Mortgage Rates Today: 30-Year Rates Hold Stable for Third Day | January 18, 2022

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Check out mortgage rates for January 18, 2022, which have been trending higher since last Friday. (iStock)

According to data compiled by Credible, mortgage rates have held steady for 30-year mortgages and increased for three more since last Friday.

  • 30-year fixed mortgage rates: 3.550%, unchanged
  • 20-year fixed mortgage rates: 3.250%, down from 3.125%, +0.125
  • 15-year fixed mortgage rates: 2.750%, vs 2.625%, +0.125
  • 10-year fixed mortgage rates: 2.750%, vs 2.625%, +0.125

Rates were last updated on January 18, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

What does that mean: While three out of four key mortgage rates have risen since last Friday, rates for the most common repayment term – 30 years – have remained stable. And for all repayment terms, mortgage rates today are lower than they were this time last week. With further increases expected in 2022, buyers may want to lock in one of these relatively low rates now.

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

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

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

Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average rating of 4.7 stars (out of a possible 5.0).

Looking at today’s mortgage refinance rates

With mortgage refinance rates on the rise, homeowners need to be strategic when choosing the day to lock in their refinance rate. Today, 15 and 10 year refinancing rates may be particularly attractive since they have remained stable since last Friday. If you’re considering refinancing an existing home, find out what refinance rates look like:

  • Refinancing at a fixed rate over 30 years: 3.625%, vs 3.375%, +0.250
  • Refinancing at a fixed rate over 20 years: 3.250%, down from 3.125%, +0.125
  • Refinancing at a fixed rate over 15 years: 2.750%, unchanged
  • Refinancing at a fixed rate over 10 years: 2.750%, unchanged

Rates were last updated on January 18, 2022. These rates are based on the assumptions presented 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 pre-qualified rates for conventional mortgages from multiple lenders in minutes. Visit Credible today to start.

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

What is a good mortgage rate?

Many factors influence the mortgage rate a lender can offer you. But generally, a good mortgage rate is the lowest you can qualify for based on your individual factors, such as credit history, income, other debts, amount of down payment, etc.

A rate that suits your financial situation should translate into a monthly mortgage payment you can manage, while leaving enough room in your monthly budget for savings, investments and an emergency fund. And a good rate must be competitive with the average rates of the geographical area where you are looking to buy.

Once you’ve decided on the type of home loan that’s right for you, you can compare multiple lenders to really find the best rates.

Current Mortgage Rates

The average mortgage rate for all repayment terms is 3.075%, compared to 3.375% last week at this time.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed rate mortgage is 3.550%. It’s the same as last Friday. Thirty years is the most common repayment term for mortgages, as 30-year mortgages usually give you a lower monthly payment. But they also usually come with higher interest rates, which means you’ll end up paying more interest over the life of the loan.

Current 20-year mortgage rates

The current interest rate for a 20-year fixed rate mortgage is 3.250%. It’s been up since last Friday. Shortening your repayment term by just 10 years can mean you’ll get a lower interest rate and pay less 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 2.750%. It’s been up since last Friday. Fifteen-year mortgages are the second most common mortgage term. A 15-year mortgage can 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 2.750%. It’s been up since last Friday. Although less common than 30 and 15 year mortgages, a 10 year fixed rate mortgage generally gives you lower interest rates and lifetime interest charges, but a higher monthly mortgage payment .

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

Thousands of Trustpilot reviewers rate Credible as “excellent”.

Rates were last updated on January 18, 2022. These rates are based on the assumptions presented 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’s average mortgage rates and mortgage refinance rates are calculated based on information provided by partner lenders who compensate Credible.

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

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

How Mortgage Rates Have Changed

Today, mortgage rates are down from this time last week.

  • 30-year fixed mortgage rates: 3.550%, down from 3.750% last week, -0.200
  • 20-year fixed mortgage rates: 3.250%, down from 3.750% last week, -0.500
  • 15-year fixed mortgage rates: 2.750%, down from 3.000% last week, -0.250
  • 10-year fixed mortgage rates: 2.750%, down from 3.000% last week, -0.250

Rates were last updated on January 18, 2022. These rates are based on the assumptions presented here. Actual rates may vary.

If you’re trying to find the right rate for your 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 pre-qualified rates in just minutes.

With over 4,500 reviews, Credible maintains an “excellent” Trustpilot score.

How my credit score affects my rate

Many factors can affect the interest rate you receive on a mortgage. Your credit score is important.

A higher credit score tells lenders that you know how to use credit responsibly. This can build their confidence that you’ll make your mortgage payments on time and won’t default. Applying for a mortgage with a high credit rating could help you qualify for lower interest rates and give you a wider range of loan types to choose from.

Conversely, a low credit score can lead lenders to believe that you will have difficulty managing your mortgage and could miss payments or even be subject to foreclosure. A low credit score likely means you’ll qualify for higher interest rates and your loan choices will be more limited.

Want to lower your home insurance premium?

A home insurance policy can help cover unexpected costs you may incur when you own a home, such as structural damage and destruction or theft of personal property. Coverage can vary widely from insurer to insurer, so it’s wise to shop around and compare policy quotes.

Credible is in partnership with a home insurance broker. If you are looking for a better rate on Home Insurance and considering switching providers, consider using an online broker. You can compare quotes from top rated insurance companies in your area – it’s quick, easy and the whole process can be done entirely online.

Do you have a financial question, but you don’t know who to contact? Email The Credible Money Expert at [email protected] and your question may be answered by Credible in our Money Expert section.

As a credible authority on mortgages and personal finance, Chris Jennings has covered topics like mortgages, mortgage refinance, and more. He was a publisher and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, etc.

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