Current Mortgage Rates – October 26: Rates Rise Gradually as October Comes to an End

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Type of mortgage Today’s interest rate
30-year fixed mortgage 2.887%
20-year fixed mortgage 2.727%
15-year fixed mortgage 2.415%
ARM 5/1 3.491%

30-year mortgage rates

The average 30-year mortgage rate today is 2.887%, up 0.005% from Friday’s average rate of 2.882%. At today’s average rate, your monthly payment for principal and interest would total $416 for every $100,000 borrowed. Over the life of the loan, total interest costs would be $49,592 per $100,000 of mortgage debt borrowed.

Check out The Ascent’s mortgage calculator to see what your monthly payment could be and how much your loan will ultimately cost. Also find out how much money you would save by getting a lower interest rate, paying a larger down payment, or choosing a shorter loan term.

20-year mortgage rates

The average 20-year mortgage rate today is 2.727%, up 0.014% from last Friday’s average of 2.713%. For every $100,000 you borrow at today’s average rate, you would have a monthly principal and interest payment of $541. Over the entire repayment period of your loan, the total interest costs would be $29,847 for every $100,000 borrowed.

You’ll pay a lower average interest rate for a 20-year fixed rate mortgage than for a 30-year mortgage, but your monthly payments are still higher due to the accelerated repayment term. When you pay off your loan a decade earlier, you save a lot on interest, but pay more each month.

15-year mortgage rates

The average 15-year mortgage rate today is 2.415%, up 0.009% from last Friday’s average of 2.406%. At today’s average rate, your monthly payment would equal $663 for principal and interest per $100,000 borrowed. You would pay $19,303 in total interest for every $100,000 of mortgage debt over the term of your loan.

While the interest rate on a 15 year loan is even lower than on a 30 or 20 year loan, the monthly payments are even higher due to the fact that you are taking another five years off your debt repayment schedule. debt. Of course, you save significantly on total interest over the life of the loan by paying off your mortgage so quickly.

RMA 5/1

The average ARM 5/1 rate is 3.491%, up 0.043% from last Friday’s average of 3.448%. This initial rate is only guaranteed for the first five years following the loan, after which your rate can adjust up (or down) once a year.

Traditionally, ARMs have made sense for borrowers because they have a lower starting rate than fixed-rate options, so borrowers looking for the lowest possible interest rate are willing to bet on rates that do not increase. It makes no sense to do this when you can get a fixed rate loan at a lower rate – especially since the rates would almost certainly adjust upwards after five years due to the fact that they are close to record lows right now.

Should I lock in my mortgage rate now?

A mortgage rate lock guarantees you a certain interest rate for a specified period of time – usually 30 days, although 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’re planning on closing your home in the next 30 days, it pays to lock in your mortgage rate based on today’s rates, especially since they’re so competitive. 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

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


The Ascent team partners with market-leading data provider Optimal Blue to track the seven-day average of daily mortgage rates real borrowers are locking in nationwide. Learn more about our mortgage rate tracking methodology.

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