Several closely watched mortgage rates cruised higher today. The average rates on 30-year fixed and 15-year fixed mortgages both climbed. Meanwhile, the average rate on 5/1 adjustable-rate mortgages declined.
| Product | Rate | Last week | Change |
|---|---|---|---|
| 30-year fixed | 2.94% | 2.86% | +0.08 |
| 15-year fixed | 2.40% | 2.30% | -0.10 |
| 30-year fixed jumbo | 3.00% | 2.90% | +0.10 |
| 30-year fixed refinance | 3.01% | 2.90% | +0.11 |
Rates as of January 13, 2021.
Data source: Bankrate overnight averages data
Mortgage rates change daily, but they continue to represent a bargain compared to rates 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’ve looked around for the best rate first.
Compare mortgage rates in your area now.
30-year mortgages
The average rate for the benchmark 30-year fixed mortgage is 2.94 percent, up 8 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was lower, at 2.86 percent.
At the current average rate, you’ll pay $418.37 per month in principal and interest for every $100,000 you borrow. Compared to last week, that’s $4.28 higher.
You can use Bankrate’s mortgage calculator to figure out your monthly payments and find out how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.
15-year fixed mortgages
The average 15-year fixed-mortgage rate is 2.40 percent, up 10 basis points since the same time last week.
Monthly payments on a 15-year fixed mortgage at that rate will cost around $662 per $100,000 borrowed. The bigger payment may be a little more difficult 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 quickly.
5/1 Adjustable Rate Mortgage Rates
The average rate on a 5/1 ARM is 2.90 percent, falling 5 basis points from a week ago.
These types of loans are best for those who expect to refinance or sell 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 2.90 percent would cost about $416 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 rates
is 3.00 percent, an increase of 10 basis points over the last seven days. A month ago, jumbo mortgages’ average rate was lower, at 2.88 percent.
At the current average rate, you’ll pay $421.60 per month in principal and interest for every $100,000 you borrow. That’s up $5.37 from what it would have been last week.
To stay up to date with daily mortgage rates, see our daily rates news hub.
Where to get the best rates
Interest rates can differ largely based on overarching market forces, the loan amount, your location, your financial situation and how eager mortgage lenders are to get your business. Remember that the rates we cite are 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 crucial when you’re looking for a mortgage 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.
Shopping for the right lender?
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| Loan Type | Purchase Rates | Refinance Rates |
|---|---|---|
| The index above links out to loan-specific content to help you learn more about rates by product type. | ||
| 30-Year Loan | 30 Year Fixed Mortgage Rates | 30-Year Refinance Rates |
| 20-Year Loan | Current 20 Year Mortgage Rates | Current 20-Year Refinance Rates |
| 15-Year Loan | 15-Year Mortgage Interest Rates | 15-Year Mortgage Refinance Rates |
| 10-Year Loan | 10-Year Mortgage Interest Rates | 10-Year Refi Interest Rates |
| FHA Loan | FHA Loan Interest Rates | FHA Refinance Interest Rates |
| VA Loan | VA Mortgage Rates | Current VA Refinance Rates |
| ARM Loan | Adjustable Rate Mortgage Rates | ARM Refinance Rates |
| Jumbo Loan | Jumbo Mortgage Rates | Jumbo Loan Refinance Rates |
Methodology: The rates you see above are Bankrate.com 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. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com 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.
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