Current Mortgage Rates — November 10, 2020: Rates Remain Low Post-Election

Large, well-kept suburban home with Today's Mortgage Rates graphic.

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Mortgage rates remain low following the results of the big presidential election. This is what they look like today:

Mortgage Type

Today’s Interest Rate

30-year fixed mortgage

2.869%

20-year fixed mortgage

2.753%

15-year fixed mortgage

2.396%

5/1 ARM

3.483%

Data source: The Ascent’s national mortgage interest rate tracking.

30-year mortgage rates

The average 30-year mortgage rate today is 2.869%, up 0.005% from yesterday. At today’s rate, you’ll pay principal and interest of $414.52 for every $100,000 you borrow. That doesn’t include added expenses like property taxes and homeowners insurance premiums.

Check out The Ascent’s mortgage calculator to see what your monthly payment might be and how much your loan will ultimately cost. Also learn how much money you’d save by snagging a lower interest rate, making a larger down payment, or choosing a shorter loan term.

20-year mortgage rates

The average 20-year mortgage rate today is 2.753%, up 0.025% from yesterday. At today’s rate, you’ll pay principal and interest of $542.07 for every $100,000 you borrow. Though your monthly payment will go up by $127.55 with a 20-year, $100,000 loan versus a 30-year loan of the same amount, you’ll save $19,130.43 in interest over the course of your repayment period for every $100,000 you borrow.

15-year mortgage rates

The average 15-year mortgage rate today is 2.396%, up 0.006% from yesterday. At today’s rate, you’ll pay principal and interest of $662.09 for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $248.06 higher per $100,000 in mortgage principal. Your interest savings, however, will amount to $30,049.81 over the life of your repayment period per $100,000 of mortgage debt.

5/1 ARMs

The average 5/1 ARM rate is 3.483%, up 0.073% from yesterday. With a 5/1 ARM, you get to lock in your interest rate for five years, but once that period ends, your rate will adjust once a year. Now that rate could adjust downward, making your mortgage payment cheaper, but it can also climb, so generally, a 5/1 ARM only makes sense when it comes in lower than a fixed loan, rate-wise. Since that’s not the case today, you’re better off applying for a different kind of mortgage. 

Should I lock my mortgage rate now?

A mortgage rate lock guarantees you a specific interest rate for a certain period of time — usually 30 days, but you may be able to secure your rate for up to 60 days. You’ll generally pay a fee to lock in your mortgage rate, but that way, you’re protected if rates climb between now and when you close on your home loan.

If you plan to close on your home within the next 30 days, then it pays to lock in your mortgage rate based on today’s rates — especially since they’re still very low. But if your closing is more than 30 days away, you may want to choose a floating rate lock instead for what will usually be a higher fee, but one that could save you money in the long run. A floating rate lock lets you secure a lower rate on your loan if rates fall before you close on your mortgage, and while today’s rates are still quite competitive, we don’t know if rates will go up or down over the next few months. As such, it pays to:

  • LOCK if closing in 7 days
  • LOCK if closing in 15 days
  • LOCK if closing in 30 days
  • FLOAT if closing in 45 days
  • FLOAT if closing in 60 days

If you’re ready to apply for a mortgage, reach out to different lenders to see what rates they have available today. Each lender sets its own rules with regard to credit score requirements and other factors, so do some rate shopping to get the best deal. And also, pay attention to the closing costs your lender wants to tack onto your loan. The lower those are, the better. 

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