Current Mortgage Rates -- November 24, 2021: Rates Up for Most Loans

How much interest will the typical buyer pay for a mortgage? Check out today's average rates to find out.

On Nov. 24, 2021, average mortgage rates are up for most loans. Take a look at today's average rates for fixed-rate and adjustable-rate loans in order to get an idea of what the typical borrower would pay if they took out a loan today to purchase a home.

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.316%, up 0.01% from yesterday's average of 3.306%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $439 per $100,000 in mortgage debt. Your total interest costs over the life of the loan would equal $57,981 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 3.029%, up 0.048% from yesterday's average of 2.981%. For each $100,000 borrowed at today's average rate, your total monthly principal and interest payment would be $556. You'd be looking at total interest costs of $33,452 per $100,000 in mortgage debt over the life of the loan.

A 20-year mortgage provides considerable cost savings over time compared with a 30-year loan. That's because you pay interest for a decade less time and because the rate is lower. But it does cost more each month since you are making so many fewer payments.

15-year mortgage rates

The average 15-year mortgage rate today is 2.591%, down 0.003% from yesterday's average of 2.594%. A mortgage loan at today's average interest rate would cost you $671 per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $20,795 per $100,000 borrowed.

This is an even cheaper loan option over time than the 20-year or 30-year loan and it comes at a very competitive rate. However, when you reduce the payoff time so substantially, you do end up with very high monthly payments that could strain your budget unless you ensure you buy a house you can easily afford.

5/1 ARMs

The average 5/1 ARM rate is 3.030%, up 0.084% from yesterday's average of 2.946%. Your rate is only guaranteed for the first five years. It's tied to a financial index and can adjust once per year after the initial five year period is up. There's a good chance rates could end up rising since they remain very competitive right now, so this loan option is a risky one.

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

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