Today’s national mortgage & refinance rates, February 1st, 2022

Mortgage interest rates rose 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 increased.

Rates accurate as of February 1, 2022.

These rates are marketplace averages based on the assumptions shown here. Actual rates listed within the site may vary. This story has been reviewed by Bill McGuire. All rate data accurate as of Tuesday, February 1st, 2022 at 7:30am.

>>See historical mortgage rate trends, from the 70s to today

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

30-year mortgage moves higher, +0.10%

The average rate you’ll pay for a 30-year fixed mortgage is 3.78 percent, an increase of 10 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 3.30 percent.

At the current average rate, you’ll pay principal and interest of $461.41 for every $100k you borrow. That’s $6.76 higher compared with last week.

Use Bankrate’s mortgage rate calculator to estimate 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 pay over the life of your loan.

15-year mortgage trends higher,+0.16%

The average rate you’ll pay for a 15-year fixed mortgage is 3.18 percent, up 16 basis points from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $428 per $100,000 borrowed. The bigger payment may be a little harder to find room for in your monthly budget than a 30-year mortgage payment would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

5/1 adjustable rate mortgage rises, +0.04%

The average rate on a 5/1 adjustable rate mortgageis 2.83 percent, climbing 4 basis points over the last 7 days.

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 from time to time throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for those who expect to sell or refinance before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 2.83 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.

Jumbo mortgage interest rate moves up, +0.10%

The average jumbo mortgage rate today is 3.77 percent, up 10 basis points over the last seven days. A month ago, the average rate for jumbo mortgages was lesser, at 3.31 percent.

At today’s average jumbo rate, you’ll pay a combined $461.41 per month in principal and interest for every $100,000 you borrow. That’s an additional $6.76 per $100,000 compared to last week.

Recap: How mortgage rates have shifted over the past week

  • 30-year fixed mortgage rate: 3.78%, up from 3.68% last week, +0.10
  • 15-year fixed mortgage rate: 3.18%, up from 3.02% last week, +0.16
  • 5/1 ARM mortgage rate: 2.83%, up from 2.79% last week, +0.04
  • Jumbo mortgage rate: 3.77%, up from 3.67% last week, +0.10

Mortgage refinance rates

Today’s 30-year mortgage refinance rate advances, +0.09%

The average 30-year fixed-refinance rate is 3.76 percent, up 9 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.30 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 $6.76 higher compared with last week.

How to find the best rates

Mortgage rates can differ widely based on overall market forces, the size of the loan, your location, your financial situation and how motivated mortgage lenders are to get your business. Keep in mind that the rates we post 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 crucial when you’re searching for a loan to shop around and compare and contrast 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.

What comes next:

Today’s featured lenders, February 1, 2022

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