Mortgage rates for Jan. 13, 2022: Rate movement holds firm
Despite the many external factors that could drive rates upward (inflation, bond movement, the Fed’s tapering decisions, etc.), Guaranteed Rate interest rates appear to be holding firm today, Jan. 13, 2022. Mortgage rates on fixed rate home loans haven’t budged at all from yesterday’s positions. And while some adjustable rate mortgages (ARMs) are seeing day-over-day (DOD) increases, they’re pretty mild, all things considered.
Keep an eye on current mortgage rates if you’re in the market for a new house or just want to refinance your mortgage and lower your monthly payments. Interest rates could go in either direction from here, so it’s always good to have a solid frame of reference whenever there’s any kind of rate movement.
30-year fixed rate
Mortgage rates on 30-year fixed rate loans have stayed flat today. Even so, it’s worth noting that rates are actually up from where they stood last week and last month. That week-over-week (WOW) month-over-month (MOM) increase simply reinforces the importance of contextualizing current rates within more long-term trends. If you fit our borrower profile, your monthly mortgage payment would be $1,347.13.*
- Today’s rate: 3.500%
- DOD change: 0
- WOW change: up 12.5 basis points**
- MOM change: up 37.5 basis points
- Today’s APR: 3.597%
- DOD change: 0
- WOW change: up 12.6 basis points
- MOM change: up 37.8 basis points
15-year fixed rate
Today’s rate activity with 15-year fixed rate mortgages is almost identical to 30-year loans. Rates haven’t budged from yesterday’s position, but they’re up by roughly the same margin compared with the previous week and month. As of now, you would pay $2,035.86* on your 15-year home loan each month.
- Today’s rate: 2.750%
- DOD change: 0
- WOW change: up 12.5 basis points
- MOM change: up 37.5 basis points
- Today’s APR: 2.918%
- DOD change: 0
- WOW change: up 12.6 basis points
- MOM change: up 37.9 basis points
FHA 30-year fixed rate
It’s pretty much the same story on the government home loan front. Rate movement on FHA 30-year fixed rate mortgages has been flat day over day, but up week over week and month over month. With these loan terms, you’d be looking at a mortgage payment of $1,347.13* for this type of home loan.
- Today’s rate: 3.500%
- DOD change: 0
- WOW change: up 12.5 basis points
- MOM change: up 37.5 basis points
- Today’s APR: 4.294%
- DOD change: 0
- WOW change: up 12.5 basis points
- MOM change: up 12.9 basis points
5-year ARM
We noted earlier that ARM loans are the only mortgage types that have seen any day-over-day rate activity. Well, that’s not the case with the 5-year ARM: Rates are holding firm for this loan type today. If you locked in your rate now, you would owe $1,305.62* on your mortgage each month.
- Today’s rate: 3.250%
- DOD change: 0
- Today’s APR: 3.016%
- DOD change: 0
7-year ARM
We’ve finally reached a mortgage type that’s actually experienced some rate movement today — unfortunately, it’s in the wrong direction. Interest rates on 7-ARM loans have ticked upward day over day. That being said, the increase is fairly minimal compared with some of the rate bumps we’ve seen over the past couple of weeks. Right now, your mortgage payment on a 7-year ARM would be $1,368.15.*
- Today’s rate: 3.625%
- DOD change: up 12.5 basis points
- Today’s APR: 3.251%
- DOD change: up 5.9 basis points
10-year ARM
No loan type has seen more rate volatility today than the 10-year ARM. Mortgage rates for this loan option are up day over day, but are actually lower than where they stood last week and last month. Given the current loan conditions, you would pay $1,326.29* on your monthly installment.
- Today’s rate: 3.375%
- DOD change: up 12.5 basis points
- WOW change: down 12.5 basis points
- MOM change: down 12.5 basis points
- Today’s APR: 3.225%
- DOD change: up 7.8 basis points
- WOW change: down 7.8 basis points
- MOM change: down 7.8 basis points
Today’s takeaway
For the most part, mortgage rates are holding firm today, Jan. 13, 2022. After multiple rate bumps over the past week or so, no movement at all is actually good news for homebuyers and borrowers. There are plenty of reasons to wonder if interest rates will start to head upward, but for today at least, they’ve stayed flat.
Ready to jump on a traditional or cash-out refi? Speak with one of our qualified mortgage experts to hear more about your loan options and see if now is a good time to lock in your rate.
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 Guaranteed 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