Today’s best mortgage and refinance rates, January 31, 2022: Rates rise

Mortgage interest rates jumped for all loan terms compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans rose.

Rates as of January 31, 2022.

These rates are Bankrate’s overnight average rates and are based on the assumptions shown here. Actual rates available across the site may vary. This story has been reviewed by Bill McGuire. All rate data accurate as of Monday, January 31st, 2022 at 7:30am.

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 interest rates

30-year fixed-rate mortgage advances, +0.06%

The average rate for a 30-year fixed mortgage is 3.74 percent, up 6 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.27 percent.

At the current average rate, you’ll pay a combined $461.41 per month in principal and interest for every $100,000 you borrow. That’s an extra $6.76 compared with last week.

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

15-year fixed mortgage rate increases,+0.16%

The average 15-year fixed-mortgage rate is 3.17 percent, up 16 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $428 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 faster.

5/1 adjustable rate mortgage climbs, +0.03%

The average rate on a 5/1 ARM is 2.82 percent, rising 3 basis points over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. To put it another way, the interest rate can change intermittently throughout the life of the loan, unlike fixed-rate loans. These loan types are best for people who expect to sell or refinance 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 2.82 percent would cost about $409 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Current jumbo mortgage rate trends higher, +0.05%

The current average rate you’ll pay for jumbo mortgages is 3.74 percent, an increase of 5 basis points since the same time last week. A month ago, the average rate was below that, at 3.26 percent.

At the average rate today for a jumbo loan, you’ll pay $461.41 per month in principal and interest for every $100k you borrow. That’s up $6.76 from what it would have been last week.

Recap: How mortgage rates have changed

  • 30-year fixed mortgage rate: 3.74%, up from 3.68% last week, +0.06
  • 15-year fixed mortgage rate: 3.17%, up from 3.01% last week, +0.16
  • 5/1 ARM mortgage rate: 2.82%, up from 2.79% last week, +0.03
  • Jumbo mortgage rate: 3.74%, up from 3.69% last week, +0.05

Mortgage refinance rates

Today’s 30-year mortgage refinance rate climbs, +0.04%

The average 30-year fixed-refinance rate is 3.72 percent, up 4 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.25 percent.

At the current average rate, you’ll pay $461.41 per month in principal and interest for every $100,000 you borrow. That’s up $6.76 from what it would have been last week.

How to find the best rates

Interest rates can differ widely based on overarching market forces, the size of the loan, your location, your financial situation and how motivated lenders are to get your business. Keep in mind that the rates we quote are market averages–some people will be quoted higher or lower or that exact rate, and the rate may change daily even at the same lender.

It’s valuable when you’re looking for a loan to shop around and compare all the terms of your offers, not just the interest rate you’re being quoted. Your best rate and terms may be from an online lender, the bank down the street or perhaps through a mortgage broker. You won’t know unless you shop multiple lenders through multiple channels.

Bankrate is a great place to start, because you can take advantage of our mortgage rate comparison tool and stay up to date on current rates. If you’re not happy with the results you see between these pages, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.

Keep reading:

Featured lenders, January 31, 2022

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