30 Year fixed rate mortgage Rates

Multiple key mortgage rates ticked up today. The average rates on 30-year fixed and 15-year fixed mortgages both floated higher. On the variable-mortgage side, the average rate on 5/1 ARMs also ticked up.

Mortgage rates are in a constant state of flux, but they continue to represent a bargain compared with rates before the Great Recession. If you're in the market for a mortgage, it may make sense to lock if you see a rate you like. Just don't do so without shopping around first.

30-year fixed mortgages

The average 30-year-fixed mortgage rate is 3.57 percent, up 8 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.40 percent.

At the current average rate, you'll pay $452.96 per month in principal and interest for every $100, 000 you borrow. That's an additional $4.47 per $100, 000 compared with last week.

You can use Bankrate's mortgage calculator to figure out your monthly payments and find out how much you'll save by adding extra payments. 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 2.86 percent, up 17 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $684 per $100, 000 borrowed. That may squeeze your monthly budget more than a 30-year mortgage would, but it comes with some big advantages: You'll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.

5/1 adjustable-rate mortgages

The average rate on a 5/1 ARM is 3.05 percent, ticking up 6 basis points over the last seven days.

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 3.05 percent would cost about $424 for each $100, 000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan's terms.