Rates rise for fixed rate mortgages


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Mortgage rates can change over time. Here are today’s average mortgage rates as of the February close.

On February 28, 2022, average mortgage rates are up for fixed rate loan options. Rates differ depending on prevailing economic conditions, and different types of loans have different average rates. Check out today’s averages for 30-year, 20-year, and 15-year fixed rate loans as well as a 5/1 ARM.

Type of mortgage

Today’s interest rate

30-year fixed mortgage


20-year fixed mortgage


15-year fixed mortgage


ARM 5/1


The data source:class=”little-legend”> The National Mortgage Interest Rate Tracker from The Ascentclass=”little-legend”>.class=”little-legend”>

30-year mortgage rates

The average 30-year mortgage rate today is 4.181%, up 0.017% from Friday’s average of 4.164%. Borrowing at today’s average rate would leave you with a monthly principal and interest payment of $488 per $100,000 of mortgage debt. Total interest costs would be $75,647 per $100,000 borrowed at the current average rate.

20-year mortgage rates

The average 20-year mortgage rate today is 3.900%, up 0.04% from Friday’s average of 3.860%. A mortgage at today’s average interest rate would cost you $601 for every $100,000 borrowed. Over the life of the loan, your total interest costs would be $44,174 for every $100,000 borrowed.

If your priority is to pay the lowest amount over time, a loan with a shorter repayment period is a good choice. The 20-year loan, for example, has lower lifetime costs compared to the 30-year loan, because you don’t pay interest for as long and because shorter-term loans tend to charge lower rates. . However, a shorter repayment term means that higher monthly payments are needed to fully repay your loan on time.

15-year mortgage rates

The average 15-year mortgage rate today is 3.414%, up 0.015% from Friday’s average of 3.399%. For every $100,000 borrowed at today’s average rate, your monthly principal and interest payment would total $711. Throughout the repayment period of your loan, you will pay total interest costs of $27,920 for every $100,000 borrowed.

With this loan you pay off your debt much faster than with the 30 or 20 year mortgage, so the total costs are considerably lower. Because the time frame is so short, however, the monthly payments are much higher and this loan can be cost prohibitive for many.

RMA 5/1

The average ARM 5/1 rate is 3.347%, down 0.063% from Friday’s average of 3.410%. ARM stands for variable rate mortgage, so you can’t count on that rate for the duration of your loan repayment. Your rate begins to adjust after five years and could easily end up increasing, making your monthly payments and total costs more expensive.

Should I lock in my mortgage rate now?

A mortgage rate lock guarantees you a certain interest rate for a set period of time – usually 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 between now and when you close out your mortgage.

If you plan to close on your home in the next 30 days, it pays to lock in your mortgage rate based on today’s rates, especially since they’re still quite competitive, historically speaking. But if your close is more than 30 days away, you might want to choose a variable rate lock instead for what will usually be higher fees, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your mortgage if rates drop before you close, 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 for:

  • 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

To find out what rates are available to you, compare the rates of at least three of the best mortgage lenders before committing.

A Historic Opportunity to Save Potentially Thousands of Dollars on Your Mortgage

Chances are, interest rates won’t stay at multi-decade lows much longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger on buying a new home.

Ascent’s in-house mortgage expert recommends this company find a low rate – and in fact, he’s used them himself to refi (twice!). Click here to learn more and see your rate. While this does not influence our product opinions, we do receive compensation from partners whose offers appear here. We are by your side, always. See The Ascent’s full announcer disclosure here.


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