CM – Current Mortgage Rates – December 22, 2021: Rate hike on most loans


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by Christy Bieber |

Published on December 22, 2021

Many or all of the products here come from our partners who pay us a commission. This is how we make money. However, our editorial integrity ensures that the opinions of our experts are not influenced by compensation. Conditions may apply to the offers listed on this page.

Are mortgage rates trending up or down today? Take a look at the current average prices to find out.

On December 22, 2021, average mortgage rates on most loans rose. Here are today’s average rates for 30-year, 20-year, and 15-year fixed rate loans, as well as 5/1 adjustable rate mortgages (ARMs).

The average 30-year mortgage rate today is 3.326%, 0.001% more than that yesterday’s average of 3.325%. If you borrow at today’s average rate, your monthly principal and interest payments will be $ 439 for every $ 100,000 borrowed. Your total interest cost over the life of the loan would be $ 58,180 per $ 100,000.

The average 20 year mortgage rate is 3.101% today, an increase of 0.039% from yesterday’s average of 3.062%. A loan at today’s average interest rate would cost you $ 560 a month in principal and interest for every $ 100,000 you borrow. Over the life of the loan, your total interest cost would be $ 34,320 per $ 100,000.

This loan is cheaper than the 30 year mortgage over time, but more expensive each month. Both are explained by the shorter payout time, which reduces the total cost of interest, but requires higher each payment.

The average 15 year mortgage rate is 2.625% today, a decrease of 0.032% from yesterday’s average of 2.657%. Borrowing at today’s average rate would leave you with a monthly principal and interest payment of $ 673 per $ 100,000 mortgage debt. The total interest cost would be $ 21,084 for every $ 100,000 borrowed over the life of the loan.

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With an even shorter repayment term than the 20 year mortgage, the 15 year loan has very high monthly payments, but the total cost over time is extremely low compared to longer term loans.

The average 5 / 1 ARM rate is 2.889%, 0.128% more than yesterday’s average of 2.761%. This tariff is only guaranteed for five years. After that, it can be adjusted once a year. If the financial index to which it is tied shows rising interest rates, your monthly mortgage costs will rise as well as the total mortgage repayment costs. Therefore, an ARM presents a significant risk.

A mortgage lock guarantee you a specific interest rate for a specific period of time – usually 30 days, but you may be able to secure your interest rate for up to 60 days. You generally pay a fee to fix your mortgage interest rate, but that way you are protected in the event that rates go up between now and when you actually close your mortgage.

If you plan on getting your home within the next Closing 30 days, it pays to fix your mortgage rate on today’s interest rates – especially since they are so competitive. However, if your graduation is more than 30 days away, you may want to choose a floating rate lock instead, which typically incurs a higher fee but can save you money in the long run. A floating rate lock can help you get a lower rate on your mortgage if rates fall before you close, and while rates are still quite low today, we don’t know if rates will go up or down in the next few months. So it’s worth it:

To find out what rates are available to you, compare rates from at least three of the best mortgage lenders before you log in.

Chances are, the rates won’t be long will remain at a low of several decades. That’s why it’s important to act today, whether you want to refinance and cut your mortgage payment, or are ready to pull the trigger on a new home purchase.

Ascent’s in-house mortgage expert recommends this company find a low interest rate – and in fact he used it himself (twice!) for refinancing. Click here to learn more and see your price. Although this does not affect our opinion on products, we receive compensation from partners whose offers appear here. We are always by your side. See The Ascent’s full advertiser disclosure here.

Christy Bieber is a personal finance and legal writer with over a decade of experience. Her work has been featured in major media outlets such as MSN Money, CNBC, and USA Today.

We firmly believe in the Golden Rule. As a result, editorial opinions are ours only and have not been previously reviewed, approved or endorsed by included advertisers.
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