Plan a mortgage today for January 20, 2023

Looking for the latest mortgage deals to power your sales or refinancing decisions? We’ve got you covered.

Here, you can see today’s mortgage interest rates, updated daily according to data from Bankrateso you can get the most up-to-date information when buying or refinancing your home.

30 year fixed rate mortgage

The average mortgage interest rate for a 30-year fixed rate mortgage was 6.37%, an increase of 0.06 percentage points from last week’s 6.31%.

Thirty-year fixed-term mortgages are the most sought-after term by lenders. A 30-year fixed rate mortgage has a lower monthly payment than a 15-year mortgage, but usually has a higher interest rate.

15 year fixed rate mortgage

The average mortgage interest rate for a 15-year fixed rate mortgage was 5.62%, a decrease of 0.06 percentage points from last week’s 5.68%.

Fifteen-year mortgage rates yield higher monthly payments compared to 30-year mortgages. However, interest rates are usually low and you will pay less interest because you are paying off your loan at a faster rate.

5/1 mortgage rate adjustment

The 5/1 adjustable rate mortgage (ARM) rate was 5.38%, a decrease of 0.09 percentage points from last week’s 5.47%. With an ARM, you usually get a lower interest rate than a fixed mortgage for, say, the first five years.

But you may end up paying more or less after that time depending on your loan terms and how that rate fares in the market.

When is the best time for a loan?

When choosing a mortgage, it is important to choose a loan period or a payment period. Usually you will be offered a 15 or 30-year loan, but it is not uncommon to see a 10, 20, or 40-year mortgage, according to CNET.

Mortgages can be fixed or adjustable. Interest rates on fixed mortgages are set in stone for the duration of the loan.

Adjustable rate mortgages are interest-only mortgages that are set for a specific period of time before the rate is adjusted annually based on the market.

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