Today’s mortgage rates: 30-year rates hold steady for third day | Jan. 18, 2022

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Check out the mortgage rates for Jan. 18, 2022, which are trending up from last Friday. (iStock)

Based on data compiled by Credible, mortgage rates held steady for 30-year mortgages and rose for three others since last Friday.

  • 30-year fixed mortgage rates: 3.550%, unchanged
  • 20-year fixed mortgage rates: 3.250%, up from 3.125%, +0.125
  • 15-year fixed mortgage rates: 2.750%, up from 2.625%, +0.125
  • 10-year fixed mortgage rates: 2.750%, up from 2.625%, +0.125

Rates last updated on Jan. 18, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: While three out of four key mortgage rates rose since last Friday, rates for the most common repayment term — 30 years — held steady. And across all repayment terms, today’s mortgage rates are lower than they were last week at this time. With more increases expected in 2022, buyers may want to lock in one of these relatively low rates now.

These rates are based on the assumptions shown here. Actual rates may vary.

To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

Browse rates from multiple lenders so you can make an informed decision about your home loan.

Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

Looking at today’s mortgage refinance rates

With mortgage refinance rates trending up, homeowners need to be strategic when picking the day they lock in their refinance rate. Today, 15- and 10-year refinance rates may be particularly attractive since they’ve held steady since last Friday. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed-rate refinance: 3.625%, up from 3.375%, +0.250
  • 20-year fixed-rate refinance: 3.250%, up from 3.125%, +0.125
  • 15-year fixed-rate refinance: 2.750%, unchanged
  • 10-year fixed-rate refinance: 2.750%, unchanged

Rates last updated on Jan. 18, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

A site like Credible can be a big help when you’re ready to compare mortgage refinance loans. Credible lets you see prequalified rates for conventional mortgages from multiple lenders all within a few minutes. Visit Credible today to get started.

Credible has earned a 4.7-star rating (out of a possible 5.0) on Trustpilot and more than 4,500 reviews from customers who have safely compared prequalified rates.

What is a good mortgage rate? 

Many factors influence the mortgage rate a lender may offer you. But generally, a good mortgage rate is one that’s the lowest you can qualify for based on your individual factors, such as credit history, income, other debts, down payment amount, and more. 

A rate that’s good for your financial situation should result in a monthly mortgage payment that you can manage, while leaving plenty of room in your monthly budget to put toward savings, investments, and an emergency fund. And a good rate should be competitive with average rates in the geographic area where you’re looking to buy.

Once you’ve chosen the home loan type that works for you, you can compare multiple lenders to truly find the best rates.

Current mortgage rates

The average mortgage rate across all repayment terms is 3.075%, down from 3.375% last week at this time.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.550%. This is the same as last Friday. Thirty years is the most common repayment term for mortgages because 30-year mortgages typically give you a lower monthly payment. But they also typically come with higher interest rates, meaning you’ll ultimately pay more in interest over the life of the loan.

Current 20-year mortgage rates

The current interest rate for a 20-year fixed-rate mortgage is 3.250%. This is up from last Friday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate — and pay less in total interest over the life of the loan.

Current 15-year mortgage rates

The current interest rate for a 15-year fixed-rate mortgage is 2.750%. This is up from last Friday. Fifteen-year mortgages are the second most-common mortgage term. A 15-year mortgage may help you get a lower rate than a 30-year term — and pay less interest over the life of the loan — while keeping monthly payments manageable. 

Current 10-year mortgage rates

The current interest rate for a 10-year fixed-rate mortgage is 2.750%. This is up from last Friday. Although less common than 30-year and 15-year mortgages, a 10-year fixed rate mortgage typically gives you lower interest rates and lifetime interest costs, but a higher monthly mortgage payment.

You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders who offer mortgage refinancing as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates through the link below.

Thousands of Trustpilot reviewers rate Credible “excellent.”

Rates last updated on Jan. 18, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

How Credible mortgage rates are calculated

Changing economic conditions, central bank policy decisions, investor sentiment, and other factors influence the movement of mortgage rates. Credible average mortgage rates and mortgage refinance rates are calculated based on information provided by partner lenders who pay compensation to Credible.

The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. The rates also assume no (or very low) discount points and a down payment of 20%.

Credible mortgage rates will only give you an idea of current average rates. The rate you receive can vary based on a number of factors.

How mortgage rates have changed

Today, mortgage rates are down compared to this time last week.

  • 30-year fixed mortgage rates: 3.550%, down from 3.750% last week, -0.200
  • 20-year fixed mortgage rates: 3.250%, down from 3.750% last week, -0.500
  • 15-year fixed mortgage rates: 2.750%, down from 3.000% last week, -0.250
  • 10-year fixed mortgage rates: 2.750%, down from 3.000% last week, -0.250

Rates last updated on Jan. 18, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

If you’re trying to find the right rate for your home mortgage or looking to refinance an existing home, consider using Credible. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.

With more than 4,500 reviews, Credible maintains an “excellent” Trustpilot score.

How my credit score affects my rate

Many factors can affect the interest rate you receive on a mortgage. Your credit score is an important one.

A higher credit score indicates to lenders that you know how to use credit responsibly. It can boost their confidence that you’ll make your mortgage payments on time and won’t default. Applying for a mortgage with a high credit score could help you qualify for lower interest rates, and give you a wider array of loan types to choose from.

Conversely, a low credit score may make lenders think you’ll have difficulty managing your mortgage, and may miss payments or even go into foreclosure. A low credit score likely means you’ll qualify for higher interest rates, and your loan choices will be more limited.

Looking to lower your home insurance rate?

A home insurance policy can help cover unexpected costs you may incur during home ownership, such as structural damage and destruction or stolen personal property. Coverage can vary widely among insurers, so it’s wise to shop around and compare policy quotes.

Credible is partnered with a home insurance broker. If you’re looking for a better rate on home insurance and are considering switching providers, consider using an online broker. You can compare quotes from top-rated insurance carriers in your area — it’s fast, easy, and the whole process can be completed entirely online.

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.

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