Today’s Mortgage Rates Slide Lower | January 21, 2022 | Smart Change: Personal Finance | pantagraph.com – Bloomington Pantagraph

Leslie Cook

The rate for a 30-year fixed-rate mortgage is lower today, breaking a 4-day streak of increases as the average slid down to 4.019%. The rate on a 30-year refinance loan moved .......

Personal Finance January 22, 2022 2 min read

Leslie Cook

The rate for a 30-year fixed-rate mortgage is lower today, breaking a 4-day streak of increases as the average slid down to 4.019%. The rate on a 30-year refinance loan moved lower as well, coming in at 4.136%. Almost all other loan types are also seeing lower rates than yesterday.

Slightly lower rates for purchase and refinance loans mean more borrowers with strong credit should be able to find and lock in a low rate and comfortable monthly payments.

The latest rate on a 30-year fixed-rate mortgage is 4.019%. ⇓
The latest rate on a 15-year fixed-rate mortgage is 3.037%. ⇓
The latest rate on a 5/1 ARM is 2.574%. ⇓
The latest rate on a 7/1 ARM is 3.891% ⇑
The latest rate on a 10/1 ARM is 4.135%. ⇓

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.

Today’s 30-year fixed-rate mortgage rates

The 30-year rate is 4.019%.
That’s a one-day decrease of 0.031 percentage points.
That’s a one-month increase of 0.366 percentage points.

Most borrowers choose the predictable interest rate, long payback time and relatively low monthly payments of the 30-year fixed-rate mortgage. The interest rate, however, will be higher compared to a short-term loan, so you’ll pay more interest in the long run.