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Fixed loan products are on the rise

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Need a mortgage loan? Here’s what the rates look like now.

Mortgage rates are higher today for all fixed loan products. Here’s what the rates look like as of January 20, 2022:

Type of mortgage

Today’s interest rate

30-year fixed mortgage


20-year fixed mortgage


15-year fixed mortgage


ARM 5/1


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

30-year mortgage rates

The average 30-year mortgage rate today is 3.732%, up 0.035% from yesterday. At today’s rates, you’ll pay $462.00 principal and interest for every $100,000 you borrow. This does not include additional expenses such as property taxes and home insurance premiums.

20-year mortgage rates

The average 20-year mortgage rate today is 3.352%, up 0.022% from yesterday. At today’s rates, you’ll pay $572.00 principal and interest for every $100,000 you borrow. Although your monthly payment will increase by $110.00 with a 20-year loan of $100,000 compared to a 30-year loan of the same amount, you will save $29,033.00 in interest over your repayment period for every $100,000 borrowed.

15-year mortgage rates

The average 15-year mortgage rate today is 2.900%, up 0.026% from yesterday. At today’s rates, you’ll pay $686.00 principal and interest for every $100,000 you borrow. Compared to the 30-year loan, your monthly payment will be $224.00 higher per $100,000 of mortgage principal. However, your interest savings will be $42,880.00 over the length of your repayment period per $100,000 of mortgage debt.

RMA 5/1

The average ARM 5/1 rate is 3.033%, down 0.078% from yesterday. With a 5/1 ARM, you are guaranteed the initial interest rate that you lock in for only five years. From there, your rate could go up, making your mortgage more expensive. Although you’ll get lower payments to start with if you get a 5/1 ARM on a 30-year fixed loan, you might regret the decision later if your rate rises significantly.

Should I lock in my mortgage rate now?

A mortgage rate lock guarantees you a specific interest rate for a certain period of time – usually 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 spike between now and when you take out your home loan.

If you’re planning to close on your home in the next 30 days, it pays to lock in your mortgage rate to today’s rates, especially since they’re quite attractive, historically speaking. But if your close is more than 30 days away, you might want to choose a variable rate lock instead for what will usually be higher fees, 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. Although today’s rates are quite low, we don’t know if they will increase or decrease over the next few months. As such, it pays for:

  • 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 for a mortgage, contact a group of lenders and see what rates they offer you. And if you don’t like these offers, take a close look at your credit rating and see if it needs improvement. Raising that number could be your ticket to a more affordable home loan.

A Historic Opportunity to Save Potentially Thousands of Dollars on Your Mortgage

Chances are interest rates won’t stay at multi-decade lows much 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 on buying a new home.

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

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