Today’s 10-year mortgage rates dive to a 3-day low | January 10, 2022


Our goal at Credible Operations, Inc., NMLS No. 1681276, referred to below as “Reliable,” is to give you the tools and confidence you need to improve your finances. Although we promote products from our partner lenders that provide us with a solution to our services, all opinions are our own.

Check the mortgage rates for January 10, 2022, which have been mixed since last Friday. (iStock)

Based on data compiled by Credible, mortgage rates have risen for the long haul and have fallen for the shortest time since last Friday.

  • 30-Year Fixed Mortgage Rates: 3.625%, 3.375% to +0.250
  • 20-Year Fixed Mortgage Rates: 3.250%, 3.125% to +0.125
  • 15 Year Fixed Mortgage Rates: 2.625%, down from 2.750%, -0.125
  • 10 Year Fixed Mortgage Rates: 2.500%, down from 2.750%, -0.250

Rates were last updated on January 10, 2022. These rates are based on the assumptions shown Here. Actual rates may vary.

What this means: Mortgage interest rates continue to rise at the beginning of the new year, as experts predict. But with the 15- and 10-year periods falling from last Friday, home buyers still have time to lock in and save interest on the life of their mortgage. Buyers who want a more manageable monthly payment can consider 20-year rates, which still remain at a money-saving level.

These rates are based on the assumptions shown here. Actual rates may vary.

To find the best mortgage rate, start by using credibility, which will show you current mortgage and refinancing rates:

Browse rates from multiple lenders so you can make an informed decision about your home loan.

Credible, the personal finance market, has 4,500 TrustPilot reviews (out of 5.0 possible) with an average star rating of 4.7.

Looking at today’s mortgage refinancing rates

Homeowners considering refinancing may want to look at one of these shorter periods, as rates for the 10- and 15-year period have been dropping since last Friday. Homeowners who are comfortable with high monthly payments will realize significant interest savings by refinancing for an even shorter period of time, especially if they take out their original mortgage before the epidemic when rates go up. If you are considering refinancing an existing home, check out what refinancing rates look like:

  • 30-year fixed rate refinancing: 3.625%, 3.375% to +0.250
  • 20-year fixed rate refinancing: 3.625%, 3.125% to +0.500
  • 15 year fixed rate refinancing: 2.625%, down from 2.750%, -0.125
  • 10 year fixed rate refinancing: 2.625%, down from 2.750%, -0.125

Rates were last updated on January 10, 2022. These rates are based on the assumptions shown Here. Actual rates may vary.

A site like Credible is a great help when you’re ready to compare mortgage refinancing loans. Reliability allows you to look at prepayment rates for traditional mortgages from multiple lenders in a few minutes. Visit Credible today to get started.

Credible has earned a 4.7-star rating (out of a possible 5.0) on TrustPilot and has received more than 4,500 reviews from customers who have safely compared pre-qualification rates.

What is the best mortgage rate?

There are many factors that affect the mortgage rate that a lender can offer you. But in general, the best mortgage rate is the lowest rate you can qualify for based on your personal factors such as credit history, income, other loans, down payment amount and more.

A good rate for your financial situation will result in a monthly mortgage payment that you can manage and leave enough room in your monthly budget to put into savings, investments and emergency funds. And the best price should be competitive with the average rates in the geographic area you want to buy.

Once you have selected the type of home loan that works for you, you can compare multiple lenders to find the best rates.

Current mortgage rates

Today’s average mortgage interest rate is sitting at 3%, which is higher than last Friday and a similar time last week.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed rate mortgage is 3.625%. This is a rise from last Friday. Thirty years for mortgages is the normal repayment period because 30-year mortgages give you a lower monthly payment. But they usually come with higher interest rates, which means you will eventually pay higher interest rates over the life of the loan.

Current 20 year mortgage rates

The current interest rate for a 20-year fixed rate mortgage is 3.250%. This is a rise from last Friday. Reducing your repayment period to just 10 years means you get a lower interest rate – and pay less in total interest over the life of the loan.

Current 15-year mortgage rates

The current interest rate for a 15-year fixed rate mortgage is 2.625%. This is lower than last Friday. Fifteen-year mortgages are the second-most common mortgage period. A 15-year mortgage can help you get a lower rate than the 30-year term – and pay lower interest over the life of the loan – while maintaining monthly payments.

Current 10-year mortgage rates

The current interest rate for a 10-year fixed rate mortgage is 2.500%. This is lower than last Friday. Although less common than 30-year and 15-year mortgages, a 10-year fixed rate mortgage gives you lower interest rates and lifetime interest costs, but higher monthly mortgage payments.

You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders offering mortgage refinancing and home loans. Check out the Credible and Get Prequalified today and see today’s refinance rates through the link below.

Thousands of TrustPilot reviewers rate it a credible “best.”

Rates were last updated on January 10, 2022. These rates are based on the assumptions shown Here. Actual rates may vary.

How reliable mortgage rates are calculated

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage rates. Trustworthy average mortgage rates and mortgage refinancing rates are calculated based on information provided by partner creditors who pay the credible compensation.

Rates assume that the borrower has a credit score of 740 and is borrowing a traditional loan for a single-family home that is their primary residence. Rates also assume no (or low) discount points and a 20% down payment.

Reliable mortgage rates will only give you an idea of ​​current average rates. The rate you receive can vary based on a number of factors.

How mortgage rates have changed

Today, mortgage rates are high compared to this time last week.

  • 30-Year Fixed Mortgage Rates: 3.625%, +0.435 from 3.190% last week
  • 20-Year Fixed Mortgage Rates: 3.250%, +0.375 from 2.875% last week
  • 15 Year Fixed Mortgage Rates: 2.625%, +0.250 from 2.375% last week
  • 10 Year Fixed Mortgage Rates: 2.500%, +0.250 from 2.250% last week

Rates were last updated on January 10, 2022. These rates are based on the assumptions shown Here. Actual rates may vary.

If you are trying to find the right rate for your home mortgage or want to refinance an existing home, consider using a reliable one. You can use Credible’s free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.

With over 4,500 reviews, Credible maintains the “Best” TrustPilot score.

Factors that affect mortgage rates (and are under your control)

There are many factors that affect what mortgage interest rate you can qualify for, and some of them are under your control. Improving these factors can help you qualify for a lower interest rate.

  • Credit score – Generally, lower interest rates go to borrowers who have higher credit scores. Improving your credit score before you apply for a mortgage can help you get a lower interest rate than you would with a low credit score.
  • Debt-to-income ratio – DTI is the percentage that compares your total debt with your income. To calculate DTI, divide your monthly total income by the total amount of your monthly minimum loan payments. A high DTI is a sign that you may struggle to make a mortgage payment. It says that you have more available income to put in mortgage payments to lower DTI lenders. Generally, lenders want a DTI of 35% or less.
  • Down payment amount – A down payment reduces the amount you need to borrow – meaning lenders’ money is at risk. Generally, lenders (and many sellers) look favorably on the higher down payment amount. If you are less than 20% of the home’s purchase price, many lenders will pay you for private mortgage insurance that protects the lender (not you) if you fail to repay the mortgage.
  • Location / price of the house – Interest rates may vary depending on where you live and where you are buying. Similarly, if you need to borrow more than the average (jumbo loan) or lower, you can get a higher interest rate.
  • Repayment period – Historically, the longer the loan repayment period, the higher the interest rate. Lower rates usually come with 10- or 15-year terms, while 30-year terms usually have higher interest rates. If you can swing a large monthly payment that comes with a shorter period of time, you can deduct lower interest rates and significant interest savings over the life of the loan.

Looking to lower your home insurance rate?

A home insurance policy can help cover structural damage and unexpected expenses you may incur during home ownership, such as vandalism or stolen personal property. Coverage can vary widely among insurers so it is wise to buy and compare policy quotes.

Partnering with Credible Home Insurance Broker. You can compare free home insurance quotes through Creditable Partners here. It’s fast, easy and can complete the entire process online.

Have a finance related question, but don’t know who to ask? Creditable Money Expert can be emailed to moneyexpert@credible.com and your question can be answered in our Money Expert column.

As a trusted authority on mortgages and personal financing, Chris Jennings covers topics such as mortgage loans, mortgage refinancing and more. He has been editor and editorial assistant in the field of online personal finance for four years. His work has been covered by MSN, AOL, Yahoo Finance and more.

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