Today’s Mortgage Rates, January 11, 2021 | Key rates mixed

Daily Mortgage blog

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Mortgage rates showed no clear direction today. The average for a 30-year fixed-rate mortgage held steady, but the average rate on a 15-year fixed moved up. Meanwhile, the average rate on 5/1 adjustable-rate mortgages fell.

Average mortgage interest rates
Product Rate Last week Change
30-year fixed 2.87% 2.87% N/C
15-year fixed 2.35% 2.34% -0.01
30-year fixed jumbo 2.92% 2.89% +0.03
30-year fixed refinance 2.94% 2.90% +0.04

Rates as of January 11, 2021.

Data source: Bankrate overnight averages data

Rates for mortgages are constantly changing, but they remain low by historical standards. If you’re in the market for a mortgage, it may be a great time to lock in a rate. Just don’t do so without shopping around first.

Compare mortgage rates in your area now.

30-year mortgages

The average rate for a 30-year fixed mortgage is 2.87 percent, unchanged 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 $414.63 per month in principal and interest for every $100,000 you borrow.

You can use Bankrate’s mortgage rate calculator to figure out your monthly payments and see the effect of adding extra payments. It will also help you determinehow much interest you’ll pay over the life of the loan.

15-year mortgages

The average 15-year fixed-mortgage rate is 2.35 percent, up 1 basis point from a week ago.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $660 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 come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.

5/1 ARMs

The average rate on a 5/1 ARM is 2.95 percent, ticking down 4 basis points over the last week.

These types of loans are best for those who expect to refinance or sell before the first or second adjustment. Rates could be substantially 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.

Jumbo loan interest rates

The average rate you’ll pay for a jumbo mortgage is 2.92 percent, up 3 basis points since the same time last week. This time a month ago, the average rate was lower, at 2.87 percent.

At today’s average jumbo rate, you’ll pay principal and interest of $417.30 for every $100,000 you borrow. Compared to last week, that’s $1.61 higher.

To follow how rates change day-to-day, see our daily mortgage rates news hub.

Where to find the best rates

Mortgage rates can vary largely based on overall market forces, the loan amount, your location, your financial situation and how eager lenders are to get your business. Keep in mind that the rates we post 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 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 stay up to date on current 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 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.