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Compare Today’s Mortgage Rates January 21st, 2021

4 min read

Multiple closely watched mortgage rates slid lower today. The average rates on 30-year fixed and 15-year fixed mortgages both slid down. On the variable-mortgage side, the average rate on 5/1 adjustable-rate mortgages inched up.

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Current average mortgage interest rates

Loan type Interest rate A week ago Change
30-year fixed rate 2.88% 2.90% -0.02
15-year fixed rate 2.36% 2.39% -0.03
30-year fixed jumbo rate 2.92% 2.95% -0.03
30-year fixed refinance rate 2.93% 2.96% -0.03

Rates last updated on January 21, 2021. These rates are averages based on the assumptions shown here. Actual rates on-site may vary.

Data source: Bankrate overnight averages data

Mortgage rates change daily, but they remain much lower overall than they were before the Great Recession. If you’re in the market for a mortgage, it could make sense to lock if you see a rate you like. Just don’t do so without shopping around first.

Compare mortgage rates in your area now.

30-year fixed-rate mortgages

The average rate for a 30-year fixed mortgage is 2.88 percent, a decrease of 2 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 2.92 percent.

At the current average rate, you’ll pay principal and interest of $415.16 for every $100,000 you borrow. That’s a decline of $1.07 from last week.

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

15-year mortgages

The average 15-year fixed-mortgage rate is 2.36 percent, down 3 basis points since the same time last week.

Gallery: How Long $1 Million in Savings Will Last in Every State (GOBankingRates)

a woman wearing a blue hat: Americans’ lack of savings has caused financial experts to paint a dismal picture when it comes to retirement. Analysts at Blacktower Financial Management Group calculated that you would need to save approximately $386,100 over your lifetime to retire at 67. That means the youngest millennials — who currently are 24 — already should have stashed away $8,775. And the oldest millennials, now 39, should have saved $140,400 for retirement by now. For those who haven’t aggressively put money away for the future, that number could be tough to swallow. Pinpointing the exact amount that you need to save to retire comfortably is a difficult task — and reaching that goal is even harder. According to the 2019 Planning and Progress Study by Northwestern Mutual, more than 22% of Americans have less than $5,000 saved for retirement, and nearly 50% plan on working past retirement age. Every day, 10,000 baby boomers turn 65, and 17% of them have less than $5,000 in their retirement funds. Now, a $1 million nest egg certainly sounds like it would be enough to support you for the rest of your lifetime. But how long would that really last? It depends on where you live. To determine how long $1 million in savings will last across the country, GOBankingRates analyzed data from the Bureau of Labor Statistics’ 2018 Consumer Expenditure Survey. This study found the number of years, months and days that $1 million will last by multiplying the annual expenditures by each state’s overall cost-of-living index. Annual costs then were multiplied by other annual expenditure figures, including cost of living, housing costs, utilities costs, transportation costs and healthcare costs. The states were ranked from the shortest to the longest period of time that $1 million will stretch. Unfortunately, $1 million doesn’t last quite as long as you might think it would. If you live in one of the more expensive states, such as Hawaii or California, you shouldn’t quit your day job early, and $1 million won’t even cover your living expenses for 18 years in most Northeastern states. There is a bit more cushion in many Southern states, though, if you live there or plan on making a move. Find out how long $1 million in savings will last in your state. Last updated: March 13, 2020

Monthly payments on a 15-year fixed mortgage at that rate will cost around $660 per $100,000 borrowed. That’s obviously much higher than the monthly payment would be on a 30-year mortgage at that rate, but it comes with some big advantages: You’ll come out several thousand dollars ahead 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 2.98 percent, up 8 basis points since the same time last week.

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

Monthly payments on a 5/1 ARM at 2.98 percent would cost about $421 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.

Jumbo mortgage interest rates

Today’s average rate for jumbo mortgages is 2.92 percent, a decrease of 3 basis points since the same time last week. A month ago, the average rate on a jumbo mortgage was above that, at 2.94 percent.

At today’s average rate, you’ll pay $417.30 per month in principal and interest for every $100k you borrow. That’s lower by $1.61 than it would have been last week.

To follow how rates change day-to-day, see Bankrate’s daily rates news hub.

Where to get the best rates

Interest rates can differ 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 quote are 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 searching for a mortgage to shop around and compare 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 remain up to date on current rates. If you’re not happy with the results you see between these pages, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.

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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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