Fixed Loan Products Are Up

Fixed Loan Products Are Up
Written by Publishing Team

Large modern style home with today's mortgage rates chart.

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

Mortgage rates are higher today across all fixed loan products. Here’s what prices look like on January 20, 2022:

Mortgage type

Today’s interest rate

Fixed 30-year mortgage


Fixed 20-year mortgage


Fixed 15-year mortgage


1/5 arm


data source: Keep track of the national mortgage interest rate from Ascent.

30 year mortgage rates

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

20 year mortgage rates

The average 20-year mortgage rate today is 3.352%, up 0.022% from yesterday. At today’s rate, you’d pay principal and interest of $572.00 for every $100,000 you borrow. Even though your monthly payment would increase by $110.00 with a 20-year loan of $100,000 versus a 30-year loan of the same amount, you would save $29.033.00 in interest over the repayment period for every $100,000 you borrow.

Mortgage rates for 15 years

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

5/1 code

Average 5/1 ARM price is 3.033%, down 0.078% from yesterday. With 5/1 ARM, you are only guaranteed the initial interest rate that you maintain for five years. From there, your rate can go up, making your mortgage more expensive. Although you’ll enjoy lower payments to start with if you take out a 5/1 ARM loan on a 30-year fixed loan, you may regret that decision later if your rate goes up significantly.

Should I lock my mortgage rate now?

A lock rate mortgage guarantees you a specific interest rate for a certain period of time — usually 30 days, but you may be able to lock in your rates for up to 60 days. You’ll generally pay a fee to secure your mortgage rate, but this way, you’ll be protected if rates go up between now and your home loan closing.

If you plan to close your home within the next 30 days, it pays to lock in the mortgage rate based on today’s rates – especially because they are historically very attractive. But if the close is after more than 30 days, you may want to opt for a floating rate lock instead for a usually higher fee, but it can save you money in the long run. A floating rate lock allows you to lock in a lower rate on your loan if rates drop before your mortgage closes. While today’s prices are rather low, we don’t know if prices will rise or fall over the next few months. As such, it pays to:

  • a lock If closed in 7 days
  • a lock If closed in 15 days
  • a lock If closed in 30 days
  • float If closed in 45 days
  • float If closed in 60 days

If you are ready to take out a mortgage, contact a group of lenders and see what rates they offer you. And if you don’t like these offers, take a closer look at your credit score and see if it needs boosting. Raising that number could be your ticket to getting an affordable home loan.

Historic opportunity to save thousands from your mortgage

Chances are that interest rates will not remain at multi-decade lows for much longer. That’s why taking action today is so important, whether you want to refinance and lower your mortgage payments or you’re ready to start the process of buying a new home.

Ascent mortgage expert recommends this company find a low rate – and in fact use it himself to respond (twice!). Click here to learn more and see your price. Although this does not affect our opinions of the products, we do receive compensation from partners whose offerings appear here. We are always by your side. See The Ascent advertiser’s full disclosure here.

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