Mortgage Rates Today, January 8, 2021 | Key rate advances

Daily Mortgage blog

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Mortgage rates were mixed today, but one key rate advanced. The average for a 30-year fixed-rate mortgage rose, but the average rate on a 15-year fixed dropped. Meanwhile, the average rate on 5/1 adjustable-rate mortgages slid lower.

Today’s mortgage interest rates
Loan term Today’s Rate Last week Change
30-year mortgage rate 2.88% 2.87% +0.01
15-year mortgage rate 2.34% 2.35% -0.01
30-year jumbo mortgage rate 2.93% 2.89% +0.04
30-year mortgage refinance rate 2.94% 2.91% +0.03

Rates accurate as of January 8, 2021.

Data source: Bankrate overnight averages data

Rates for mortgages are in a constant state of flux, but they remain much lower overall than they were before the Great Recession. If you’re in the market for a mortgage, it may be a great time to lock in a rate. Just make sure you shop around first.

Find the right mortgage rate for your specific criteria.

Current 30 year mortgage rates

The average 30-year fixed-mortgage rate is 2.88 percent, up 1 basis point over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 2.92 percent.

At the current average rate, you’ll pay a combined $415.16 per month in principal and interest for every $100,000 you borrow. That’s up $0.53 from what it would have been last week.

You can use Bankrate’s mortgage rate calculator to estimate your monthly payments and see what the effects of making extra payments would be. It will also help you computehow much interest you’ll pay over the life of the loan.

15-year mortgage rates

The average 15-year fixed-mortgage rate is 2.34 percent, down 1 basis point over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $659 per $100,000 borrowed. Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

5/1 ARMs

The average rate on a 5/1 ARM is 2.95 percent, sliding 6 basis points over the last 7 days.

These types of loans are best for people who expect to sell or refinance before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 2.95 percent would cost about $419 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Jumbo mortgage interest rates

Today’s average rate for jumbo mortgages is 2.93 percent, up 4 basis points since the same time last week. A month ago, jumbo mortgages’ average rate was lower, at 2.91 percent.

At today’s average rate, you’ll pay a combined $417.84 per month in principal and interest for every $100k you borrow. That’s an additional $2.15 per $100,000 compared to last week.

To stay well-informed on current mortgage rates, see our rates hub.

How to find the best rates

Mortgage rates can differ largely based on overarching market forces, the loan amount, your location, your financial situation and how motivated mortgage lenders are to get your business. Keep in mind that the rates we cite are market averages–some people will be quoted higher or lower or that exact rate, and the rate may change daily even at the same lender.

It’s important when you’re searching for a loan to shop around and compare and contrast all the terms of your offers, not just the interest rate you’re being quoted. Your best rate and terms may be from an online lender, the bank down the street or perhaps through a mortgage broker. You won’t know unless you shop multiple lenders through multiple channels.

Bankrate is a great place to start, because you can take advantage of our mortgage rate comparison tool and remain current on today’s rates. If you’re not happy with the results you see between these pages, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.

Read more:

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Learn more about specific loan type rates
Product Purchase Rates Refinance Rates
The chart above links out to loan-specific pages to help you learn more about rates by product type.
30-Year Loan Today’s 30-Year Mortgage Rates 30-Year Refinance Rates
20-Year Loan 20-Year Fixed Mortgage Rates 20-Year Refinance Interest Rates
15-Year Loan 15-Year Mortgage Rates 15-Year Refinance Rates
10-Year Loan Current 10 Year Mortgage Rates 10-Year Mortgage Refinance Rates
FHA Loan FHA Mortgage Interest Rates FHA Refinance Interest Rates
VA Loan VA Loan Rates VA Refinance Loan Rates
ARM Loan ARM Mortgage Rates ARM Refi Mortage Rates
Jumbo Loan Jumbo Loan Rates Jumbo Loan Refinance Rates

Methodology: The rates you see above are Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “ Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.