Current National Mortgage Rates, January 12th, 2021 | Rates increase

Daily Mortgage blog

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Multiple key mortgage rates advanced today. The average rates on 30-year fixed and 15-year fixed mortgages both were higher. Meanwhile, the average rate on 5/1 adjustable-rate mortgages dropped.

Average mortgage interest rates
Product Rate Last week Change
30-year fixed 2.93% 2.85% +0.08
15-year fixed 2.38% 2.30% -0.08
30-year fixed jumbo 2.98% 2.89% +0.09
30-year fixed refinance 2.98% 2.89% +0.09

Rates as of January 12, 2021.

Data source: Bankrate overnight averages data

Rates for mortgages change daily, but they remain low by historical standards. If you’re in the market for a mortgage, it may make sense to lock if you see a rate you like. Just be sure to shop around.

Compare mortgage rates in your area now.

30-year mortgage rates

The average rate you’ll pay for a 30-year fixed mortgage is 2.93 percent, up 8 basis points since the same time last week. Last month on the 12th, the average rate on a 30-year fixed mortgage was lower, at 2.85 percent.

At the current average rate, you’ll pay $417.84 per month in principal and interest for every $100,000 you borrow. That’s $4.28 higher compared with last week.

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 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 2.38 percent, up 8 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $661 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 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 Rates

The average rate on a 5/1 adjustable rate mortgageis 2.93 percent, sliding 3 basis points over the last week.

These types of loans are best for those who expect to sell or refinance 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 2.93 percent would cost about $418 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 interest rates

The average rate for the benchmark jumbo mortgage is 2.98 percent, an increase of 9 basis points over the last seven days. Last month on the 12th, the average rate for jumbo mortgages was lesser, at 2.87 percent.

At today’s average jumbo rate, you’ll pay a combined $420.53 per month in principal and interest for every $100,000 you borrow. That’s $4.84 higher compared with last week.

To stay up to date with daily mortgage rates, check out our daily rates news hub.

Where to get the best rates

Mortgage rates can differ widely based on overarching market forces, the size of the loan, your location, your financial situation and how eager mortgage 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 important 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.

Searching for the right lender?

Compare mortgage rates for various loan types
Product Purchase Rates Refinance Rates
The chart above links out to loan-specific content 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 Mortgage Rates 20-Year Refi Rates
15-Year Loan 15-Year Mortgage Rates 15-Year Refi Interest Rates
10-Year Loan 10-Year Mortgage Rates Current 10-Year Refinance Rates
FHA Loan FHA Loan Interest Rates Current FHA Loan Refinance Rates
VA Loan VA Mortgage Rates Current VA Refinance Rates
ARM Loan ARM Loan Rates ARM Refi Mortage Rates
Jumbo Loan Current Jumbo Mortgage Rates Jumbo 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.