Today's mortgage rates down from last week at this time | Jan. 19, 2022

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Check out the mortgage rates for Jan. 19, 2022, which are up from yesterday. (iStock)

Based on data compiled by Credible, mortgage rates rose since yesterday, but are still lower than last week’s rates across all repayment terms.

30-year fixed mortgage rates: 3.625%, up from 3.550%, +0.075
20-year fixed mortgage rates: 3.375%, up from 3.250%, +0.125
15-year fixed mortgage rates: 2.875%, up from 2.750%, +0.125
10-year fixed mortgage rates: 2.875%, up from 2.750%, +0.125

Rates last updated on Jan. 19, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Mortgage interest rates have been trending upward, as experts have predicted they would in 2022. Despite this upward movement, today’s mortgage rates are actually lower than they were last week at this time. Buyers who want to lock in a low rate ahead of further increases may want to act sooner rather than later.

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

To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

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

Credible, a personal finance marketplace, has 4,500 Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0).

Looking at today’s mortgage refinance rates

Based on data compiled by Credible, current mortgage refinance rates rose across all repayment terms today. Despite increases, mortgage refinance rates are still well below purchase rates from 2019 and earlier. If you’re considering refinancing an existing home, check out what refinance rates look like:

30-year fixed-rate refinance: 3.750%, up from 3.625%, +0.125
20-year fixed-rate refinance: 3.500%, up from 3.250%, +0.250
15-year fixed-rate refinance: 2.875%, up from 2.750%, +0.125
10-year fixed-rate refinance: 2.875%, up from 2.750%, +0.125

Rates last updated on Jan. 19, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

A site like Credible can be a big help when you’re ready to compare mortgage refinance loans. Credible lets you see prequalified rates for conventional mortgages from multiple lenders all within 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 more than 4,500 reviews from customers who have safely compared prequalified rates.

Factors that influence mortgage rates (and are in your control)

Many factors affect what mortgage interest rate you can qualify for, and some of them are within your control. Improving these factors could help you qualify for a lower interest rate.

Credit score — Generally, the lowest interest rates go to borrowers with the highest credit scores. Improving your credit score before you apply for a mortgage could help you secure a lower interest rate than you’d get with a lower credit score.
Debt-to-income ratio — DTI is a percentage that compares your total debts with your income. To calculate DTI, divide your monthly gross income by the total of all your monthly minimum debt payments. A higher DTI can be a sign that you might struggle to make a mortgage payment. A lower DTI tells lenders you have more available income to put toward a mortgage payment. Generally, lenders prefer a DTI of 35% or less.
Down payment amount — A down payment reduces the amount you have to borrow — meaning less of the lender’s money is at risk. Generally, lenders (and many sellers) look favorably on a higher down payment amount. If you put down less than 20% of the home’s purchase price, many lenders will require you to pay for private mortgage insurance, which protects the lender (not you) if you fail to repay the mortgage.
Home location/price — Interest rates can vary depending on what state you live in and where in the state you’re buying. Likewise, if you need to borrow a lot more than average (a jumbo loan) or very little, you may get a higher interest rate.
Repayment term — Historically, the longer a loan’s repayment period, the higher the interest rate. The lowest rates typically come with 10- or 15-year terms, while 30-year terms usually have the highest interest rates. If you can swing the larger monthly payment that comes with a shorter term, you could snag a lower interest rate and significant interest savings over the life of the loan.

Current mortgage rates

The average mortgage interest rate across all repayment terms is 3.188% today.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.625%. This is up from yesterday. Thirty years is the most common repayment term for mortgages because 30-year mortgages typically give you a lower monthly payment. But they also typically come with higher interest rates, meaning you’ll ultimately pay more in interest over the life of the loan.

Current 20-year mortgage rates

The current interest rate for a 20-year fixed-rate mortgage is 3.375%. This is up from yesterday. Shortening your repayment term by just 10 years can mean you’ll 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 2.875%. This is up from yesterday. Fifteen-year mortgages are the second most-common mortgage term. A 15-year mortgage may help you get a lower rate than a 30-year term — and pay less interest over the life of the loan — while keeping monthly payments manageable.

Current 10-year mortgage rates

The current interest rate for a 10-year fixed-rate mortgage is 2.875%. This is up from yesterday. Although less common than 30-year and 15-year mortgages, a 10-year fixed rate mortgage typically gives you lower interest rates and lifetime interest costs, but a higher monthly mortgage payment.

You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders who offer mortgage refinancing as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates through the link below.

Thousands of Trustpilot reviewers rate Credible "excellent."

Rates last updated on Jan. 19, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

How Credible mortgage rates are calculated

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

The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. The rates also assume no (or very low) discount points and a down payment of 20%.

Credible 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 largely down compared to this time last week.

30-year fixed mortgage rates: 3.625%, up from 3.440% last week, +0.185
20-year fixed mortgage rates: 3.375%, down from 3.875% last week, -0.500
15-year fixed mortgage rates: 2.875%, down from 3.125% last week, -0.250
10-year fixed mortgage rates: 2.875%, down from 3.125% last week, -0.250

Rates last updated on Jan. 19, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

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

With more than 4,500 reviews, Credible maintains an "excellent" Trustpilot score.

Factors that influence mortgage rates (and are out of your control)

Many factors influence the interest rate a lender may offer you. Some — such as your credit score — are in your control. But others you have no ability to affect, such as:

The economy — During financial downturns, the Fed may lower interest rates to try to stimulate the economy. And when the economy is doing well, interest rates can rise.
Inflation — Interest rates tend to move with inflation. When the overall cost of goods and services increases, interest rates are also likely to rise.
The Federal Reserve — The Fed may choose to lower interest rates to stimulate a struggling economy, or raise rates in an attempt to put the brakes on inflation.
Macro employment trends — When many people are out of work, as they were during the months of pandemic lockdown, mortgage rates may fall. As employment increases, interest rates typically also increase.

Looking to lower your home insurance rate?

A home insurance policy can help cover unexpected costs you may incur during home ownership, such as structural damage and destruction or stolen personal property. Coverage can vary widely among insurers, so it’s wise to shop around and compare policy quotes.

Credible has a partnership with a home insurance broker. You can compare free home insurance quotes through Credible's partner here. It's fast, easy, and the whole process can be completed entirely online.

Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

As a Credible authority on mortgages and personal finance, Chris Jennings has covered topics that include mortgage loans, mortgage refinancing, and more. He’s been an editor and editorial assistant in the online personal finance space for four years. His work has been featured by MSN, AOL, Yahoo Finance, and more.