Image source: Getty Images
Mortgage rates for Sept. 30, 2020 have dropped slightly for both 15- and 30-year loans, continuing to hover near record lows. For yet another day, the average rate on a 30-year loan has remained under 3.00% while 15-year loans can be had for an average rate under 2.50%. These affordable rates are a boon to would-be buyers as well as those considering a refinance loan. Here’s what you need to know about today’s average rates.
|Mortgage Type||Today’s Interest Rate|
|30-year fixed mortgage||2.921%|
|20-year fixed mortgage||2.852%|
|15-year fixed mortgage||2.420%|
30-year mortgage rates
The average 30-year mortgage rate today is 2.921%, down .012% from yesterday’s average rate of 2.933%. This rate has dropped slightly today but over time has remained remarkably steady, varying little and remaining below 3.00%. Rates this low are unprecedented and, at today’s average rate, you would be looking at a monthly payment of just $417 in principal and interest per $100,000 borrowed. Total interest costs over the life of the loan are $50,248 per $100,000 in debt if you qualify for a loan at today’s average rate.
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 2.852%, up .03% from yesterday’s average of 2.822%. At today’s average rate, monthly principal and interest costs would total $547 per $100,000 in mortgage debt and total interest costs over the loan’s life would be $31,332 per $100,000.
Although the rate is slightly below