Today's Mortgage Rates -- September 24, 2021: Rates Tick Up

Are mortgage rates affordable for home buyers? Check out average mortgage rates on Sept. 24 to find out.

Average mortgage rates are up for all loans to close out the week. If you are in the process of buying a home, check out average mortgage rates for fixed- and adjustable-rate loans so you can see which home loan may make sense for you.

Here's what they look like on Friday, Sept. 24:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.110%, up 0.013% from yesterday's average of 3.097%. If you borrow at today's average rate, your monthly principal and interest payment would be $428 per $100,000 borrowed. Total interest costs would add up to $53,922 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 2.723%, up 0.009% from yesterday's average of 2.714%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $541 per $100,000 in mortgage debt. Your total interest costs over the life of the loan would equal $29,800 per $100,000 borrowed.

This loan has higher monthly payments than the 30-year loan even though the rate is lower. You'll need to make these higher monthly payments due to the short payoff time. Your total loan costs over time will be lower though, since you don't pay interest for as long.

15-year mortgage rates

The average 15-year mortgage rate today is 2.357%, up 0.003% from yesterday's average of 2.354%. A loan at today's average rate would cost you $660 per month in principal and interest for each $100,000 you borrow. Over the life of the loan, your total interest costs would add up to $18,814 per $100,000 borrowed.

An even shorter payoff time makes the 15-year loan considerably more expensive each month. However, you'll be debt free quickly and your total borrowing costs over time will be very affordable.

5/1 ARMs

The average 5/1 ARM rate is 2.967%, up 0.009% from yesterday's average of 2.958%. This rate is adjustable and can change once per year beginning after the first five years. That means it could go up, making your loan more expensive. Decide if taking this risk is worth it or if you'd be better off with a fixed-rate loan.

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.