Today's best mortgage rate deal? Shorter terms slip lower | Jan. 21, 2022

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Check out the mortgage rates for Jan. 21, 2022, which are mixed from yesterday. (iStock)

Based on data compiled by Credible, mortgage rates held steady for longer repayment terms and fell incrementally for shorter ones since yesterday.

30-year fixed mortgage rates: 3.625%, unchanged
20-year fixed mortgage rates: 3.375%, unchanged
15-year fixed mortgage rates: 2.750%, down from 2.875%, -0.125
10-year fixed mortgage rates: 2.750%, down from 2.875%, -0.125

Rates last updated on Jan. 21, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: While 30-year and 20-year rates held steady for a third consecutive day, mortgage rates have been slowly creeping up since the beginning of the year. Buyers who want to lock in a rate that can deliver interest savings and a lower monthly payment may want to lock in a rate today ahead of further increases.

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

Despite gradual gains since last week, mortgage refinance rates slipped unexpectedly today for 30-year and 20-year repayment terms. With 20-year rates at the bargain level of 3.375% and 15- and 10-year rates holding at 2.875% for a third straight day, homeowners might realize interest savings by refinancing into any of these terms. If you’re considering refinancing an existing home, check out what refinance rates look like:

30-year fixed-rate refinance: 3.625%, down from 3.750%, -0.125
20-year fixed-rate refinance: 3.375%, down from 3.500%, -0.125
15-year fixed-rate refinance: 2.875%, unchanged
10-year fixed-rate refinance: 2.875%, unchanged

Rates last updated on Jan. 21, 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.

How to get low mortgage rates

Mortgage and refinance rates are affected by many economic factors, like unemployment numbers and inflation. But your personal financial history will also determine the rates you’re offered.

If you want to get the lowest possible monthly mortgage payment, taking the following steps can help you secure a lower rate on your home loan:

Improving your credit score
Paying down debt
Making a bigger down payment

It’s also a good idea to compare rates from different lenders to find the best rate for your financial goals. According to research from Freddie Mac, borrowers can save $1,500 on average over the life of their loan by shopping for just one additional rate quote — and an average of $3,000 by comparing five rate quotes.

Credible can help you compare current rates from multiple mortgage lenders at once in just a few minutes. Are you looking to refinance an existing home? Use Credible’s online tools to compare rates and get prequalified today.

Current mortgage rates

The average mortgage interest rate across all repayment terms is 3.125%.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.625%. This is the same as 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 the same as 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 2.750%. This is down 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 2.750%. This is down 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. 21, 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 up compared to this time last week.

30-year fixed mortgage rates: 3.625%, up from 3.500% last week, +0.125
20-year fixed mortgage rates: 3.375%, up from 3.125% last week, +0.250
15-year fixed mortgage rates: 2.750%, up from 2.625% last week, +0.125
10-year fixed mortgage rates: 2.750%, up from 2.625% last week, +0.125

Rates last updated on Jan. 21, 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.

What credit score do I need to buy a house?

The credit score you’ll need to get a mortgage will vary depending on multiple factors, including the type of mortgage you apply for. Here are the general credit score requirements for some popular mortgage products.

FHA loans

The Federal Housing Administration, part of the U.S. Department of Housing and Urban Development, insures these loans, which are made by private lenders. It’s possible to qualify for an FHA loan with a credit score as low as 500, but you’ll need to have a down payment of at least 10%. With a credit score of 580 or higher, you’d only be required to put down 3.5%.

VA loans

The U.S. Department of Veterans Affairs guarantees a portion of these loans, which are made by private lenders and are only available to active-duty military, veterans, and their spouses. VA loans have no minimum credit score requirement. But the VA guidelines help ensure applicants will have sufficient income to afford the loan.

USDA loans

Very low-income Americans who want to buy homes in certain rural areas may be eligible for a loan from the U.S. Department of Agriculture. The USDA funds these loans, and there’s no minimum credit score requirement.

Conventional loans

A conventional loan is one that’s not backed by any government agency. To qualify for a conventional loan, you’ll typically need a credit score of at least 620 for fixed-rate loans, and 640 for adjustable-rate mortgages, according to Fannie Mae.

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.