30-year mortgage rates hold steady for second straight day | Jan. 7, 2022

Three other key mortgage rates rise, but still at money-saving levels.

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By Chris Jennings

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Chris Jennings

Chris Jennings is an authority on mortgages and personal finance. His work has been featured by Fox Business, MSN, AOL, and Yahoo Finance.

Updated October 16, 2024, 3:04 AM EDT

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  • 30-year fixed mortgage rates: 3.375%, unchanged
  • 20-year fixed mortgage rates: 3.125%, up from 3.000%, +0.125
  • 15-year fixed mortgage rates: 2.750%, up from 2.500%, +0.250
  • 10-year fixed mortgage rates: 2.750%, up from 2.625%, +0.125

Rates last updated on Jan. 7, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: The news is mixed for homebuyers today, with 30-year rates — the most common repayment term — holding steady since yesterday and rates edging upward for 20-, 15-, and 10-year terms. Buyers looking for a good rate and low monthly payment may consider a 20-year term over a 30-year mortgage since the 20-year average is a quarter percentage point lower than 30-year rates. And with interest rates overall increasing as predicted, buyers may want to lock in a rate today ahead of further increases.

These rates are based on the assumptions shown here. Actual rates may vary.

Browse rates from multiple lenders so you can make an informed decision about your home loan.

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Looking at today’s mortgage refinance rates

Current mortgage refinance rates held steady for longer repayment terms and rose for shorter ones since yesterday. The bump in today’s 15- and 10-year refinance rates may make longer terms more attractive to homeowners who prioritize an affordable mortgage payment. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed-rate refinance: 3.375%, unchanged
  • 20-year fixed-rate refinance: 3.125%, unchanged
  • 15-year fixed-rate refinance: 2.750%, up from 2.500%, +0.250
  • 10-year fixed-rate refinance: 2.750%, up from 2.625%, +0.125

Rates last updated on Jan. 7, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

Credible has earned a 4.7-star rating (out of a possible 5.0) on Trustpilot and more than 4,500 reviews from customers who have safely compared prequalified rates.

How to get low mortgage rates

Mortgage and refinance rates are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered.

If you want to get the lowest possible monthly mortgage payment, taking the following steps can help you secure a lower rate on your home loan:

It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. According to research from Freddie Mac, borrowers can save $1,500 on average over the life of their loan by shopping for just one additional rate quote — and an average of $3,000 by comparing five rate quotes.

Current mortgage rates

The average mortgage interest rate across all terms rose to 3%, the highest it’s been in more than a year.

The current interest rate for a 30-year fixed-rate mortgage is 3.375%. This is the same as yesterday. Thirty years is the most common repayment term for mortgages because 30-year mortgages typically give you a lower monthly payment. But they also typically come with higher interest rates, meaning you’ll ultimately pay more in interest over the life of the loan.

The current interest rate for a 20-year fixed-rate mortgage is 3.125%. This is up from yesterday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate — and pay less in total interest over the life of the loan.

The current interest rate for a 15-year fixed-rate mortgage is 2.750%. This is up from yesterday. Fifteen-year mortgages are the second most-common mortgage term. A 15-year mortgage may help you get a lower rate than a 30-year term — and pay less interest over the life of the loan — while keeping monthly payments manageable.

The current interest rate for a 10-year fixed-rate mortgage is 2.750%. This is up from yesterday. Although less common than 30-year and 15-year mortgages, a 10-year fixed rate mortgage typically gives you lower interest rates and lifetime interest costs, but a higher monthly mortgage payment.

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Rates last updated on Jan. 7, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

How Credible mortgage rates are calculated

The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. The rates also assume no (or very low) discount points and a down payment of 20%.

How mortgage rates have changed

Today, mortgage rates are up compared to this time last week.

  • 30-year fixed mortgage rates: 3.375%, up from 3.250% last week, +0.125
  • 20-year fixed mortgage rates: 3.125%, up from 2.875% last week, +0.250
  • 15-year fixed mortgage rates: 2.750%, up from 2.375% last week, +0.375
  • 10-year fixed mortgage rates: 2.750%, up from 2.250% last week, +0.500

Rates last updated on Jan. 7, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

With more than 4,500 reviews, Credible maintains an "excellent" Trustpilot score.

Fixed vs. adjustable-rate mortgages: How they affect interest costs

Mortgage interest rates can be fixed (meaning they remain the same for the life of your loan) or variable (the rate can change after an initial period). The type of mortgage you choose will affect your interest rate.

Interest rates for fixed-rate mortgages tend to be higher than the initial interest rate for adjustable rate mortgages, or ARMs. But they don’t change, so you’ll know at the beginning of your loan exactly how much interest you’ll pay over the life of your mortgage.

Initial interest rates for ARMs are typically lower than fixed-rate mortgages. But after the end of an introductory period, your interest rate will change — and it could increase significantly. Introductory periods can vary from several months to a year or a few years. After the introductory period, your interest rate will be based on an index your lender specifies. ARMs may or may not cap how much your interest rate can increase.

It’s common for homeowners with adjustable-rate mortgages to refinance into fixed-rate loans when their introductory period is about to end.

Looking to lower your home insurance rate?

A home insurance policy can help cover unexpected costs you may incur during home ownership, such as structural damage and destruction or stolen personal property. Coverage can vary widely among insurers, so it’s wise to shop around and compare policy quotes.

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.

Meet the contributor:
Chris Jennings
Chris Jennings

Chris Jennings is an authority on mortgages and personal finance. His work has been featured by Fox Business, MSN, AOL, and Yahoo Finance.

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Fox Money is a property of Credible Operations, Inc., which is majority-owned indirectly by Fox Corporation. This material may not be published, broadcast, rewritten, or redistributed. All rights reserved. Use of this website (including any and all parts and components) constitutes your acceptance of Fox's Terms of Use and Updated Privacy Policy | Your Privacy Choices.

*Credible Operations, Inc. We arrange but do not make loans. All loans are subject to underwriting and approval. Registered Mortgage Broker - NYS Department of Financial Services. Advertised rates are subject to change and may not be available at closing, unless locked with a lender