Today’s mortgage & refinance rates, January 17, 2022: Rates rise

Mortgage interest rates increased 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 moved higher.

Rates last updated on January 17, 2022.

These rates are marketplace averages based on the assumptions here. Actual rates listed on-site may vary. This story has been reviewed by in-house editor Bill McGuire. All rate data accurate as of Monday, January 17th, 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 rates for home purchase

Today’s 30-year mortgage rate moves higher, +0.08%

The average rate for a 30-year fixed mortgage is 3.52 percent, up 8 basis points from a week ago. Last month on the 17th, the average rate on a 30-year fixed mortgage was lower, at 3.24 percent.

At the current average rate, you’ll pay a combined $447.93 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $6.66 higher.

Learn more about 30-year fixed mortgage rates, and compare to a variety of other loan types.

15-year fixed mortgage trends upward,+0.15%

The average 15-year fixed-mortgage rate is 2.84 percent, up 15 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost $409 per $100k 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 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 trends upward, +0.04%

The average rate on a 5/1 ARM is 2.77 percent, adding 4 basis points from a week ago.

Adjustable-rate mortgages, or ARMs, are mortgage loans that come with a floating interest rate. In other words, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for people 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 2.77 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 climbs, +0.05%

The average rate you’ll pay for a jumbo mortgage is 3.51 percent, an increase of 5 basis points over the last week. Last month on the 17th, the average rate on a jumbo mortgage was lower, at 3.24 percent.

At the current average rate, you’ll pay $447.93 per month in principal and interest for every $100k you borrow. That’s an additional $6.66 per $100,000 compared to last week.

Summary: How mortgage rates have changed

  • 30-year fixed mortgage rate: 3.52%, up from 3.44% last week, +0.08
  • 15-year fixed mortgage rate: 2.84%, up from 2.69% last week, +0.15
  • 5/1 ARM mortgage rate: 2.77%, up from 2.73% last week, +0.04
  • Jumbo mortgage rate: 3.51%, up from 3.46% last week, +0.05

Interested in refinancing? See mortgage refinance rates

Current 30 year mortgage refinance rate trends upward, +0.06%

The average 30-year fixed-refinance rate is 3.51 percent, up 6 basis points over the 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. That’s an additional $6.66 per $100,000 compared with last week.

Where rates are headed

To see where Bankrate’s panel of experts expect rates to go from here, check out our rate trends page.

Want to see where rates are right now? Lenders across the nation respond to Bankrate’s weekday mortgage rates survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans.

What comes next:

Featured lenders, January 17, 2022

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