Today's Mortgage Rates -- October 27, 2021: Rates Up for 30-Year Loan

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

Image source: Getty Images

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Find out average mortgage rates for fixed and adjustable-rate loans on Oct. 27, 2021.

On Oct. 27, 2021, average mortgage rates are up for some loans and down for others. Take a look at today's average rates so you can see how much different loans would cost you if you were to borrow to buy a home today.

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.324%
20-year fixed mortgage 2.970%
15-year fixed mortgage 2.546%
5/1 ARM 2.933%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.324%, up 0.007% from yesterday's average of 3.317%. At today's average rate, the monthly principal and interest payment would add up to $439 per $100,000 in mortgage debt. Total interest costs would add up to $58,140 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 2.970%, up 0.011% from yesterday's average of 2.959%. You'd be looking at a principal and interest payment of $553 per $100,000 borrowed at today's average rate. Total interest costs would be $32,743 per $100,000 in mortgage debt over the life of the loan.

You'll get a lower interest rate with this loan than the 30-year loan and your total mortgage costs will be cheaper, both because of that lower rate and because you won't be paying interest for as long. But, because you are making many fewer payments than with the 30-year loan, each one must be higher.

15-year mortgage rates

The average 15-year mortgage rate today is 2.546%, down 0.007% from yesterday's average of 2.553%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $669 per $100,000 borrowed. You'd be looking at total interest costs of $20,412 per $100,000 in mortgage debt over the life of the loan.

A lower rate and shorter payoff time combine to make this loan an especially affordable option over the long term. With just 15-years of payments, though, you'll end up with considerably higher monthly payments that could be difficult to afford and that could make qualifying for a loan more challenging.

5/1 ARMs

The average 5/1 ARM rate is 2.933%, down 0.113% from yesterday's average of 3.046%. ARM stands for adjustable-rate mortgage. In contrast to the fixed-rate loans mentioned above, there's no guarantee your monthly payment or total costs will remain steady over the life of the loan. Your rate is tied to a financial index and begins adjusting after five years. It could easily go up, making your loan more costly 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.

Our Research Expert