Today’s Mortgage Rates Edge Higher | February 10, 2022 | Smart Change: Personal Finance | mtstandard.com – Montana Standard

Leslie Cook

Average mortgage rates are higher on most loan types today. Borrowers looking for a 30-year fixed-rate purchase loan will see rates averaging 4.248%, up from yesterday. Meanwh.......

Personal Finance February 10, 2022 2 min read

Leslie Cook

Average mortgage rates are higher on most loan types today. Borrowers looking for a 30-year fixed-rate purchase loan will see rates averaging 4.248%, up from yesterday. Meanwhile, those on the hunt for a 15-year loan will see slightly lower rates than a day ago, with an average of 3.289%. The 5/1 adjustable-rate loan is up to 2.905%.

If you’re shopping for a 30-year fixed-rate refinance loan, expect higher rates averaging 4.321%. The average rate for a 15-year refi edged lower to 3.371% and the 5/1 ARM is down to 2.953%.

The latest rate on a 30-year fixed-rate mortgage is 4.248%. ⇑
The latest rate on a 15-year fixed-rate mortgage is 3.289%. ⇓
The latest rate on a 5/1 ARM is 2.905%. ⇑
The latest rate on a 7/1 ARM is 3.181%. ⇑
The latest rate on a 10/1 ARM is 3.267%. ⇑

Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score — roughly the national average score — might pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate 8,000 lenders offered to applicants the previous business day. Freddie Mac’s weekly rates will generally be lower, since they measure rates offered to borrowers with higher credit scores.

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Looking for a loan? Check out Money’s lists of the best mortgage lenders and best refinance lenders.

Today’s 30-year fixed-rate mortgage rates

The 30-year rate is 4.248%.
That’s a one-day increase of 0.018 percentage points.
That’s a one-month increase of 0.376 percentage points.

Most borrowers choose a 30-year fixed-rate mortgage because the interest rate is stable and the debt is paid over a longer period of time, which results in lower monthly payments. The drawback is the higher interest rate compared to other loan types, making the 30-year the most expensive option in terms of the total cost.