Today's Mortgage Rates -- January 19, 2022: Rates Up for Most Loans

The cost of your mortgage affects the total costs of homeownership. Check out today's average mortgage rates to see what a loan might cost you.

Average mortgage rates are up for most loans at the midweek point. Anyone who is considering purchasing a home should keep tabs on rates to see if they are trending up or down. That's because interest rate is a huge factor in determining both the total borrowing costs and the monthly payment amount.

Here are today's average mortgage rates for Jan.19, 2022 to get an idea of what a typical buyer would pay for a home loan:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.697%, up 0.053% from yesterday's average of 3.644%. Borrowing at today's average rate would leave you with a monthly principal and interest payment of $460 per $100,000 in mortgage debt. Total interest costs would add up to $65,641 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 3.330%, down 0.001% from yesterday's average of 3.331%. A mortgage loan at today's average interest rate would cost you $571 per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $37,103 per $100,000 borrowed.

This loan is much less expensive over the life of the loan compared with the 30-year loan. You pay interest for 10 years less, and the rate is lower, so that makes sense. But since you are eliminating a total of 120 mortgage payments, the remaining payments you do make must be much higher. Be sure the payments are affordable before you choose a 20-year loan over a 30-year one.

15-year mortgage rates

The average 15-year mortgage rate today is 2.874%, up 0.024% from yesterday's average of 2.850%. For each $100,000 borrowed at today's average rate, your monthly principal and interest payment would add up to $685. Over the life of the loan, total interest costs would be $23,217 per $100,000 in mortgage debt.

A 15-year mortgage makes monthly payments even costlier by reducing your payment time further. Of course, when you pay off your debt so fast, you don't pay interest for nearly as long so the total interest costs and total borrowing costs are dramatically reduced. Weigh the pros and cons and decide if you'd rather pay more each month for a shorter time or pay for longer but have cheaper monthly payments.

5/1 ARMs

The average 5/1 ARM rate is 3.111%, up 0.094% from yesterday's average of 3.017%. This is an adjustable-rate loan, which sets it apart from its fixed-rate competitors. While it starts out with a lower rate and monthly payment than the 30-year loan, this rate is guaranteed for just five years. It can adjust with a financial index after that, and if rates rise then borrowing will become more expensive.

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 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.