Mortgage rates for Feb. 3, 2022: Rates inch higher again
Interest rates appear to be trending upward — for the most part, anyway. Given recent rate activity, that may not come as much of a surprise. Looking at Rate mortgage rates for today, Feb. 3, 2022, conventional fixed rate loans have increased while government-insured loans and adjustable rate mortgages (ARMs) are holding firm.
Compared with some recent rate increases, though, today’s rate hike isn’t much of a hike at all. The day-over-day (DOD) changes are relatively mild, so if you held off on locking in your rate yesterday, then you’re not missing out too much. Still, waiting to move forward on a traditional refinance or cash-out refi could wind up costing more in the long run. If you’re ready to get started on a refi, you may be better off acting sooner rather than later.
30-year fixed rate
Interest rates on 30-year fixed rate loans are higher today than they were yesterday, but not by that much. Mortgage rates for this type of loan have actually decreased a bit week over week (WOW). Having said that, it’s worth noting that interest rates on 30-year loans are still up month over month (MOM). With our borrower profile conditions, your mortgage payment would be $1,363.94.*
- Today’s rate: 3.6%
- DOD change: up 5 basis points**
- WOW change: down 2.5 basis points
- MOM change: up 47.5 basis points
- Today’s APR: 3.698%
- DOD change: up 5 basis points
- WOW change: down 2.6 basis points
- MOM change: up 47.9 basis points
15-year fixed rate
There’s no hedging here: Mortgage rates on 15-year fixed rate loans are higher today than they were yesterday, last week or last month. If you locked in your rate now, you would spend $2,070.30* on your 15-year home loan each month.
- Today’s rate: 2.990%
- DOD change: up 11.5 basis points
- WOW change: up 11.5 basis points
- MOM change: up 61.5 basis points
- Today’s APR: 3.161%
- DOD change: up 11.6 basis points
- WOW change: up 11.6 basis points
- MOM change: up 62.2 basis points
FHA 30-year fixed rate
FHA 30-year fixed rate loans haven’t budged a bit today. That’s not all: Rates for this government-insured loan are in the same position they were last week. Right now, your monthly mortgage payment on an FHA 30-year loan would be $1,347.13.*
- Today’s rate: 3.5%
- DOD change: 0
- WOW change: 0
- MOM change: up 37.5 basis points
- Today’s APR: 4.294%
- DOD change: 0
- WOW change: 0
- MOM change: up 38.6 basis points
10-year ARM
We aren’t seeing much of any rate movement with ARM loans today, either. The 10-year ARM is holding steady day over day, but rates are higher now compared with last week’s and last month’s positions. With these loan terms, you’d pay $1,389.35* on your 10-year ARM’s monthly installment.
- Today’s rate: 3.750%
- DOD change: 0
- WOW change: up 12.5 basis points
- MOM change: up 62.5 basis points
- Today’s APR: 3.461%
- DOD change: 0
- WOW change: up 7.9 basis points
- MOM change: up 39.1 basis points
Today’s takeaway
Interest rates on conventional fixed rate loans have increased slightly today, Feb. 3, 2022, but government-insured and ARM loans are holding strong. Today’s rate increase pales compared to some of the spikes we’ve seen since the new year began. In the grand scheme of mortgage rate activity, a slight uptick isn’t the end of the world.
Ready to lock in your rate and get started on your traditional or cash-out refi? Our mortgage experts are here to help you select the right financing terms for your circumstances and find a home loan that works for you.
Disclaimer
*Above scenarios assume a first lien position, 40 day rate lock on a primary residence and are subject to change without notice. Subject to underwriting guidelines and applicant’s credit profile. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Contact Rate for more information and up to date rates
**Basis points measure the percentage change on interest rates. One basis point represents a 0.01% shift.
Interest rates are based on a borrower profile fitting the following criteria:
- Zip code: 60031
- Home type: Single-family house
- Purchase price: $375,000
- Down payment: 20% ($75,000)
- Mortgage balance: $300,000
- FICO score: 740+
- Military member: No
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