Today's mortgage rates pause at money-saving levels | Jan. 20, 2022

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Based on data compiled by Credible, mortgage rates remained unchanged since yesterday.

• 30-year fixed mortgage rates: 3.625%, unchanged
• 20-year fixed mortgage rates: 3.375%, unchanged
• 15-year fixed mortgage rates: 2.875%, unchanged
• 10-year fixed mortgage rates: 2.875%, unchanged

Rates last updated on Jan. 20, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Mortgage rates have been volatile since the start of the year, and today is only the second time in 2022 when rates have held steady across all four repayment terms. Overall, rates are higher today than they were last week and last month at this time, pointing to an upward trend. Buyers might want to lock in one of today’s low mortgage rates ahead of further increases. A mortgage rate lock secured today could protect homebuyers from rate increases over the next 30 to 60 days.

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

To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

• Check out mortgage refinance rates
• Compare home purchase rates

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

Today’s level rates afford homeowners another opportunity to refinance into a lower interest rate ahead of the further increases that are predicted for this year. Homeowners who took out mortgages prior to 2020 may stand to save the most since today’s refinance rates continue to be well below purchase rates from a few years ago. If you’re considering refinancing an existing home, check out what refinance rates look like:

• 30-year fixed-rate refinance: 3.750%, unchanged
• 20-year fixed-rate refinance: 3.500%, unchanged
• 15-year fixed-rate refinance: 2.875%, unchanged
• 10-year fixed-rate refinance: 2.875%, unchanged

Rates last updated on Jan. 20, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

A site like Credible can be a big help when you’re ready to compare mortgage refinance loans. Credible lets you see prequalified rates for conventional mortgages from multiple lenders all within a few minutes. Visit Credible today to get started.

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.

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.

Current mortgage rates

Today’s average mortgage interest rate across all terms is 3.188%, the same as yesterday and up from 2.969% last week at this time.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.625%. 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.

Current 20-year mortgage rates

The current interest rate for a 20-year fixed-rate mortgage is 3.375%. This is the same as 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.

Current 15-year mortgage rates

The current interest rate for a 15-year fixed-rate mortgage is 2.875%. This is the same as 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. 

Current 10-year mortgage rates

The current interest rate for a 10-year fixed-rate mortgage is 2.875%. This is the same as 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.

You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders who offer mortgage refinancing as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates through the link below.

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Rates last updated on Jan. 20, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

How Credible mortgage rates are calculated

Changing economic conditions, central bank policy decisions, investor sentiment, and other factors influence the movement of mortgage rates. Credible average mortgage rates and mortgage refinance rates are calculated based on information provided by partner lenders who pay compensation to Credible.

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%.

Credible mortgage rates will only give you an idea of current average rates. The rate you receive can vary based on a number of factors.

How mortgage rates have changed

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

• 30-year fixed mortgage rates: 3.625%, up from 3.500% last week, +0.125
• 20-year fixed mortgage rates: 3.375%, up from 3.125% last week, +0.250
• 15-year fixed mortgage rates: 2.875%, up from 2.625% last week, +0.250
• 10-year fixed mortgage rates: 2.875%, up from 2.625% last week, +0.250

Rates last updated on Jan. 20, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

If you’re trying to find the right rate for your home mortgage or looking to refinance an existing home, consider using Credible. You can use Credible's free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.

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

What is a good mortgage rate?

Many factors influence the mortgage rate a lender may offer you. But generally, a good mortgage rate is one that’s the lowest you can qualify for based on your individual factors, such as credit history, income, other debts, down payment amount, and more. 

A rate that’s good for your financial situation should result in a monthly mortgage payment that you can manage, while leaving plenty of room in your monthly budget to put toward savings, investments, and an emergency fund. And a good rate should be competitive with average rates in the geographic area where you’re looking to buy.

Once you’ve chosen the home loan type that works for you, you can compare multiple lenders to truly find the best rates.

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.

Credible is partnered with a home insurance broker. If you're looking for a better rate on home insurance and are considering switching providers, consider using an online broker. You can compare quotes from top-rated insurance carriers in your area — it's fast, easy, and the whole process can be completed entirely online.

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com 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.