Today’s Mortgage, Refinance Rates: Jan. 6, 2022

Today's Mortgage, Refinance Rates: Jan. 6, 2022
Written by Publishing Team

For most of 2020 and 2021, fixed mortgage rates were well below adjustable rates. Now, adjustable rates are lower than they used to be and are competing with fixed rates.

You may want to have an adjustable mortgage if you plan to move before the initial rate period expires, because then you won’t risk a price increase. But since the rates are ever low, the rates will likely be higher by the time your rate period ends. If you plan to stay in the home for a long time, a fixed rate mortgage may be a better deal, so you can keep the rate low.

Today’s Mortgage Rates

Today’s Mortgage Refinance Rates

Mortgage Calculator

Use our free mortgage calculator to see how today’s interest rates will affect your monthly payments.

Mortgage Calculator

Estimated monthly payment

  • pay 25% It will give you a higher down payment $8,916.08 on interest charges
  • Reduce the interest rate by 1% will save you $51.562.03
  • Pay extra 500 dollars Each month would reduce the term of the loan by 146 months

By clicking on “More details”, you will also see the amount that you will pay over the entire term of the mortgage, including the amount that will be paid in principal for interest.

Will Mortgage Rates Go Up in 2022?


Federal Reserve

He was aggressively buying assets, including mortgage-backed securities, to help the US economy during the COVID-19 pandemic. This was one of the factors that kept mortgage rates low.

In early November, the Fed announced that it would begin to scale back asset purchases. Then it said in December that it would scale back buying at twice the speed it had originally forecast, and plans to triple the federal funds rate in 2022.

Average mortgage rates have been up quite a bit lately, and Fed announcements suggest that mortgage rates may continue to increase gradually in 2022. You may want to lock in a lower mortgage rate if you’re concerned about rates rising this year.

What is a fixed rate mortgage versus an adjustable rate mortgage?

In the past few weeks, fixed mortgage rates have been trending higher with adjustable rates declining. An adjustable mortgage (ARM) can be a good deal depending on your situation.

Fixed rate mortgages keep your rate for the life of your loan. Adjustable rate mortgages maintain your rate for the first few years, and then the rate goes up or down periodically.

Since adjustable rates start low, they are worthwhile options if you plan to sell your home before the interest rate change. For example, if you got a 7/1 ARM and wanted to move seven years ago, you wouldn’t risk paying a higher price later.

But if you want to buy a forever home, a fixed price might be best. Flat rates are relatively low, and your rate will not likely go up in a few years.

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