Today's mortgage rates: 30-year rates hold steady for 4th straight day | Jan. 24, 2022

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Check out the mortgage rates for Jan. 24, 2022, which are mixed from last Friday. (iStock)

Based on data compiled by Credible, mortgage rates have fallen for two key terms and held steady for two others since last Friday.

30-year fixed mortgage rates: 3.625%, unchanged
20-year fixed mortgage rates: 3.250%, down from 3.375%, -0.125
15-year fixed mortgage rates: 2.750%, unchanged
10-year fixed mortgage rates: 2.625%, down from 2.750%, -0.125

Rates last updated on Jan. 24, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Homebuyers considering a 30-year mortgage may want to act today, while rates for that term continue to hold steady. And buyers who want to realize significant interest savings while keeping their monthly payment manageable might want to consider locking in a rate for a 20-year term today. Rates for this term fell to their lowest level in five days. For buyers who can swing a higher monthly payment, opting for a 10-year term might stretch their interest savings even further. Rates for this shortest term fell to their lowest level since Jan. 14.

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

Even though mortgage refinance rates have been climbing steadily since the end of 2021 and into 2022, rates for 20-, 15-, and 10-year terms slipped down today, offering homeowners multiple money-saving opportunities. If you’re considering refinancing an existing home, check out what refinance rates look like:

30-year fixed-rate refinance: 3.625%, unchanged
20-year fixed-rate refinance: 3.250%, down from 3.375%, -0.125
15-year fixed-rate refinance: 2.750%, down from 2.875%, -0.125
10-year fixed-rate refinance: 2.625%, down from 2.875%, -0.250

Rates last updated on Jan. 24, 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

Today’s average mortgage interest rate fell to 3.063% — the lowest it’s been since Jan. 14.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.625%. This is the same as last Friday. 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 3.250%. This is down from last Friday. 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 the same as last Friday. 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 2.625%. This is down from last Friday. 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. 24, 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 a mixed bag compared to this time last week.

30-year fixed mortgage rates: 3.625%, up from 3.550% last week, +0.075
20-year fixed mortgage rates: 3.250%, the same as last week
15-year fixed mortgage rates: 2.750%, the same as last week
10-year fixed mortgage rates: 2.625%, down from 2.750% last week, -0.125

Rates last updated on Jan. 24, 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.

How do I choose a mortgage lender?

A mortgage is likely the largest debt you’ll take on in life — one that will take decades to repay. So it’s critical to make sure you choose a mortgage lender and mortgage that work best for your needs and financial situation.

Here are some tips to help you choose a mortgage lender:

Comparison shop. Compare rates and terms from multiple lenders. Just as you comparison shop for less important purchases, you should compare offers from several lenders. A Freddie Mac study found that adding just one quote to your mortgage search could save you $1,500 over the life of a loan. Adding five could save you about $3,000. Credible makes it easy to compare your prequalified rates from multiple lenders.
Consider a mortgage broker. Mortgage brokers can do the legwork for you when it comes to finding a loan deal. But be aware that mortgage brokers typically make money by charging a small percentage of the loan for their services.
Leverage relationships. Explore mortgage offerings from banks and financial institutions you already do business with. Loyalty and familiarity may work in your favor in negotiating a good mortgage deal.
Look for referrals. Ask friends, family, coworkers, and neighbors for referrals, and about their experiences with different lenders.

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 is partnered with a home insurance broker. If you're looking for a better rate on home insurance and are considering switching providers, consider using an online broker. You can compare quotes from top-rated insurance carriers in your area — 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.