Best 30 Yr fixed mortgage Rates

Multiple benchmark mortgage rates trended upward today. The average rates on 30-year fixed and 15-year fixed mortgages both floated higher. Meanwhile, the average rate on 5/1 ARMs also advanced.

Rates for mortgages change daily, but they continue to represent a bargain compared to 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 make sure you've looked around for the best rate first.

30-year fixed mortgages

The average 30-year-fixed mortgage rate is 3.49%, up 4 basis points since the same time last week. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.40%.

At the current average rate, you'll pay principal and interest of $448.49 for every $100, 000 you borrow. That's an additional $2.23 per $100, 000 compared to last week.

You can use Bankrate's mortgage calculator to get a handle on what your monthly payments would be and see the effect of 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 2.77%, up 7 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $680 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 3.03%, rising 2 basis points over the last 7 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 3.03% would cost about $423 for each $100, 000 borrowed over the initial 5 years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.