Today's Mortgage Rates -- October 13, 2021: Rates Up for Most Loans

Buying a home? See how average mortgage rates are trending on Oct. 13, 2021.

National average trends in mortgage rates can impact how much you pay for a home loan. Check out today's average mortgage rates for Oct. 13, 2021 to see whether rates are competitive right now. This can help you decide if it's a good time to apply for a mortgage.

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.257%, up 0.022% from yesterday's average of 3.235%. A mortgage loan at today's average interest rate would cost you $436 per $100,000 borrowed. Over the life of the loan, total interest costs would be $56,813 per $100,000 in mortgage debt.

20-year mortgage rates

The average 20-year mortgage rate today is 2.912%, unchanged from yesterday's average. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $550 per $100,000 borrowed. The total costs of interest would add up to $32,049 per $100,000 borrowed at today's average rate.

Although you save money over time with this loan compared with the 30-year loan, each monthly payment is more expensive. That's because of the shortened payoff time. When you pay your loan off more quickly, you save because you don't pay interest for as long but each monthly payment must be higher.

15-year mortgage rates

The average 15-year mortgage rate today is 2.470%, up 0.038% from yesterday's average of 2.432%. You'd be looking at a principal and interest payment of $665 per $100,000 borrowed at today's average rate. Your total interest costs over the life of the loan would equal $19,768 per $100,000 borrowed.

This loan allows you to pay your home off even more quickly than the 20-year loan. Of course, this means the interest savings is greater but so are the monthly payments. Think carefully about whether the high payments are affordable and whether the opportunity cost of committing so much to a monthly mortgage payment is worth the interest saved over time.

5/1 ARMs

The average 5/1 ARM rate is 3.082%, up 0.073% from yesterday's average of 3.009%. After five years, this rate can begin adjusting -- unlike with a fixed-rate loan that's locked in for the life of the loan. Because rates are relatively low right now, there's a good chance you could end up with a higher rate. That would make loan payments and total interest costs more expensive.

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.