October 7, 2022

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Compare Today’s Mortgage Rates January 15th, 2021 : Rates trend upward

4 min read

Multiple benchmark mortgage rates ticked up today. The average rates on 30-year fixed and 15-year fixed mortgages both climbed higher. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages fell.

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Current average mortgage interest rates

Loan type Interest rate A week ago Change
30-year fixed rate 2.91% 2.88% +0.03
15-year fixed rate 2.38% 2.34% -0.04
30-year fixed jumbo rate 2.96% 2.93% +0.03
30-year fixed refinance rate 2.95% 2.94% +0.01

Rates last updated on January 15, 2021. These rates are averages based on the assumptions shown here. Actual rates on-site may vary.

Data source: Bankrate overnight averages data

Rates for mortgages are in a constant state of flux, but they have remained in a historically low range for quite some time. If you’re in the market for a mortgage, it could make sense to go ahead and lock if you see a rate you like. Just make sure you shop around first.

View mortgage rates for a variety of loan types.

30-year mortgage rates

The average rate you’ll pay for a 30-year fixed mortgage is 2.91 percent, up 3 basis points from a week ago. This time a month ago, the average rate on a 30-year fixed mortgage was lower, at 2.86 percent.

At the current average rate, you’ll pay a combined $416.77 per month in principal and interest for every $100,000 you borrow. That’s $1.61 higher compared with last week.

You can use Bankrate’s mortgage payment calculator to estimate your monthly payments and see how much you’ll save by adding extra payments. It will also help you computehow much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 2.38 percent, up 4 basis points over the last seven days.

Gallery: Billionaires vs. the Middle Class Across America: Who Pays More in Taxes? (GOBankingRates)

a close up of a bottle: Although the U.S. tax system has been flawed for quite some time, Trump’s Tax Cuts and Jobs Act — signed in December 2017 — churned the fiscal waters and brought plenty of opinions and proposed actions to surface.
Some of those opinions and proposed actions bubbled up in October 2019, with the release of economists Emmanuel Saez and Gabriel Zucman’s book “The Triumph of Injustice: How the Rich Dodge Taxes and How to Make Them Pay.” Although Saez and Zucman make a case that wealth inequality is a growing problem in America, the burning question is, “Do U.S. billionaires really pay less in taxes than the middle class?”
Last updated: Dec. 13, 2019

Monthly payments on a 15-year fixed mortgage at that rate will cost around $661 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.

5/1 Adjustable Rate Mortgage Rates

The average rate on a 5/1 adjustable rate mortgageis 2.89 percent, down 6 basis points from a week ago.

These types of loans are best for those who expect to refinance or sell before the first or second adjustment. Rates could be much higher when the loan first adjusts, and thereafter.

Monthly payments on a 5/1 ARM at 2.89 percent would cost about $416 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Current jumbo mortgage rates

The average jumbo mortgage rate today is 2.96 percent, an increase of 3 basis points over the last seven days. Last month on the 15th, the average rate for jumbo mortgages was lesser, at 2.88 percent.

At today’s average jumbo rate, you’ll pay a combined $419.45 per month in principal and interest for every $100,000 you borrow. That’s an extra $1.61 compared with last week.

To stay well-informed on current mortgage rates, check out Bankrate’s daily mortgage rates news hub.

How to find the best rates

Interest rates can vary widely based on overarching market forces, the size of the loan, your location, your financial situation and how motivated mortgage lenders are to get your business. Remember that the rates we post are market averages–some people will be quoted higher or lower or that exact rate, and the rate may change daily even at the same lender.

It’s important when you’re looking for a loan to shop around and compare and contrast all the terms of your offers, not just the interest rate you’re being quoted. Your best rate and terms may be from an online lender, the bank down the street or perhaps through a mortgage broker. You won’t know unless you shop multiple lenders through multiple channels.

Bankrate is a great place to start, because you can take advantage of our mortgage rate comparison tool and stay up to date on current rates. If you’re not happy with the results there, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.

Shopping for the right lender?

Methodology: The rates you see above are Bankrate.com Site Averages. These calculations are run after the close of the previous business day and include rates and/or yields we have collected that day for a specific banking product. Bankrate.com site averages tend to be volatile — they help consumers see the movement of rates day to day. The institutions included in the “Bankrate.com Site Average” tables will be different from one day to the next, depending on which institutions’ rates we gather on a particular day for presentation on the site.

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