Today's best mortgage and refinance rates: Saturday, November 21, 2020 - Business Insider

We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.Mortgage and refinance rates have decreased since last Saturday, with the exception of 10-year fixed refinance rates, which have remained steady.Rates are low overall right now. It's probably better to lock in a historically low interest rate now with a fixed-rate loan.If your finances are in a good place, it could be a good time to get a fixed-rate mortgage or refinance.Rates from the Federal Reserve Bank of St. Louis.Mortgage rates are down since this time last week and this time last month.Mortgage rates are at historic lows overall. For a long time, 30-year fixed rates were also higher than adjustable rates, but 30-year fixed mortgages are actually the better deal right now.You'll pay more in interest with a 30-year term than you would for a 15-year term, because a) the interest rate is higher, and b) you'll be paying interest for longer.You'll make higher monthly payments on a 30-year term than on a shorter term, because you're spreading out payments over a longer period of time.The 15-year mortgage rates are lower than 30-year mortgage rates. The 30-year fixed rates are lower than ARM rates, so it may be a good idea to lock in a low rate with a 30-year or 15-year fixed-rate mortgage rather than risk your rate going up later with an ARM.If you're considering an ARM, you should still ask your lender about what your individual rates would be if you chose a fixed-rate versus adjustable-rate mortgage.Refinance rates are at historic lows, so you may want to consider refinancing in the next couple weeks.