The most-qualified borrowers are seeing an average rate of 3.55% on 30-year fixed mortgages for the second week in a row, according to Freddie Mac.
Rates for other loan categories were mixed. The 15-year fixed-rate loan moved down to 2.77%, while the average rate for a 5/1 adjustable-rate mortgage ticked up to 2.71%.
So you want to buy a home. Do you know how much you can afford?
Speaking to a mortgage expert will give you a better understanding of everything you need to make it a reality. Click on your state to see today’s rates.
Mortgage interest rates for the week ending February 3, 2022
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Mortgage rate trends
This week’s interest rates were mixed:
- The current rate for a 30-year fixed-rate mortgage is 3.55% with 0.8 points paid, 0.01 percentage points unchanged from last week. The average rate was 2.73% during the same week last year.
- The current rate for a 15-year fixed-rate mortgage is 2.77% with 0.7 points paid, down by 0.03 percentage points week-over–week. Last year, the average rate was 2.21%.
- The current rate on a 5/1 adjustable-rate mortgage is 2.71% with 0.3 points paid, 0.01 percentage points higher from the previous week. The average rate was 2.78% last year.
“The economy lost some momentum in January, leaving mortgage rates unchanged from last week and relatively flat for the third consecutive week. This stagnation reflects the economic impact of the Omicron variant of COVID-19, which we believe will subside in the coming months,” said Sam Khater, Freddie Mac’s chief economist, in a statement. “As economic recovery continues going into the spring and summer, mortgage rates are expected to resume their upward trajectory. In the meantime, recent data suggests that homebuyer demand continues to be elevated as supply remains low, driving higher home prices.”
Today’s mortgage rates and your monthly payment
The rate on your mortgage can make a big difference in how much home you can afford and the size of your monthly payments.
If you bought a $250,000 home and made a 20% down payment — $50,000 — you would end up with a starting loan balance of $200,000. On a $200,000 home loan with a fixed rate for 30 years:
- At 3% interest rate = $843 in monthly payments (not including taxes, insurance, or HOA fees)
- At 4% interest rate = $955 in monthly …….