30 Year fixed mortgage Rates Today

By · Bankrate.com

Several benchmark mortgage rates were higher today. The average rates on 30-year fixed and 15-year fixed mortgages both floated higher. The average rate on 5/1 ARMs, the most popular type of variable rate mortgage, also inched up.

Rates for mortgages are in a constant state of flux, but they remain much lower overall than they were before the Great Recession. If you're in the market for a mortgage, it may make sense to go ahead and lock if you see a rate you like. Just make sure you've looked around for the best rate first.

30-year fixed mortgages

The average 30-year fixed mortgage rate is 3.74 percent, up 25 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.34 percent.

At the current average rate, you'll pay $462.55 per month in principal and interest for every $100, 000 you borrow. That's an additional $14.06 per $100, 000 compared to last week.

You can use Bankrate's mortgage calculator to estimate your monthly payments and see what the effects of making extra payments would be. It will also help you calculate how much interest you'll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed mortgage rate is 2.90 percent, up 16 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $686 per $100, 000 borrowed. The bigger payment may be a little tougher to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You'll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

5/1 adjustable-rate mortgages

The average rate on a 5/1 ARM is 3.10 percent, ticking up 6 basis points since the same time last week.

These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be substantially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 3.10 percent would cost about $427 for each $100, 000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan's terms.