Current mortgage and refinance rates for January 28, 2022

Mortgage interest rates jumped for all types of loans 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 accurate as of January 28, 2022.

The rates listed here are averages based on the assumptions indicated here. Actual rates displayed on-site may vary. This story has been reviewed by Bill McGuire. All rate data accurate as of Friday, January 28th, 2022 at 7:30am.

>>View historical mortgage interest 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 for home purchase

30-year mortgage rate climbs, +0.11%

The average rate for a 30-year fixed mortgage is 3.78 percent, an increase of 11 basis points since the same time last week. This time 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 $100k you borrow. Compared to last week, that’s $6.76 higher.

30-year mortgage vs. 15-year mortgage

Standard lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers buying a home as it allows the borrower to spread mortgage payments out over 30 years, keeping their monthly payment lower.

With a 15-year mortgage, however, borrowers can pay off their loan in half the time — if they’re able and willing to enlarge the amount of their monthly loan payment. The primary difference between qualifying for a 15-year versus a 30-year mortgage is that you’ll need a higher income and lower debt-to-income ratio to obtain the former because the monthly mortgage payments are loftier.

15-year mortgage rate moves higher,+0.16%

The average rate for a 15-year fixed mortgage is 3.18 percent, up 16 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $428 per $100,000 borrowed. That’s obviously 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 rapidly.

5/1 adjustable rate mortgage increases, +0.04%

The average rate on a 5/1 ARM is 2.82 percent, rising 4 basis points over the last 7 days.

Adjustable-rate mortgages, or ARMs, are home loans that come with a floating interest rate. In other words, the interest rate can change intermittently throughout the life of the loan, unlike fixed-rate loans. These loan types are best for those 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 ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.

Jumbo mortgage moves higher, +0.10%

Today’s average rate for jumbo mortgages is 3.78 percent, up 10 basis points over the last seven days. This time a month ago, jumbo mortgages’ average rate was lesser, at 3.26 percent.

At today’s average jumbo 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.

In summary: How mortgage rates have moved

  • 30-year fixed mortgage rate: 3.78%, up from 3.67% last week, +0.11
  • 15-year fixed mortgage rate: 3.18%, up from 3.02% last week, +0.16
  • 5/1 ARM mortgage rate: 2.82%, up from 2.78% last week, +0.04
  • Jumbo mortgage rate: 3.78%, up from 3.68% last week, +0.10

Mortgage refinance rates

Today’s 30-year mortgage refinance rate trends higher, +0.10%

The average 30-year fixed-refinance rate is 3.75 percent, up 10 basis points compared with a week ago. 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 $6.76 higher compared with last week.

6 steps to getting the best mortgage rate

  1. Improve your credit score
  2. Build a record of employment
  3. Save up for a down payment
  4. Go for a 15-year fixed-rate mortgage
  5. Shop among multiple lenders
  6. Lock in your rate

Learn more about how these steps can secure your lowest rate.

What comes next:

Featured lenders for today, January 28, 2022

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