Compare today’s mortgage and refinance rates, January 10, 2022

Mortgage rates were mostly up compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed and jumbo loans increased, while 5/1 ARM rates declined.

Rates last updated on January 10, 2022.

The rates listed above are averages based on the assumptions shown here. Actual rates available within the site may vary. This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Monday, January 10th, 2022 at 7:30am.

>>See historical mortgage rate movements

You can save thousands of dollars over the life of your mortgage by getting multiple offers. “It is so important to shop around,” says Greg McBride, CFA, Bankrate chief financial analyst. “Not everyone offers the same price, and some lenders may have motivation to be very competitive on price.”

Mortgage rates for home purchase

30-year mortgage rate increases, +0.17%

The average 30-year fixed-mortgage rate is 3.44 percent, up 17 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.25 percent.

At the current average rate, you’ll pay principal and interest of $441.27 for every $100k you borrow. That’s an additional $6.61 per $100,000 compared to last week.

Use our mortgage calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. Our tool will also help you calculate how much interest you’ll fork up over the life of the loan.

15-year fixed mortgage trends upward,+0.15%

The average rate for the benchmark 15-year fixed mortgage is 2.69 percent, up 15 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $402 per $100k borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more rapidly.

5/1 ARM rate eases, -0.01%

The average rate on a 5/1 adjustable rate mortgageis 2.73 percent, falling 1 basis point over the last 7 days.

Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. In other words, the interest rate can change intermittently throughout the life of the loan, unlike fixed-rate mortgages. These loan types are best for people who expect to refinance or sell before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 2.73 percent would cost about $402 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.

Jumbo mortgage moves higher, +0.20%

is 3.46 percent, up 20 basis points since the same time last week. Last month on the 10th, the average rate on a jumbo mortgage was lower, at 3.25 percent.

At the current average rate, you’ll pay a combined $441.27 per month in principal and interest for every $100,000 you borrow. That’s up $6.61 from what it would have been last week.

Recap: How mortgage rates have shifted

  • 30-year fixed mortgage rate: 3.44%, up from 3.27% last week, +0.17
  • 15-year fixed mortgage rate: 2.69%, up from 2.54% last week, +0.15
  • 5/1 ARM mortgage rate: 2.73%, down from 2.74% last week, -0.01
  • Jumbo mortgage rate: 3.46%, up from 3.26% last week, +0.20

Interested in refinancing? See mortgage refinance rates

30-year mortgage refinance climbs, +0.20%

The average 30-year fixed-refinance rate is 3.45 percent, up 20 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.24 percent.

At the current average rate, you’ll pay $441.27 per month in principal and interest for every $100,000 you borrow. That’s an extra $6.61 compared with last week.

Use Bankrate’s mortgage rate calculator to approximate your monthly payments and see how much you’ll save by adding extra payments. The tool will also help you calculate how much interest you’ll fork up over the life of your loan.

Keep reading:

Featured lenders, January 10, 2022

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