Today's Mortgage Rates -- September 6, 2021: Rates Down for Most Loans

Did mortgage rates go up or down today? Find out here.

On Sept. 6, 2021, average mortgage rates are down for all loans except the 15-year fixed-rate mortgage. If you are considering purchasing a home, check out today's average rates to see what you might pay with a fixed-rate or adjustable-rate mortgage:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.079%, down 0.001% from Friday's average of 3.080%. A mortgage loan at today's average interest rate would cost you $426 per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $53,316 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 2.805%, down 0.002% from Friday's average of 2.807%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $545. Total interest costs would add up to $30,773 per $100,000 borrowed over the life of the loan.

As you can see, you'll save money over time with the 20-year loan compared to the 30-year loan. If you reduce the time you pay interest, this naturally results in saving. However, you will end up with higher monthly payments when you cut 10 years off your repayment time since you make so many fewer payments.

15-year mortgage rates

The average 15-year mortgage rate today is ​​2.338%, up 0.010% from Friday's average of 2.328%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $659 per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $18,654 per $100,000 borrowed.

The amount you save over time is even greater with the 15-year loan, not just because of the shorter payoff time but also because the interest rate is much lower. But with the lower rate again comes much higher monthly payments due to such a short payoff timeline.

5/1 ARMs

The average 5/1 ARM rate is 3.070%, down 0.044% from Friday's average of 3.114%. Since this is an adjustable-rate mortgage, your rate is guaranteed only for the first five years. After that, it will adjust with a financial index. It could go up, which could leave you paying more each month and over time.

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.