Today's Mortgage Rates -- November 10, 2021: Rates Down for Most Loans

Are mortgage rates trending up or down? Find out average mortgage interest rates on Nov. 10, 2021.

Mortgage rates change over time. While your individual rate depends on your financial credentials, average rates also matter. Check out today's average mortgage rates for Nov. 10, 2021 to get a good idea of how rates are trending and what you'd pay to borrow to buy a home.

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.224%, down 0.019% from yesterday's average of 3.243%. For each $100,000 borrowed at today's average rate, your total monthly principal and interest payment would be $434. Your total interest costs over the life of the loan would equal $56,161 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.918%, up 0.041% from yesterday's average of 2.877%. You'd be looking at a principal and interest payment of $551 per $100,000 borrowed at today's average rate. Over the life of the loan, your total interest costs would add up to $32,120 per $100,000 borrowed.

Over time, this loan costs less than the 30-year loan due to the shortened time you owe interest and the lower rate. But by cutting a decade off the payment time, you'll end up having to pay a lot more each month to become debt free on schedule. This isn't always affordable for everyone.

15-year mortgage rates

The average 15-year mortgage rate today is 2.443%, down 0.025% from yesterday's average of 2.468%. At today's average rate, you'd pay $664 per month in principal and interest per $100,000 borrowed. For each $100,000 you borrow at today's average rate, total interest costs would add up to $19,540.

A 15-year mortgage has a low rate and you pay interest for a very short time, so this loan is very affordable over the life of the loan. The shortened payoff time means the loan comes with high monthly payments, though, so it could be harder to qualify for and harder to comfortably fit the monthly payments into your budget during the loan term.

5/1 ARMs

The average 5/1 ARM rate is 2.971%, down 0.007% from yesterday's average of 2.978%. Your rate can adjust after five years with this loan. If rates go up, the monthly costs and total costs rise. Since rates remain near historic lows, there's a good chance rates will eventually rise, so an ARM may not be the best loan option for most borrowers.

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.