Best 30-year Mortgage Rates for January 2022

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Home prices and mortgage rates were predicted to rise in 2022, and so far this has come true.

If you’re shopping for a home, here’s what to consider when comparing mortgage lenders and mortgage rates.

What the Experts Are Saying About the 2022 30-Year Fixed Mortgage Rates 

Rising inflation has been cited by experts and the Fed as a major factor behind rising rates. The December 2021 consumer price index released last week by the Bureau of Labor and Statistics (BLS) shows 7% inflation in the last 12 months, which is the largest inflation surge in 40 years. Higher-than-expected inflation could cause the Fed to increase rates faster than planned, pushing rates upward, Redfin chief economist Daryl Fairweather told us recently. 

While some experts have said new COVID-19 surges could stall rising rates, that hasn’t been the case so far this year. New variants and potential surges they might cause could still pose new threats to economic progress, putting downward pressure on mortgage interest rates, Zillow economist Nicole Bachaud recently told us. 

However, there is reason to believe that rates could continue rising as they have lately even with new variants and surges. Since COVID-19 first hit the U.S., subsequent surges in cases haven’t had as much of a negative impact on the economy as the initial wave, HousingWire’s lead analysts Logan Mohtashami, recently told us.  

Recent statements by Federal Reserve Chairman Jerome Powell reflect what we have seen the last four weeks: With the economy improving, the Fed expects to raise rates three times in 2022. 

Mortgage rates may have reached levels not seen in nearly two years, but they are still historically low and lower than they were before the pandemic started. For homebuyers and homeowners, making a good decision about buying or refinancing has much more to do with personal circumstances than current mortgage rates.

What the 2022 30-Year Fixed Rate Forecast Means for You

Mortgage rates bottomed out a year ago when they reached record lows below 3%. Overall, today’s mortgage rates are still lower than pre-pandemic levels which were 4%+.

For homebuyers, it’s more important to focus on your home buying budget and stick with a payment you can afford, rather than waiting in hopes of rates dropping next week. “It’s just not a good idea to try to game the market,” says Lucy Randall, director of sales and operations strategy at, a digital mortgage lender. (Better is a NextAdvisor advertising partner. This article was independently produced by our editorial team with no involvement by Better.)  So if you’ve found a home that meets your needs and a mortgage that works for you, that’s more important than trying to time the mortgage rate market.

Although rates are forecasted to increase throughout 2022, you don’t need to rush buying a home in fear of losing out on rock-bottom rates. There are other important factors other than the rate that goes into the decision to become a homeowner. Having a stable source of income, knowing where you want to live for the long term, and having your finances in order are often much more important than your mortgage rate.

What Are Today’s 30-Year Fixed Mortgage Rates?

On Sunday, January 23, 2022 according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the average 30-year fixed mortgage rate is 3.680% with an APR of 3.750%. The average 30-year fixed mortgage refinance rate is 3.680% with an APR of 3.720%.

Current 30-Year Mortgage Rates

Product Interest Rate APR
30-Year Fixed Rate 3.680% 3.720%
30-Year FHA Rate 3.200% 4.060%
30-Year VA Rate 3.370% 3.550%
30-Year Fixed Jumbo Rate 3.680% 3.740%
20-Year Fixed Rate 3.610% 3.670%
15-Year Fixed Rate 3.000% 3.100%
15-Year Fixed Jumbo Rate 3.030% 3.080%
10-Year Fixed Rate 2.990% 3.110%
5/1 ARM Rate 2.740% 3.990%
5/1 ARM Jumbo Rate 2.630% 3.670%
7/1 ARM Rate 2.950% 4.000%
7/1 ARM Jumbo Rate 2.800% 3.900%
10/1 ARM Rate 3.230% 4.080%
Product Interest Rate APR
30-Year Fixed Rate 3.680% 3.750%
30-Year FHA Rate 3.190% 4.030%
30-Year VA Rate 3.290% 3.420%
30-Year Fixed Jumbo Rate 3.690% 3.760%
20-Year Fixed Rate 3.580% 3.650%
15-Year Fixed Rate 3.010% 3.150%
15-Year Fixed Jumbo Rate 3.060% 3.120%
10-Year Fixed Rate 2.920% 3.040%
5/1 ARM Rate 2.790% 4.070%
5/1 ARM Jumbo Rate 2.740% 4.040%
7/1 ARM Rate 2.940% 3.980%
7/1 ARM Jumbo Rate 2.960% 3.990%
10/1 ARM Rate 3.180% 4.040%

Rates as of Sunday, January 23, 2022


These rate averages are based on weekday mortgage rate information provided by national lenders to, which like NextAdvisor is owned by Red Ventures. These averages provide borrowers a broad view of average rates that can inform borrowers when comparing lender offers. We feature both the interest rate and the annual percentage rate (APR), which includes additional lender fees, so you can get a better idea of the overall cost of the loan. The actual interest rate you can qualify for may be different from the average rates quoted in our rate table. But these rates are useful for giving you a benchmark to use when comparing loan offers by giving you a sense of how the type of mortgage and the length of the repayment term impacts your interest rate and APR.

The Pros and Cons: When to Consider a 30-year Fixed Mortgage

There are a handful of advantages to a 30-year fixed-rate mortgage that make it the right choice in many cases. But choosing a mortgage is a highly personal decision and there are certain situations where a 30-year fixed mortgage isn’t the best fit.


  • Lowest mortgage and interest payment of any loan repayment term

  • Interest rate never changes, the only way your monthly payments can increase is if your property taxes or homeowners insurance go up

  • Increases your buying power because you’re spreading the cost out over a longer timeframe


  • Shorter-term loans typically have lower interest rates

  • By paying the loan over a longer period of time, you will pay more in total interest 

  • Refinancing to a new 30-year loan could have years or decades onto your mortgage

15-year vs. 30-year mortgage example:

30-Year Loan $350,000 3% $1,475 $531,358
15-Year Loan $350,000 2.5% $2,333 $420,106

Short-term loans are much more expensive from month to month. A $350,000 mortgage with a 3% interest rate would cost $900 more a month with a 15-year loan compared to a 30-year loan. So a 30-year fixed-rate home loan is easier on your monthly budget.

But over the long haul, a 30-year loan can be more expensive than a shorter-term mortgage. A 30-year $350,000 home loan at a 3% interest rate will cost you $531,358 over the life of the loan. You’ll pay $111,252 less for the exact same mortgage amount with a 15-year term and a 2.5% interest rate.

30-Year Fixed Rate Mortgage Loans: Frequently Asked Questions (FAQ)

How do I find a personalized 30-year mortgage rate?

To find personalized 30-year mortgage rates you’ll have to share a bit about your finances with potential mortgage lenders. They will need information, like your income, credit history, and other debts.

You can usually get a ballpark estimate from lenders by sharing this information with them over the phone. However, to get preapproved for a mortgage you will need to verify everything with documentation and a credit check. Being preapproved for a mortgage will give you an idea of what mortgage rate you qualify for, but the rate won’t be locked in until after you submit an application and are approved for the loan. Even then, you’ll want to confirm with the lender that your rate is locked and how long the rate lock will be valid for.

When you’re shopping for rates, it will benefit you to reach out to at least two or three lenders. Every mortgage lender will evaluate your finances differently, and the fees and interest rate you are quoted will differ from one lender to the next.

What is a 30-year fixed mortgage?

A 30-year fixed-rate mortgage is repaid over a 30-year period and its interest rate never changes. The long repayment period means you’ll have smaller monthly payments compared to shorter-term loans, which helps make this the most popular type of loan. In recent years, roughly eight out of 10 conventional mortgages are 30-year fixed rate loans, according to Freddie Mac.

What is a good 30-year fixed mortgage rate?

During the pandemic, the average 30-year fixed mortgage rate fell below 3% for the first time since the Federal Reserve began tracking mortgage rates. Since then, rates have climbed back above 3% to where they sit today. 

Certain mortgages typically have higher rates, like loans for investment properties, jumbo loans, and cash-out refinance mortgages. So a slightly higher rate for one of these types of loans can still be a great deal.

How do I compare current 30-year fixed mortgage rates?

Comparing 30-year fixed mortgage rates isn’t as straightforward as looking at the mortgage interest rates you qualify for with different lenders. This is because a mortgage interest rate doesn’t account for mortgage fees. To get an understanding of the overall cost of your home loan, you need to also compare annual percentage rates (APR), which factor in other costs like loan origination fees and discount points.

After you apply for a mortgage you’ll get what is known as a Loan Estimate from the lender. Learning how to read a Loan Estimate is important because it shows an estimate of every fee the lender is charging you. Since every Loan Estimate form is the same, it’s a vital tool for comparing mortgage lenders and for keeping your closing costs low.

Is a 30-year fixed mortgage right for me?

Whether or not a 30-year fixed-rate mortgage is right for you depends on your personal situation. Everything from your income to where you want to live can impact the decision.

A 30-year fixed mortgage can be ideal for a first-time homebuyer because of the lower monthly payment. But as your income increases, you may want to refinance to a shorter-term loan to reduce the interest you’ll pay over the life of the loan.

There are even rare circumstances where adjustable-rate mortgages (ARM) can make sense. If you know you will be moving before the interest rate adjusts, an ARM may be cheaper than a 30-year fixed rate mortgage for those first few years. Although, in today’s low rate environment, an ARM loan makes less sense for homebuyers than it usually would.

How do I refinance a 30-year mortgage?

Refinancing is when you replace your existing mortgage with a new home loan. When 30-year refinance rates are significantly lower than your existing mortgage rate, you may be able to save money with a refinance. Keep in mind that the potential savings will need to outweigh the upfront closing costs you’ll pay to refinance, which are typically 3% to 6% of the loan balance.

Another factor to consider when you refinance is, how many years have you been paying off your current mortgage? If you’re 10 years into a 30-year loan, taking out a new 30-year mortgage adds those 10 years back onto your repayment term. Even though you may be lowering your monthly payment and rate in that scenario, you could end up paying more interest over the long term even if you have a lower rate.

For more information on how to refinance a mortgage, see NextAdvisor’s refinance page


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