Today's Mortgage Rates -- October 25, 2021: Rates Up for All Loans

Did mortgage rates go up or down on Oct. 25, 2021? Find out here.

On Oct. 25, 2021, mortgage rates increased for all loans. Check out today's average mortgage rates for 30-year, 20-year, and 15-year fixed-rate loans as well as for an adjustable-rate mortgage so you can decide if it's a good time to apply for a home loan.

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.310%, up 0.014% from Friday's average of 3.296%. If you borrow at today's average rate, your monthly principal and interest payment would be $439 per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $57,862 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.954%, up 0.006% from Friday's average of 2.948%. A loan at today's average rate would cost you $552 per month in principal and interest for each $100,000 you borrow. Your total interest costs over the life of the loan would equal $32,551 per $100,000 borrowed.

As you can see, you will have a higher payment if you choose this loan over the 30-year loan. You may decide it's worth it, though, since your total costs are a lot lower over time. When you shorten your payoff time, you must pay more with each payment. But by paying interest for less time, you save in the long run.

15-year mortgage rates

The average 15-year mortgage rate today is 2.555%, up 0.002% from Friday's average of 2.553%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $669 per $100,000 in mortgage debt. Total interest costs would be $20,489 per $100,000 in mortgage debt over the life of the loan.

You'll end up saving even more over time with the 15-year loan because of the very short payoff time. Of course, when you make so few payments, each one must be very high. Make sure you're comfortable with the costs in your budget before you decide this loan is right for you.

5/1 ARMs

The average 5/1 ARM rate is 3.148%, up 0.197% from Friday's average of 2.951%. ARM stands for adjustable-rate mortgage. This type of loan comes with rates tied to a financial index. Your initial rate is guaranteed only for the first five years and can change afterward. Your rate could go up, and you could end up with a loan that costs more 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.