Today’s mortgages, refinancing rate: January 6, 2022

For most of 2020 and 2021, fixed mortgage rates were significantly lower than adjustable rates. Today, adjustable rates are lower than they were and competitive with fixed rates.

You might like an adjustable rate mortgage if you plan to move out before the end of the initial rate period, because then you won’t risk a rate hike. But because the rates are at their lowest, the rates will likely be higher at the end of your tariff period. If you plan to stay in the house for a long time, a fixed rate mortgage might be a better deal so that you keep the rate low.

Mortgage rates today

Mortgage Refinance Rate Today

Mortgage calculator

Use our free mortgage calculator to see how today’s interest rates will affect your monthly payments.

Mortgage calculator

Your estimated monthly payment

  • Pay a 25% higher down payment would save you money $ 8,916.08 on interest charges
  • Lower the interest rate by 1% would save you $ 51,562.03
  • Pay an extra fee $ 500 each month would reduce the loan term by 146 month

By clicking on “More Details” you will also see how much you will pay over the life of your mortgage, including the amount of principal versus interest.

Will mortgage rates increase in 2022?


Federal Reserve

aggressively purchased assets, including mortgage-backed securities, to help the U.S. economy during the COVID-19 pandemic. This has been one of the factors that has kept mortgage rates low.

In early November, the Fed announced that it would start to gradually reduce asset purchases. Then he said in December that he would cut back on purchases at a rate twice as fast as he originally expected, and he plans to hike the federal funds rate three times in 2022.

Average mortgage rates have risen slightly recently, and Fed announcements indicate that mortgage rates may continue to rise gradually in 2022. You may want to lock in a low mortgage rate if you’re worried about a rate hike this year.

What is a Fixed Rate Mortgage Versus a Variable Rate Mortgage?

In recent weeks, fixed mortgage rates have risen slightly while adjustable rates have fallen. A variable rate mortgage (ARM) could be a good deal depending on your situation.

Fixed rate mortgages lock in your rate for the life of your loan. Variable rate mortgages lock in your rate for the first few years, then your rate increases or decreases periodically.

Since adjustable rates start out low, these are great options if you plan to sell your home before interest rates change. For example, if you get an ARM 7/1 and want to move within seven years, you won’t risk paying a higher rate later.

But if you want to buy a home forever, a fixed rate might always be better suited. Fixed rates are relatively low and you won’t risk your rate going up in a few years.

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