Today's Mortgage Rates -- September 30, 2021: Rates Are Up

by Maurie Backman | Published on Sept. 30, 2021

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Large, modern-style home with Today's Mortgage Rates graphic.

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Here's what mortgage rates look like as we close out September.

Mortgage rates have risen to close out the month. Here's what they look like on Sept. 30, 2021:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.199%
20-year fixed mortgage 2.870%
15-year fixed mortgage 2.415%
5/1 ARM 3.195%

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.199%, up 0.031% from yesterday. At today's rate, you'll pay principal and interest of $433.00 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 2.870%, up 0.065% from yesterday. At today's rate, you'll pay principal and interest of $548.00 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 $24,243.00 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 2.415%, up 0.034% from yesterday. At today's rate, you'll pay principal and interest of $663.00 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 $36,488.00 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 3.195%, up 0.063% from yesterday. With a 5/1 ARM, you're only guaranteed your initial interest rate for five years. From there, your rate could climb over time. Since you can lock in a fixed 30-year loan at practically the same rate as a 5/1 ARM right now, the former makes a lot more sense. That way, you won't have to worry about your rate rising.

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 looking to apply for a mortgage, get in touch with a few different lenders to see what rates they offer you. And don't forget to look at closing costs, too. It may be that one lender is more competitive rate-wise but charges higher fees to finalize a mortgage, so you'll need all of the details to make the right choice.

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