Slightly lower rates for most loans

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Mortgage rates have gone up. Has this trend continued?

On February 21, 2022, average mortgage rates fell slightly for most loans, with the exception of the 15-year fixed rate mortgage. Despite a slight drop today, rates have recently risen. But the good news is that, by historical standards, home loans remain affordable.

Check out today’s average mortgage rates for fixed and adjustable rate loans to see how much the typical borrower would pay for a home loan now:

Type of mortgage

Today’s interest rate

30-year fixed mortgage


20-year fixed mortgage


15-year fixed mortgage


ARM 5/1


The data source:class=”little-legend”> The National Mortgage Interest Rate Tracker from The Ascentclass=”little-legend”>.class=”little-legend”>

30-year mortgage rates

The average 30-year mortgage rate today is 4.151%, down 0.001% from Friday’s average of 4.152%. A loan at today’s average rate would come with a monthly principal and interest payment of $486 for every $100,000 borrowed. Over the life of the loan, your total interest costs would be $75,018 for every $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 3.788%, down 0.003% from Friday’s average of 3.791%. If you borrow at today’s average rate, your monthly principal and interest payment would be $595 for every $100,000 borrowed. Your total interest costs over the life of the loan would equal $42,768 for every $100,000 borrowed.

With its shorter repayment time, a 20-year mortgage will cost less over the life of the loan than a 30-year mortgage. The lower interest rate also helps reduce its costs. But since you’re making payments for a decade less, each monthly payment must be higher.

15-year mortgage rates

The average 15-year mortgage rate today is 3.355%, up 0.01% from Friday’s average of 3.345%. For every $100,000 borrowed at today’s average rate, your monthly principal and interest payment would be $708. You would have total interest costs of $27,401 per $100,000 of mortgage debt over the life of the loan.

This loan comes with very high monthly payments due to its short repayment term. But it is cheaper over time than the 30-year or 20-year loan because its low rate and the limited interest payment period considerably reduce the cost of borrowing. It is important to weigh the trade-off between low monthly payments and high total loan costs and vice versa.

RMA 5/1

The average ARM 5/1 rate is 3.312%, down 0.015% from Friday’s average of 3.327%. As this is an adjustable rate mortgage, your loan rate will only be locked in for the first five years. It can grow later, leaving you with a loan that costs more each month and over time.

Should I lock in my mortgage rate now?

A mortgage rate lock guarantees you a certain interest rate for a set period of time – usually 30 days, but you may be able to guarantee your rate for up to 60 days. You’ll usually pay a fee to lock in your mortgage rate, but that way you’re protected if rates go up between now and when you close out your mortgage.

If you plan to close on your home in the next 30 days, it pays to lock in your mortgage rate based on today’s rates, especially since they’re still relatively competitive. historically speaking. But if your close is more than 30 days away, you might want to choose a variable rate lock instead for what will usually be higher fees, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your mortgage if rates drop before you close, 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 for:

  • LOCK if closing 7 days
  • LOCK if closing 15 days
  • LOCK if closing 30 days
  • FLOAT if closing 45 days
  • FLOAT if closing 60 days

To find out what rates are available to you, compare the rates of at least three of the best mortgage lenders before committing.

A Historic Opportunity to Save Potentially Thousands of Dollars on Your Mortgage

Chances are, interest rates won’t stay at multi-decade lows much longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger on buying a new home.

Ascent’s in-house mortgage expert recommends this company find a low rate – and in fact, he’s used them himself to refi (twice!). Click here to learn more and see your rate. While this does not influence our product opinions, we do receive compensation from partners whose offers appear here. We are by your side, always. See The Ascent’s full announcer disclosure here.

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