Today’s Mortgage Rates, January 6, 2021 | Rates decrease

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Multiple benchmark mortgage rates were down today. The average rates on 30-year fixed and 15-year fixed mortgages both fell. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages also sunk lower.

Average mortgage interest rates
Product Rate Last week Change
30-year fixed 2.86% 2.89% -0.03
15-year fixed 2.30% 2.38% -0.08
30-year fixed jumbo 2.90% 2.90% N/C
30-year fixed refinance 2.90% 2.93% -0.03

Rates as of January 6, 2021.

Data source: Bankrate overnight averages data

Mortgage rates change daily, but they remain much lower overall than they were before the Great Recession. If you’re in the market for a mortgage, it could make sense to go ahead and lock if you see a rate you like. Just make sure you shop around first.

See mortgage rates for a variety of rate terms.

30-year mortgage rates today

The average 30-year fixed-mortgage rate is 2.86 percent, down 3 basis points over the last seven days. Last month on the 6th, the average rate on a 30-year fixed mortgage was higher, at 2.92 percent.

At the current average rate, you’ll pay principal and interest of $414.09 for every $100,000 you borrow. That’s lower by $1.60 than it would have been last week.

You can use Bankrate’s mortgage rate calculator to figure out 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 mortgages

The average 15-year fixed-mortgage rate is 2.30 percent, down 8 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $657 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 save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

5/1 Adjustable Rate Mortgage Rates

The average rate on a 5/1 ARM is 2.95 percent, down 7 basis points from a week ago.

These loan types are best for those who expect to sell or refinance before the first or second adjustment. Rates could be considerably 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 climb hundreds of dollars higher afterward, depending on the loan’s terms.

Current jumbo mortgage rates

is 2.90 percent, unaltered from a week ago. Last month on the 6th, the average rate on a jumbo mortgage was greater than 2.90, at 2.91 percent.

At today’s average jumbo rate, you’ll pay $416.23 per month in principal and interest for every $100k you borrow.

To stay well-informed on current mortgage rates, see Bankrate’s daily rates news hub.

Where to find the best rates

Interest rates can vary largely based on overall market forces, the size of the loan, your location, your financial situation and how eager lenders are to get your business. Remember 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 valuable when you’re searching for a loan to shop around and compare 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 there, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.

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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.