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Mortgage rates remain low as we approach mid-December. Here’s what they look like today:

Mortgage type

Interest rate of the day

30-year fixed mortgage


20-year fixed mortgage


15-year fixed mortgage


5/1 ARM


The data source: The Ascent National Mortgage Interest Rate Tracker.

30-year mortgage rates

The average 30 year mortgage rate today is 2.797%, up 0.001% from yesterday. At today’s rate, you’ll pay principal and interest of $ 410.68 for every $ 100,000 you borrow. This does not include additional expenses like property taxes and home insurance premiums.

Discover The Ascent’s mortgage calculator to see what your monthly payment could be and how much your loan will ultimately cost. Also, find out how much money you would save by saving a lower interest rate, making a larger down payment, or choosing a shorter loan term.

20-year mortgage rates

The average 20-year mortgage rate today is 2.630%, up 0.021% from yesterday. At today’s rate, you’ll pay principal and interest of $ 536.16 for every $ 100,000 you borrow. Although your monthly payment increases by $ 125.48 with a 20-year loan of $ 100,000 compared to a 30-year loan of the same amount, you will save $ 19,167.20 in interest over your repayment period for every $ 100,000 you borrow.

15-year mortgage rates

The average 15-year mortgage rate today is 2.277%, down 0.004% from yesterday. At today’s rate, you’ll pay principal and interest of $ 656.48 for every $ 100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $ 245.80 higher for every $ 100,000 of mortgage principal. However, your interest savings will amount to $ 29,678.84 over the duration of your repayment period per $ 100,000 of mortgage debt.

5/1 arm

The average ARM rate 5/1 is 3.448%, down 0.092% from yesterday. This means that you will lock in today’s rate for five years, but beyond that point your rate will adjust once a year, up or down. Normally, an adjustable rate mortgage can be profitable if it offers a lower rate than a fixed loan initially, but like this is not the case today, the ARM 5/1 does not. hardly makes sense.

Should I lock in my mortgage rate now?

A mortgage rate freeze guarantees you a specific interest rate for a certain period of time – typically 30 days, but you may be able to guarantee your rate for up to 60 days. You’ll usually pay a fee to lock in your mortgage rate, but that way you’re protected if rates go up by the time your mortgage closes.

If you plan to close your home in the next 30 days, it pays to lock in your mortgage rate based on today’s rates, especially since they are still quite low. But if your close is more than 30 days away, you might want to choose an adjustable rate lock instead for what will usually be a higher fee, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your loan if rates drop before your mortgage closes, and while rates today are still very competitive, we don’t know if the rates go down. will increase or decrease over the next few months. As such, it is beneficial to:

  • LOCK if closing 7 days
  • LOCK if closing 15 days
  • LOCK if closing 30 days
  • FLOAT if closing 45 days
  • FLOAT if closing 60 days

If you are ready to apply for a mortgage, collect offers from several lenders to see which one can offer you the best deal. In addition to the prices, pay attention to closing costs, which are the different fees that you will have to pay to finalize your mortgage. Your goal should be to come away with the best all-in deal.

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