Today's Mortgage Rates -- January 17, 2022: Rates Up for All Fixed-Rate Loans

Mortgage rates impact your loan costs. Check out today's average mortgage rates to see how much different loans would cost each month and over time.

On Jan. 17, 2022, mortgage rates are up for all fixed-rate loans and down for the 5/1 ARM. If you are thinking about buying a home, take a look at today's average rates to get an idea of how loan interest rates are trending and what your home might cost if you qualify for the typical rate an average buyer is offered.

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.651%, up 0.018% from Friday's average of 3.633%. At today's average rate, you'd pay $458 per month in principal and interest per $100,000 borrowed. Over the life of the loan, your total interest costs would add up to $64,706 per $100,000 borrowed.

20-year mortgage rates

The average 20-year mortgage rate today is 3.336%, up 0.035% from Friday's average of 3.301%. If you borrow at today's average rate, your monthly principal and interest payment would be $572 per $100,000 borrowed. Your total interest costs over the life of the loan would equal $37,176 per $100,000 borrowed.

If you want to save more over time on your mortgage payoff costs, this loan can be a better option than the 30-year loan. Your loan won't cost as much since the lower interest rate and shorter time paying interest will reduce your interest expenses. The price of lower interest, though, is higher monthly payments while you're repaying your debt.

15-year mortgage rates

The average 15-year mortgage rate today is 2.852%, up 0.033% from Friday's average of 2.819%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $683 per $100,000 in mortgage debt. For each $100,000 you borrow at today's average rate, total interest costs would add up to $23,027.

The monthly payments on the 15-year loan are much higher than the 30-year or 20-year loan because you've reduced your payment time substantially. But you will save considerably over your entire repayment period due to the low rate and very short payoff time. Be sure to weigh the pros and cons of a 15-year loan before you commit to one.

5/1 ARMs

The average 5/1 ARM rate is 3.009%, down 0.181% from Friday's average of 3.190%. This is an adjustable-rate loan, so it can change after the initial five-year period when it is locked in. If your rate rises, monthly payments and total costs rise too, so this loan has major risks that the other fixed-rate loan options don't.

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 fairly competitive from a historical standpoint. 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.

Related: See The Ascent's guide on how much house you can afford.