Interest rates are moving higher once again. The rate on a 30-year fixed-rate mortgage increased to 3.716%, up 0.089 percentage points from yesterday. The 30-year refinance rate also increased, moving up to 3.844%. Almost all other loan types saw rate increases as well.
Although rates have been trending slightly higher, they are still very low compared to previous years. Competitive rates and comfortable monthly payments can still be found by well-qualified buyers who apply for a new mortgage or to refinance their current loan.
- The latest rate on a 30-year fixed-rate mortgage is 3.716%. ⇑
- The latest rate on a 15-year fixed-rate mortgage is 2.636%. ⇑
- The latest rate on a 5/1 ARM is 2.341%. ⇑
- The latest rate on a 7/1 ARM is 2.863%. ⇓
- The latest rate on a 10/1 ARM is 3.537%. ⇓
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 3.716%.
- That’s a one-day increase of 0.089 percentage points.
- That’s a one-month increase of 0.165 percentage points.
There are a number of advantages to a 30-year fixed-rate mortgage that make it the most popular home loan in America. The long payback time means the monthly payments will be relatively low, while the predictable interest rate and steady monthly payments provide long-term stability. On the other hand, the interest rate will be higher compared to a shorter-term loan, which means you’ll pay more for this type of loan over its full term.
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Average Mortgage Rates
Data based on US mortgage loans closed on Jan 4, 2022
|Loan Type||Jan 4||Last Week||Change|
|15 Year Fixed Conventional||2.64%||2.58%||0.06%|
|30 Year Fixed Conventional||3.72%||3.67%||0.05%|
|7/1 ARM Rate||2.86%||3.1%||0.24%|
|10/1 ARM Rate||3.54%||3.15%||0.39%|