Some rates have risen, some have dropped, and some have remained unchanged.

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Mortgage loan rates a little over the place today compared to where they sat yesterday. This is what they look like on July 13, 2021:

Data source: National Ascent Mortgage Interest Rate Tracking

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30 year mortgage rate

Average 30 year mortgage rate today is 3.086%, unchanged from yesterday. At today’s rate, you will pay $ 426.00 in principal and interest for every $ 100,000 you borrowed. This does not include additional costs such as property taxes and homeowner insurance premiums.

Mortgage rates for 20 years

Average 20 year mortgage rate today is 2.862%, which is 0.024% lower than yesterday. At today’s rate, you will pay $ 547.00 in principal and interest for every $ 100,000 you borrowed. Although your monthly payment will increase by $ 121.00 on a 20-year loan of $ 100,000 compared to a 30-year loan of the same amount, you will save $ 22,033 in interest over the repayment period for every $ 100,000. which you borrowed.

Mortgage rates for 15 years

Average 15 year mortgage rate today is 2.397%, which is 0.011% more than yesterday. At today’s rate, you will pay $ 662.00 in principal and interest for every $ 100,000 you borrowed. Compared to a 30-year loan, your monthly payment will be $ 236.00 more for every $ 100,000 of your mortgage principal. However, your interest savings will be $ 34,236 during the repayment period for every $ 100,000 in mortgage debt.

5/1 ARM

Average 5/1 speed ARM is 2.936%, which is 0.071% more than yesterday. If you take 5/1 ARM today, you get a lower monthly mortgage payment compared to what a 30-year fixed mortgage gives you. But you will only be guaranteed the rate for five years, after which it can rise – just like your mortgage payments. If you can change the higher monthly payments that will be paid with a 20-year mortgage, you will lock in a lower home loan interest rate that will remain in effect until the end of the repayment period.

Should I lock in my mortgage rate now?

Locking a mortgage rate guarantees you a specific interest rate for a specific period of time – usually 30 days, but you can keep your rate for up to 60 days. You usually pay a commission to lock in your mortgage rate, but this way you are protected if rates rise between now and when your mortgage is closed.

If you are planning to close your home in the next 30 days, then it is worth fixing your mortgage rate based on today’s rates – especially since they are very attractive from a historical point of view. But if there are more than 30 days left before your close, you can opt for a floating rate lock instead of what would normally be a higher fee, but which could save you money in the long run. A floating rate lock allows you to secure a lower loan rate if rates fall before you close your mortgage. Although today’s rates are pretty low, we don’t know if they will go up or down over the next few months. Thus, it is beneficial:

  • LOCK if closing 7 days
  • LOCK if closing fifteen days
  • LOCK if closing thirty days
  • TO SWIM if closing 45 days
  • TO SWIM when closing after 60 days

If you are ready to apply for a mortgage, contact different creditors to see what rates they are willing to give you. It may be that one lender may offer a lower rate than another, or that the closing costs of one lender are more competitive. Comparing offers is a great way to check if you are retiring with a great deal or not.

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