Fancy house with today's mortgage rates graphics.

Image source: Getty Images

Mortgage rates have been relatively stable in recent weeks, which is good news for borrowers since they continue to remain near record lows. Today, while rates ticked up very slightly, borrowers will still find very competitive mortgage rates that are well worth locking in. Here’s what you need to know about average mortgage rates for Oct. 12.

Mortgage Type Today’s Interest Rate
30-year fixed mortgage 2.908%
20-year fixed mortgage 2.758%
15-year fixed mortgage 2.374%
5/1 ARM 3.336%

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

30-year mortgage rates

The average 30-year mortgage rate today is 2.908%, up .005% from Friday’s average rate of 2.903%. Rates below 3.00% used to be unheard of, but have become the norm in recent weeks. At today’s average rate, your monthly payment for principal and interest would total $417 per $100,000 borrowed and total interest costs over the loan’s life would be $49,997 per $100,000 in mortgage debt.

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 2.758%, up .006% from Friday’s average of 2.752%. The monthly payment for principal and interest if you qualify for a loan at today’s average rate would be $543 per $100,000 in mortgage debt, while total interest costs would add up to $30,215 per $100,000 over the life of the loan.

Savvy borrowers will notice that while the interest rate is a bit below the rate on a 30-year loan, monthly payments are much higher. This occurs due to the faster repayment timeline, which also

As home insurance prices are poised to increase sharply, the South Florida Sun Sentinel asked leading insurance experts to provide their views of the disintegrating state of the market. Here’s what they had to say. Responses have been edited for length and clarity.


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Locke Burt, president and CEO, Security First Insurance Co.

Insurance cost drivers are well known and have been reported before — bad weather, increased reinsurance costs, shady contractors, aggressive plaintiffs bar with a favorable legal environment, water losses, fraud. What’s different is the trends seem to be accelerating and the Legislature has not done anything meaningful to change the trajectory of increased costs which, under Florida law, must be passed on to consumers in the required annual rate filings.

The private sector is shrinking and raising rates as fast as they can because the losses are not sustainable and the providers of additional investment capital simply do not believe that the situation in Florida is going to improve for several years. That’s why the public companies are selling for 50 cents on the dollar.

This situation won’t change until legislators hear from their constituents and decide to do something, the weather improves, or the lawyers disappear.

Travis Miller, insurance regulatory attorney, Radey Law

In Florida, we face unique but foreseeable challenges due to our substantial coastal exposures and the corresponding hurricane risk. Insurers anticipate these challenges and typically are well prepared to meet them. However, these challenges have been compounded in recent years by other issues that are not meteorological but instead are behavioral. Simply put, loss experience in Florida has deteriorated to a point historically unseen in this state and significantly worse than in other states following similar events.

The conditions in the current market just reflect how these concerns manifest over time if