Interest money

Today’s mortgage rates pause at money-saving levels | January 20, 2022

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View mortgage rates for January 20, 2022, which are unchanged from yesterday. (iStock)

According to data compiled by Credible, mortgage rates have remained unchanged since yesterday.

  • 30-year fixed mortgage rates: 3.625%, unchanged
  • 20-year fixed mortgage rates: 3.375%, unchanged
  • 15-year fixed mortgage rates: 2.875%, unchanged
  • 10-year fixed mortgage rates: 2.875%, unchanged

Rates were last updated on January 20, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

What does that mean: Mortgage rates have been volatile since the start of the year, and today is only the second time in 2022 that rates have held steady across all four repayment periods. Overall, rates are higher today than they were last week and last month at the same time, indicating an upward trend. Buyers may want to lock in one of today’s low mortgage rates ahead of further increases. A mortgage rate lock guaranteed today could protect homebuyers against rate hikes over the next 30 to 60 days.

These rates are based on the assumptions indicated here. Actual rates may vary.

To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

Browse rates from multiple lenders so you can make an informed decision about your home loan.

Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average rating of 4.7 stars (out of a possible 5.0).

Looking at today’s mortgage refinance rates

Current interest rates provide homeowners with another opportunity to refinance at a lower interest rate ahead of further increases scheduled for this year. Homeowners who took out mortgages before 2020 could save the most since today’s refinance rates continue to be well below purchase rates from a few years ago. If you’re considering refinancing an existing home, find out what refinance rates look like:

  • Refinancing at a fixed rate over 30 years: 3.750%, unchanged
  • Refinancing at a fixed rate over 20 years: 3.500%, unchanged
  • Refinancing at a fixed rate over 15 years: 2.875%, unchanged
  • Refinancing at a fixed rate over 10 years: 2.875%, unchanged

Rates were last updated on January 20, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

A site like Credible can be a big help when you’re ready to compare mortgage refinance loans. Credible lets you see pre-qualified rates for conventional mortgages from multiple lenders in minutes. Visit Credible today to start.

Credible has earned a 4.7-star rating (out of a possible 5.0) on Trustpilot and over 4,500 reviews from customers who have safely compared pre-qualified rates.

Fixed-rate vs. adjustable-rate mortgages: their impact on interest costs

Mortgage interest rates can be fixed (meaning they stay the same for the duration of your loan) or variable (the rate may change after an initial period). The type of mortgage you choose will affect your interest rate.

Interest rates on fixed rate mortgages tend to be higher than the initial interest rate on adjustable rate mortgages, or ARMs. But they don’t change, so you’ll know at the start of your loan exactly how much interest you’ll pay over the life of your mortgage.

The initial interest rates for ARMs are generally lower than those for fixed rate mortgages. But after an introductory period ends, your interest rate will change – and it could rise significantly. Introductory periods can vary from several months to a year or a few years. After the introductory period, your interest rate will be based on an index specified by your lender. ARMs may or may not cap the increase in your interest rate.

It is common for homeowners with adjustable rate mortgages to refinance into fixed rate loans when their introductory period is about to end.

Current Mortgage Rates

Today’s average mortgage interest rate across all terms is 3.188%, the same as yesterday and up from 2.969% last week at this time.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed rate mortgage is 3.625%. It’s the same as yesterday. Thirty years is the most common repayment term for mortgages, as 30-year mortgages usually give you a lower monthly payment. But they also usually come with higher interest rates, which means you’ll end up paying more interest over the life of the loan.

Current 20-year mortgage rates

The current interest rate for a 20-year fixed rate mortgage is 3.375%. It’s the same as yesterday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate and pay less total interest over the life of the loan.

Current 15-year mortgage rates

The current interest rate for a 15-year fixed rate mortgage is 2.875%. It’s the same as yesterday. Fifteen-year mortgages are the second most common mortgage term. A 15-year mortgage can help you get a lower rate than a 30-year term — and pay less interest over the life of the loan — while keeping monthly payments manageable.

Current 10-year mortgage rates

The current interest rate for a 10-year fixed rate mortgage is 2.875%. It’s the same as yesterday. Although less common than 30 and 15 year mortgages, a 10 year fixed rate mortgage generally gives you lower interest rates and lifetime interest charges, but a higher monthly mortgage payment .

You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders that offer mortgage refinances as well as home loans. Discover Credible and get prequalified today, and take a look at today’s refinance rates via the link below.

Thousands of Trustpilot reviewers rate Credible as “excellent”.

Rates were last updated on January 20, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

How Credible Mortgage Rates Are Calculated

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage rates. Credible’s average mortgage rates and mortgage refinance rates are calculated based on information provided by partner lenders who compensate Credible.

The rates assume a borrower has a credit score of 740 and is borrowing a conventional loan for a single-family home that will be their primary residence. Rates also assume no (or very low) discount points and a 20% deposit.

Credible mortgage rates will only give you an idea of ​​current average rates. The rate you receive may vary depending on a number of factors.

How Mortgage Rates Have Changed

Today, mortgage rates are up from last week.

  • 30-year fixed mortgage rates: 3.625%, vs. 3.500% last week, +0.125
  • 20-year fixed mortgage rates: 3.375%, compared to 3.125% last week, +0.250
  • 15-year fixed mortgage rates: 2.875%, vs. 2.625% last week, +0.250
  • 10-year fixed mortgage rates: 2.875%, vs. 2.625% last week, +0.250

Rates were last updated on January 20, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

If you’re trying to find the right rate for your mortgage or looking to refinance an existing home, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see pre-qualified rates in just minutes.

With over 4,500 reviews, Credible maintains an “excellent” Trustpilot score.

What is a good mortgage rate?

Many factors influence the mortgage rate a lender can offer you. But generally, a good mortgage rate is the lowest you can qualify for based on your individual factors, such as credit history, income, other debts, amount of down payment, etc.

A rate that suits your financial situation should translate into a monthly mortgage payment you can manage, while leaving enough room in your monthly budget for savings, investments and an emergency fund. And a good rate must be competitive with the average rates of the geographical area where you are looking to buy.

Once you’ve decided on the type of home loan that’s right for you, you can compare multiple lenders to really find the best rates.

Want to lower your home insurance premium?

A home insurance policy can help cover unexpected costs you may incur when you own a home, such as structural damage and destruction or theft of personal property. Coverage can vary widely from insurer to insurer, so it’s wise to shop around and compare policy quotes.

Credible is in partnership with a home insurance broker. If you are looking for a better rate on Home Insurance and considering switching providers, consider using an online broker. You can compare quotes from top rated insurance companies in your area – it’s quick, easy and the whole process can be done entirely online.

Do you have a financial question, but you don’t know who to contact? Email The Credible Money Expert at [email protected] and your question may be answered by Credible in our Money Expert section.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics like mortgages, mortgage refinance, and more. He was a publisher and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.