Current Mortgage Rates -- January 14, 2022: Rates Up for Most Loans

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What would your home loan cost you today? Check out today's average mortgage rates to find out.

On Jan. 14, 2022, average mortgage rates are up for most loans. It's helpful to keep tabs on trends in mortgage rates if you're thinking about purchasing a home as the rate you pay can impact both monthly payments and total loan costs.

Here are today's average mortgage rates for Jan. 14, 2022:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 3.633%
20-year fixed mortgage 3.301%
15-year fixed mortgage 2.819%
5/1 ARM 3.190%

Data source: The Ascent's national mortgage interest rate tracking.

30-year mortgage rates

The average 30-year mortgage rate today is 3.633%, up 0.02% from yesterday's average of 3.613%. You'd be looking at a principal and interest payment of $457 per $100,000 borrowed at today's average rate. Over the life of the loan, your total interest costs would add up to $64,341 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 3.301%, down 0.001% from yesterday's average of 3.302%. A loan at today's average rate would come with a monthly principal and interest payment of $570 per $100,000 borrowed. For each $100,000 you borrow at today's average rate, total interest costs would add up to $36,749.

Although this loan has higher monthly payments than the 30-year loan, the total borrowing costs over time are lower. A reduced rate and a shorter period of time you pay interest account for the lower costs, but the short payoff time also means each monthly payment must be higher.

15-year mortgage rates

The average 15-year mortgage rate today is 2.819%, up 0.046% from yesterday's average of 2.773%. If you borrow at today's average rate, your monthly principal and interest payment would be $682 per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $22,744 per $100,000 borrowed.

This loan comes with much higher monthly payments than the 20-year or 30-year loan since you're repaying your debt very quickly. Of course, you become debt free faster and save a lot of money over time, so you'll need to consider both the pros and cons of a 15-year mortgage loan before deciding if it's right for you.

5/1 ARMs

The average 5/1 ARM rate is 3.190%, up 0.024% from yesterday's average of 3.166%. This rate is locked in for five years, but is tied to a financial index and begins adjusting once per year after that initial five-year period is up. If rates rise, your loan could become more expensive both each month and over time.

Should I lock my mortgage rate now?

A mortgage rate lock guarantees you a certain interest rate for a specified period of time -- usually 30 days, but you may be able to secure your rate for up to 60 days. You'll generally pay a fee to lock in your mortgage rate, but that way, you're protected in case rates climb between now and when you actually close on your mortgage.

If you plan to close on your home within the next 30 days, then it pays to lock in your mortgage rate based on today's rates -- especially since they're still pretty competitive, historically speaking. But if your closing is more than 30 days away, you may want to choose a floating rate lock instead for what will usually be a higher fee, but one that could save you money in the long run. A floating rate lock lets you secure a lower rate on your mortgage if rates fall prior to your closing, and while today's rates are still quite low, we don't know if rates will go up or down over the next few months. As such, it pays to:

  • LOCK if closing in 7 days
  • LOCK if closing in 15 days
  • LOCK if closing in 30 days
  • FLOAT if closing in 45 days
  • FLOAT if closing in 60 days

To find out what rates are available to you, compare rates from at least three of the best mortgage lenders before locking in.

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