Today's Mortgage Rates -- February 12, 2021: Rates Down for Some Loans, Up for Others

Thinking about borrowing to buy a house? Here's what happened to mortgage rates on Feb. 12, 2021.

On Feb. 12, 2021, mortgage rates moved down for some loans and up for others. Rates have been consistently hovering near record lows in recent months, and these rates are no exception even with mixed results. If you're thinking about buying a home, you have an excellent chance to lock in a loan at a low rate. Find out about average mortgage rates today to learn more.

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

30-year mortgage rates

The average 30-year mortgage rate today is 2.827%, down 0.004% from yesterday's average of 2.831%. For each $100,000 borrowed at today's average rate, your total monthly principal and interest payment would be $412. Total interest costs would add up to $48,139 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 2.560%, down 0.007% from yesterday's average of 2.567%. At today's average rate, you'd pay $553 per month in principal and interest per $100,000 borrowed. The total costs of interest would add up to $27,879 per $100,000 borrowed.

Choosing a 20-year mortgage means accepting higher monthly payments than with the 30-year loan, in exchange for considerable interest savings over time. You'll need to decide if this is worth it, and if you have the flexibility in your budget to accommodate the higher monthly payments.

15-year mortgage rates

The average 15-year mortgage rate today is 2.229%, up 0.013% from yesterday's average of 2.216%. A mortgage loan at today's average interest rate would cost you $654 per $100,000 borrowed. You'd be looking at total interest costs of $17,739 per $100,000 in mortgage debt over the life of the loan.

Just as with a 20-year mortgage, a 15-year mortgage comes with higher payments each month compared with other loan options that have a longer repayment timeline. But since your repayment timeline is so short with this loan, the interest savings over time is considerable.

5/1 ARMs

The average 5/1 ARM rate is 3.264%, up 0.028% from yesterday's average of 3.236%. An ARM isn't the ideal loan option right now due to the fact that rates will begin adjusting after five years. Since they're currently so low, they'll probably adjust upward. And with a starting rate already higher than the 30-year loan, you'll almost inevitably end up spending more in total interest costs and face higher monthly payments with this loan compared with fixed-rate alternatives.

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.