Mortgage Rates Today – January 7, 2022: All Fixed Rates Go Up


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If you are ready to take out a mortgage, it is important to know the evolution of rates. This is where they are sitting today.

Mortgage rates are higher today for all fixed rate loan products, while the 5/1 ARM has declined slightly. Here’s what the rates look like on January 7, 2022:

Mortgage type

Interest rate of the day

30-year fixed mortgage


20-year fixed mortgage


15-year fixed mortgage


5/1 ARM


The data source: The Ascent National Mortgage Interest Rate Tracker.

30-year mortgage rates

The 30-year average mortgage rate today stands at 3.467%, up 0.028% from yesterday. At today’s rate, you’ll pay principal and interest of $ 447.00 for every $ 100,000 you borrow. This does not include additional expenses like property taxes and home insurance premiums.

20-year mortgage rates

The 20-year average mortgage rate today stands at 3.219%, up 0.048% from yesterday. At today’s rate, you’ll pay principal and interest of $ 565.00 for every $ 100,000 you borrow. Although your monthly payment increases by $ 118.00 with a loan of $ 100,000 over 20 years compared to a loan of the same amount over 30 years, you will save $ 25,300.00 in interest over your repayment period for every $ 100,000 you borrow.

15-year mortgage rates

The 15-year average mortgage rate today stands at 2.596%, up 0.013% from yesterday. At today’s rate, you’ll pay principal and interest of $ 671.00 for every $ 100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $ 224.00 higher for every $ 100,000 of mortgage principal. However, your interest savings will be $ 40,211.00 over the duration of your repayment period per $ 100,000 of mortgage debt.

5/1 arm

The average 5/1 ARM rate is 3.278%, down 0.044% from yesterday. With an ARM 5/1, your initial interest rate is good for five years, but from then on it can adjust once a year, up or down. If you will save a little money now with an ARM 5/1 compared to a 30-year fixed loan, you also run the risk of seeing your payments increase over time.

Should I lock in my mortgage rate now?

A mortgage rate freeze guarantees you a specific interest rate for a certain period of time – typically 30 days, but you may be able to guarantee your rate for up to 60 days. You’ll usually pay a fee to lock in your mortgage rate, but that way you’re protected if rates go up by the time your mortgage closes.

If you plan to close your home in the next 30 days, it pays to lock in your mortgage rate based on today’s rates, especially since they are quite attractive, historically speaking. But if your close is more than 30 days away, you might want to choose an adjustable rate lock instead for what will usually be a higher fee, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your loan if rates drop before your mortgage closes. While the rates today are quite low, we don’t know if the rates will go up or down in the next few months. As such, it is beneficial to:

  • LOCK if closing seven days
  • LOCK if closing 15 days
  • LOCK if closing 30 days
  • FLOAT if closing 45 days
  • FLOAT if closing 60 days

If you’re ready to get a mortgage, reach out to different lenders and see what rates they are offering you. It is important to shop around and compare rates because you may see a range of offers among the lenders you contact.

A historic opportunity to potentially save thousands on your mortgage

There is a good chance that interest rates will not stay at multi-decade lows any longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger to buy a new home.

Ascent’s in-house mortgage expert recommends this company for finding a low rate – and in fact, he’s used them for refi himself (twice!). Click here to find out more and see your price. While this does not influence our opinions on the products, we do receive compensation from partners whose offers appear here. We are by your side, always. See The Ascent’s full advertiser disclosure here.

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