Interest rates keep rising. Today’s average rate for a 30-year fixed-rate mortgage climbed to 3.974%, an increase of 0.032 percentage points from yesterday. All other loan types saw higher rates as well, with the 30-year refinance rate moving up to 4.117%.
Despite the recent increase, mortgage rates are still historically low. Borrowers with good to excellent credit can still find competitive rates and monthly payments for either a home purchase or a mortgage refinance.
- The latest rate on a 30-year fixed-rate mortgage is 3.974%. ⇑
- The latest rate on a 15-year fixed-rate mortgage is 2.919%. ⇑
- The latest rate on a 5/1 ARM is 2.458%. ⇑
- The latest rate on a 7/1 ARM is 3.803% ⇑
- The latest rate on a 10/1 ARM is 4.043%. ⇑
Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate 8,000 lenders offered to applicants the previous business day. Freddie Mac’s weekly rates will generally be lower, since they measure rates offered to borrowers with higher credit scores.
Today’s 30-year fixed-rate mortgage rates
- The 30-year rate is 3.974%.
- That’s a one-day increase of 0.032 percentage points.
- That’s a one-month increase of 0.367 percentage points.
The steady interest rate and constant monthly payments of a 30-year fixed-rate mortgage make this type of loan the most popular home loan in America. The long payback time is also a plus, as it means the monthly payments will be lower and more affordable. However, the interest rate will be higher than the rate on a shorter-term loan, making it the more expensive option over time.
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Average Mortgage Rates
Data based on US mortgage loans closed on Jan 11, 2022
|Loan Type||Jan 11||Last Week||Change|
|15 Year Fixed Conventional||2.92%||2.66%||0.26%|
|30 Year Fixed Conventional||3.97%||3.74%||0.23%|
|7/1 ARM Rate||3.8%||3.39%||0.41%|
|10/1 ARM Rate||4.04%||3.73%||0.31%|
Your actual rate may vary
Today’s 15-year fixed-rate mortgage rates
- The 15-year rate is 2.919%.