Compare today’s mortgage and refinance rates, January 13th, 2022 | Rates rise

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Mortgage interest rates increased for all loan terms compared to a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans moved higher.

Today’s mortgage rates
Product Rate Last week Change
30-year fixed 3.50% 3.35% +0.15
15-year fixed 2.82% 2.62% +0.20
5/1 ARM 2.74% 2.73% +0.01
30-year fixed jumbo 3.51% 3.36% +0.15

Rates as of January 13, 2022.

The rates listed above are marketplace averages based on the assumptions indicated here. Actual rates displayed across the site may vary. This story has been reviewed by Bill McGuire. All rate data accurate as of Thursday, January 13th, 2022 at 7:30am.

You can save thousands of dollars over the life of your mortgage by getting multiple offers. “It is so important to shop around,” says Greg McBride, CFA, Bankrate chief financial analyst. “Not everyone offers the same price, and some lenders may have motivation to be very competitive on price.”

Mortgage rates

30-year mortgage goes up, +0.15%

The average rate for the benchmark 30-year fixed mortgage is 3.50 percent, up 15 basis points over the last seven days. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 3.25 percent.

At the current average rate, you’ll pay principal and interest of $447.93 for every $100,000 you borrow. That’s an increase of $13.27 over what you would have paid last week.

30-year mortgage vs. 15-year mortgage

Traditional lending practices defer to the 30-year, fixed-rate mortgage as the go-to for most borrowers because it allows the borrower to spread mortgage payments out over 30 years, keeping their monthly payment lower.

With a 15-year mortgage, however, borrowers can pay off their loan in half the time — if they’re able and willing to enlarge the amount of their monthly loan payment. The primary difference between qualifying for a 15-year versus a 30-year mortgage is that you’ll need a higher income and lower debt-to-income ratio to obtain a 15-year mortgage because the monthly loan payments are higher.

15-year fixed mortgage moves higher,+0.20%

The average 15-year fixed-mortgage rate is 2.82 percent, up 20 basis points since the same time last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $409 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 ARM rate moves up, +0.01%

The average rate on a 5/1 adjustable rate mortgageis 2.74 percent, rising 1 basis point from a week ago.

Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. To put it another way, the interest rate can change periodically throughout the life of the loan, unlike fixed-rate loans. These loan types are best for those who expect to sell or refinance 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 2.74 percent would cost about $402 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 rate moves upward, +0.15%

The average jumbo mortgage rate today is 3.51 percent, up 15 basis points over the last seven days. A month ago, the average rate was below that, at 3.24 percent.

At today’s average rate, you’ll pay a combined $447.93 per month in principal and interest for every $100k you borrow. That’s up $13.27 from what it would have been last week.

In summary: How mortgage rates have shifted

  • 30-year fixed mortgage rate: 3.50%, up from 3.35% last week, +0.15
  • 15-year fixed mortgage rate: 2.82%, up from 2.62% last week, +0.20
  • 5/1 ARM mortgage rate: 2.74%, up from 2.73% last week, +0.01
  • Jumbo mortgage rate: 3.51%, up from 3.36% last week, +0.15

Interested in refinancing? See mortgage refinance rates

Current 30 year mortgage refinance rate increases, +0.15%

The average 30-year fixed-refinance rate is 3.50 percent, up 15 basis points over the last seven days. A month ago, the average rate on a 30-year fixed refinance was lower, at 3.21 percent.

At the current average rate, you’ll pay $447.93 per month in principal and interest for every $100,000 you borrow. That’s up $13.27 from what it would have been last week.

6 steps to obtaining the best mortgage rate

  1. Improve your credit score
  2. Build a record of employment
  3. Save up for a down payment
  4. Go for a 15-year fixed-rate mortgage
  5. Shop among multiple lenders
  6. Lock in your rate

Learn more about how these steps can secure you a lower rate.

Learn more:

Featured lenders for today, January 13, 2022