Today’s national mortgage & refinance rates, January 11th, 2022: Majority of rates rise

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

Rates last updated on January 11, 2022.

The rates listed above are Bankrate’s overnight average rates and are based on the assumptions shown here. Actual rates displayed across the site may vary. This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Tuesday, January 11th, 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

Today’s 30-year mortgage rate moves upward, +0.19%

The average rate for the benchmark 30-year fixed mortgage is 3.49 percent, up 19 basis points over the last week. Last month on the 11th, the average rate on a 30-year fixed mortgage was lower, at 3.25 percent.

At the current average rate, you’ll pay $447.93 per month in principal and interest for every $100,000 you borrow. That’s an additional $13.27 per $100,000 compared to last week.

15-year fixed mortgage rate climbs,+0.19%

The average rate for a 15-year fixed mortgage is 2.76 percent, up 19 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost $402 per $100k borrowed. That’s clearly much higher than the monthly payment would be on a 30-year mortgage at that rate, 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 quickly.

5/1 ARM holds firm

The average rate on a 5/1 ARM is 2.74 percent, unchanged from a week ago.

Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate loans. These types of loans are best for those 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 2.74 percent would cost about $402 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan’s terms.

Jumbo mortgage interest rate moves higher, +0.20%

Today’s average rate for jumbo mortgages is 3.51 percent, up 20 basis points since the same time last week. A month ago, the average rate for jumbo mortgages was lesser, at 3.24 percent.

At the current average rate, you’ll pay principal and interest of $447.93 for every $100,000 you borrow. Compared to last week, that’s $13.27 higher.

Rate review: How mortgage rates have shifted over the past week

  • 30-year fixed mortgage rate: 3.49%, up from 3.30% last week, +0.19
  • 15-year fixed mortgage rate: 2.76%, up from 2.57% last week, +0.19
  • 5/1 ARM mortgage rate: 2.74%, unchanged from last week
  • Jumbo mortgage rate: 3.51%, up from 3.31% last week, +0.20

Mortgage refinance rates

30-year fixed-rate refinance moves up, +0.20%

The average 30-year fixed-refinance rate is 3.50 percent, up 20 basis points since the same time last week. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.21 percent.

At the current average rate, you’ll pay $447.93 per month in principal and interest for every $100,000 you borrow. Compared with last week, that’s $13.27 higher.

How to score the best deal on a mortgage:

  • Shop around. Closing costs and rates vary by lender, so get three bids.
  • Understand the breakeven point. That’s the moment at which the savings in monthly payments offset the amount of the closing costs. This refinance calculator can help you decide.
  • Don’t chase the lowest rate. Yes, a low rate and paltry payment are good, but make sure those benefits aren’t overwhelmed by closing costs.

Learn more:

Today’s featured lenders, January 11, 2022

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