Today's Mortgage Rates -- October 7: Another Day With Rates Near Record Lows

Mortgage rates remain competitive for Oct. 7, so homebuyers may want to consider locking in.

Mortgage rates have shifted slightly up and down in recent weeks, but have stayed near record lows. Today is no exception. Here's what you need to know about average mortgage rates for Oct. 7.

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

30-year mortgage rates

The average 30-year mortgage rate today is 2.903%, up .004% from yesterday's average rate of 2.899%. At today's average rate, you'd make a principal and interest payment of $416 per $100,000 borrowed and total interest costs over the life of the loan would equal $49,901 per $100,000 in mortgage debt.

Check out The Ascent's mortgage calculator to see what your monthly payment might be and how much your loan will ultimately cost. Also learn how much money you'd save by snagging a lower interest rate, making a larger down payment, or choosing a shorter loan term.

20-year mortgage rates

The average 20-year mortgage rate today is 2.735%, up .004% from yesterday's average rate of 2.731%. At today's average rate, your principal and interest payments would total $541 per $100,000 in mortgage debt and total interest costs would equal $29,942 per $100,000 borrowed over the life of the loan.

The monthly payment is much higher than on a 30-year loan, although rates are slightly lower. This is because of the shorter repayment timeline, which saves you money on total interest costs but requires you to pay more each month.

15-year mortgage rates

The average 15-year mortgage rate today is 2.388%, up .0092% from yesterday's average rate of 2.379%. Monthly principal and interest payments would total $662 if you borrow at today's average rate and you would pay a total of $19,075 in interest for every $100,000 borrowed over the life of the loan.

Just as with the 20-year loan, the 15-year loan comes with higher monthly payments but lower interest costs over time since you won't pay interest for as long but must pay more to retire your debt so quickly.

5/1 ARMs

The average 5/1 ARM rate is 3.486%, up .097% from yesterday's average of 3.389% Because the interest rate is above the rate on a 30-year fixed-rate loan, now is not a good time to secure a 5/1 ARM.

These adjustable-rate loans always present greater risk than fixed-rate mortgages because rates could rise over time, potentially sending payments higher. Taking that risk can make sense if you get an affordable low starting rate that makes an ARM more attractive than a fixed-rate loan, but that's not currently the case.

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

Although rates are likely to be competitive with any lender, there are differences between interest costs and other loan terms from one mortgage provider to another. Check out some of the best mortgage lenders and get rate quotes from at least three before locking in your loan.