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Current Mortgage Rates — November 6: Rates Holding Steady

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Mortgage rates on Friday Nov. 6 are extremely competitive, and remain well below historical averages for another day. While a 30-year mortgage rate below 3.00% was once unheard of, the average rate remains well below that threshold, and interest rates on 15-year and 20-year fixed-rate loans are also very low relative to past averages.

Here's what you need to know about today's mortgage rates.

Mortgage Type Today's Interest Rate
30-year fixed mortgage 2.872%
20-year fixed mortgage 2.732%
15-year fixed mortgage 2.418%
5/1 ARM 3.356%

DATA SOURCE: THE ASCENT'S NATIONAL MORTGAGE INTEREST RATE TRACKING.

30-year mortgage rates

The average 30-year mortgage rate today is 2.872%, down .005% from yesterday's average rate of 2.877%. If you qualify for a loan at today's average rates, your total monthly principal and interest payments would be $415 per $100,000 borrowed. Total interest costs would be $49,304 per $100,000 borrowed over the life of your loan.

Check out The Ascent's mortgage calculator to see what your monthly payment might be and how much your loan will ultimately cost. Also learn how much money you'd save by snagging 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 2.732%, up .002% from yesterday's average rate of 2.730%. At today's average rate, you would pay $541 in principal and interest per $100,000 borrowed. Total interest costs would be $29,907 per $100,000 in mortgage debt over the life of the loan.

A 20-year fixed-rate mortgage comes with higher monthly payments than a 30-year loan because of the shortened repayment timeline, even though the average interest rate is lower. Your total interest costs are far lower, though, since you pay interest for a decade less.

15-year mortgage rates

The average 15-year mortgage rate today is 2.418%, down .006% from yesterday's average rate of 2.424%. Total principal and interest costs add up to a monthly payment of $663 per $100,000 borrowed and you'd pay $19,328 in interest per $100,000 borrowed over the life of the loan.

The repayment timeline on a 15-year loan is even shorter, so you will face a higher monthly payment but lower total interest costs than either the 30-year or 20-year option. The lower average interest rate means you'd save even more if you chose this option.

5/1 ARMs

The average 5/1 ARM rate is 3.356%, down .12% from yesterday's average rate of 3.476%. With the starting interest rate higher than on a 30-year loan, there is no benefit to choosing an ARM. Since interest rates on fixed loans are currently at record lows you would pay more for your mortgage now and your rates will likely adjust upward after the initial five-year period for which they are locked in.

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, though 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

Before locking in, you should get rate quotes from at least three of the best mortgage lenders to ensure you're getting a loan at the most competitive possible rate.

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