Today's mortgage rates stick at money-saving levels across all terms | Jan. 25, 2022
Homebuyers still have time to lock in a relatively low rate ahead of further increases.
Written by
Chris Jennings is an authority on mortgages and personal finance. His work has been featured by Fox Business, MSN, AOL, and Yahoo Finance.
Updated October 16, 2024, 3:04 AM EDT
- 30-year fixed mortgage rates: 3.625%, unchanged
- 20-year fixed mortgage rates: 3.250%, unchanged
- 15-year fixed mortgage rates: 2.750%, unchanged
- 10-year fixed mortgage rates: 2.625%, unchanged
Rates last updated on Jan. 25, 2022. These rates are based on the assumptions shown here. Actual rates may vary.
What this means: With mortgage rates lingering at money-saving levels, homebuyers have another day to save on mortgage interest whether they choose a longer or shorter term. Buyers can lock in a rate now, which is typically good for 30 to 60 days, without worrying about further increases that mortgage experts predict are on the horizon.
These rates are based on the assumptions shown here. Actual rates may vary.
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
With rates for a 30-year mortgage refinance holding at 3.625% for the third day in a row, homeowners have another chance to save on interest with this most common term. Homeowners who took out a mortgage prior to the pandemic, when rates were higher, stand to save even more. 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%, unchanged
- 15-year fixed-rate refinance: 2.750%, unchanged
- 10-year fixed-rate refinance: 2.625%, unchanged
Rates last updated on Jan. 25, 2022. These rates are based on the assumptions shown here. Actual rates may vary.
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.
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.
Current mortgage rates
Today’s average mortgage rate is sitting at 3.063% for the second day in a row, and is slightly lower than this same time last week.
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.
The current interest rate for a 20-year fixed-rate mortgage is 3.250%. 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.
The current interest rate for a 15-year fixed-rate mortgage is 2.750%. This is the same as 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.
The current interest rate for a 10-year fixed-rate mortgage is 2.625%. This is the same as 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.
Thousands of Trustpilot reviewers rate Credible "excellent."
Rates last updated on Jan. 25, 2022. These rates are based on the assumptions shown here. Actual rates may vary.
How Credible mortgage rates are calculated
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%.
How mortgage rates have changed
Today, mortgage rates are mixed 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. 25, 2022. These rates are based on the assumptions shown here. Actual rates may vary.
With more than 4,500 reviews, Credible maintains an "excellent" Trustpilot score.
What’s the difference between APR and interest rate?
When you’re shopping for a mortgage or refinance loan, you’ll see the terms APR and interest rate arise often. They’re similar but not interchangeable.
The interest rate is the cost the lender will charge annually to loan you money. Annual percentage rate, or APR, encompasses the interest rate and other fees and charges attached to your loan.
Generally, APR gives you a better picture of the true cost of a loan since it takes into account all the costs associated with borrowing money. For a mortgage or refinance, those costs can include discount points, fees, and other charges.
When you apply for a loan, you’ll usually be able to find the interest rate on the first page of your loan estimate, and the APR later in the document listed under "comparisons."
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.
Have a finance-related question, but don't know who to ask? Email The Credible Money Expert at [email protected] 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.