Here’s what mortgage rates look like today. Are you ready to apply for a home loan?
Mortgage rates today are a little higher than they were yesterday. This is what they look like:
The data source: The Ascent National Mortgage Interest Rate Tracker.
30-year mortgage rates
The 30-year average mortgage rate today stands at 3.167%, up 0.015% from yesterday. At the current rate, you will pay principal and interest of $ 430.72 for every $ 100,000 borrowed. This does not include additional expenses like property taxes and home insurance premiums.
20-year mortgage rates
The 20-year average mortgage rate today stands at 2.827%, up 0.014% from yesterday. At the current rate, you will pay principal and interest of $ 546.23 for every $ 100,000 borrowed. Although your monthly payment increases by $ 115.51 with a 20-year loan and $ 100,000 compared to a 30-year loan of the same amount, you will save $ 23,964.63 in interest over your repayment period for every 100,000. $ borrowed.
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15-year mortgage rates
The 15-year average mortgage rate today stands at 2.447%, up 0.008% from yesterday. At the current rate, you will pay principal and interest of $ 664.34 for every $ 100,000 borrowed. Compared to the 30 year loan, your monthly payment will be $ 233.62 higher for every $ 100,000 of mortgage principal. However, your interest savings will amount to $ 35,476.33 over the duration of your repayment period per $ 100,000 of mortgage debt.
5/1 ARM
The average ARM 5/1 rate is 2.930%, up 0.065% from yesterday. With an ARM 5/1, you lock in your initial interest rate for five years, but beyond that point your rate may adjust once a year – up or down, depending on the conditions of the market. Based on current rates, you’ll save money on your mortgage for at least five years with an ARM 5/1 compared to a 30-year loan, but make sure you understand the risk you’re taking – that your rate could possibly. climb, making your monthly payment much higher.
Should I lock in my mortgage rate now?
A mortgage rate freeze guarantees you a specific interest rate for a certain period of time – typically 30 days, but you may be able to guarantee your rate for 60 days. You will usually pay a fee to lock in your mortgage rate, but this way you are protected if rates go up between now and when you close your mortgage.
If you plan to close your home in the next 30 days, it pays to lock in your mortgage rate based on current rates, especially since they are still quite low. But if your close is more than 30 days away, you might want to choose an adjustable rate lock instead for what will usually be a higher fee, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your loan if rates drop before your mortgage closes, and while current rates are still competitive, we don’t know whether rates will go up or down over the course. the next few months. As such, it is beneficial to:
- LOCK in case of closure 7 days
- LOCK in case of closure 15 days
- LOCK in case of closure 30 days
- FLOAT in case of closure 45 days
- FLOAT in case of closure 60 days
Although mortgage rates are higher today than they were a month ago, they are still quite low on a historical basis. And if you have a good credit score – one in the mid-700s or better – and a low debt-to-income ratio, you’re more likely to get a good deal on a home loan. If you are ready to apply for a mortgage, be sure to collect offers from a few different lenders. You may find that one lender offers a lower interest rate or closing costs than another, giving you the opportunity for significant savings.
