Current Mortgage Rates -- January 26, 2022: Rates Down for Most Loans

Different kinds of mortgage loans charge different rates. Here are today's average mortgage rates for fixed and adjustable-rate loans.

On Jan. 26, 2022, average mortgage rates are down for most loans. Whether you're considering a fixed-rate or adjustable-rate loan, you can check out the rates below to find out what you might pay if you borrowed to buy a home today.

Data source: The Ascent's national mortgage interest rate tracking.

30-year mortgage rates

The average 30-year mortgage rate today is 3.762%, down 0.012% from yesterday's average of 3.774%. A loan at today's average rate would come with a monthly principal and interest payment of $464 per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $66,967 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 3.434%, up 0.031% from yesterday's average of 3.403%. At today's average rate, the monthly principal and interest payment would add up to $557 per $100,000 in mortgage debt. The total costs of interest would add up to $38,378 per $100,000 borrowed at today's average rate.

This is a cheaper loan over time than the 30-year loan but the monthly payments for it are more expensive. Shortening the payoff time raises the monthly payments owed since you don't make as many payments. It also lowers total borrowing costs because you pay interest for less time.

15-year mortgage rates

The average 15-year mortgage rate today is 2.964%, down 0.017% from yesterday's average of 2.981%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $689 per $100,000 borrowed. Total interest costs would add up to $23,993 per $100,000 borrowed over the life of the loan.

With such a short payoff time, each monthly payment is much higher on a 15-year loan. This can make qualifying for the mortgage more difficult and put stress on your household budget. But if this loan is affordable, it does reduce total payoff costs considerably over time.

5/1 ARMs

The average 5/1 ARM rate is 3.079%, down 0.057% from yesterday's average of 3.136%. An ARM is an adjustable-rate loan, which means this rate can change. It's locked in for the first five years with a 5/1 ARM and then can change once per year after that. If your rate adjusts higher, this makes your monthly payments and total loan costs more expensive as well.

Should I lock my mortgage rate now?

A mortgage rate lock guarantees you a certain interest rate for a specified period of time -- usually 30 days, but you may be able to secure your rate for up to 60 days. You'll generally pay a fee to lock in your mortgage rate, but that way, you're protected in case rates climb between now and when you actually close on your mortgage.

If you plan to close on your home within the next 30 days, then it pays to lock in your mortgage rate based on today's rates -- especially since they're still pretty competitive, historically speaking. But if your closing is more than 30 days away, you may want to choose a floating rate lock instead for what will usually be a higher fee, but one that could save you money in the long run. A floating rate lock lets you secure a lower rate on your mortgage if rates fall prior to your closing, and while today's rates are still quite low, we don't know if rates will go up or down over the next few months. As such, it pays to:

• LOCK if closing in 7 days
• LOCK if closing in 15 days
• LOCK if closing in 30 days
• FLOAT if closing in 45 days
• FLOAT if closing in 60 days

To find out what rates are available to you, compare rates from at least three of the best mortgage lenders before locking in.