're not happy with your score, paying off some credit card debt and correcting errors on your credit report could be your ticket to boosting it quickly.

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