Today's 30-, 20-year mortgage rates fall: Lock in a rate today before they rise again | Jan. 28, 2022

Check out the mortgage rates for Jan. 28, 2022, which are mixed from yesterday. (iStock)

Based on data compiled by Credible, mortgage rates fell for two key terms and held steady for two others since yesterday.

  • 30-year fixed mortgage rates: 3.625%, down from 3.690%, -0.065
  • 20-year fixed mortgage rates: 3.250%, down from 3.375%, -0.125
  • 15-year fixed mortgage rates: 2.875%, unchanged
  • 10-year fixed mortgage rates: 2.875%, unchanged

Rates last updated on Jan. 28, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

What this means: Mortgage rates have been steadily trending up since the end of 2021, but today’s drop in two key rates gives homebuyers a chance to maximize their interest savings. Buyers who lock in a rate for a longer term today can keep their monthly payment low while still realizing interest savings over the life of their mortgage.

 

These rates are based on the assumptions shown here. Actual rates may vary.

To find the best mortgage rate, start by using Credible, which can show you current mortgage and refinance rates:

  • Check out mortgage refinance rates
  • Compare home purchase rates

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

At the end of a somewhat level week for rates, 30-year refinance rates (which are the most common) jumped above 3.7% today for the first time in seven days. But homeowners who took out a mortgage before the pandemic and are considering refinancing can still save on interest because mortgage rates in 2019 and before were much higher. If you’re considering refinancing an existing home, check out what refinance rates look like:

  • 30-year fixed-rate refinance: 3.750%, up from 3.690%, +0.060
  • 20-year fixed-rate refinance: 3.375%, unchanged
  • 15-year fixed-rate refinance: 2.875%, unchanged
  • 10-year fixed-rate refinance: 2.875%, unchanged

Rates last updated on Jan. 28, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

A site like Credible can be a big help when you’re ready to compare mortgage refinance loans. Credible lets you see prequalified rates for conventional mortgages from multiple lenders all within a few minutes. Visit Credible today to get started.

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.

Can I get a mortgage with bad credit?

Credit scores are a snapshot of your credit history, and they usually range from 300 to 850. FICO, a widely used credit-scoring model, breaks down credit scores this way:

  • Poor: 579 or less
  • Fair: 580-669
  • Good: 670-739
  • Very good: 740-799
  • Exceptional: 800 or more

To qualify for a conventional loan — one that’s not backed by any government agency — you’ll usually need a fair credit score of at least 620. But it’s possible to qualify for FHA loans, which are insured by the Federal Housing Administration, with a poor credit score as low as 500. 

And Veterans Administration loans, which are for veterans, active-duty service members and their spouses, have no minimum credit score requirements. USDA loans, which help very low-income Americans buy in certain rural areas, also have no minimum credit score requirements.

Current mortgage rates

The average mortgage interest rate across all terms dropped to 3.156% today, which is slightly higher than the average this same time last week.

Current 30-year mortgage rates

The current interest rate for a 30-year fixed-rate mortgage is 3.625%. This is down from 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.

Current 20-year mortgage rates

The current interest rate for a 20-year fixed-rate mortgage is 3.250%. This is down from 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.

Current 15-year mortgage rates

The current interest rate for a 15-year fixed-rate mortgage is 2.875%. 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. 

Current 10-year mortgage rates

The current interest rate for a 10-year fixed-rate mortgage is 2.875%. 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.

You can explore your mortgage options in minutes by visiting Credible to compare current rates from various lenders who offer mortgage refinancing as well as home loans. Check out Credible and get prequalified today, and take a look at today’s refinance rates through the link below.

Thousands of Trustpilot reviewers rate Credible "excellent".

Rates last updated on Jan. 28, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

How Credible mortgage rates are calculated

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage rates. Credible average mortgage rates and mortgage refinance rates are calculated based on information provided by partner lenders who pay compensation to Credible.

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%.

Credible mortgage rates will only give you an idea of current average rates. The rate you receive can vary based on a number of factors.

How mortgage rates have changed

Today, mortgage rates are mixed compared to this time last week.

  • 30-year fixed mortgage rates: 3.625%, the same as last week 
  • 20-year fixed mortgage rates: 3.250%, down from 3.375% last week, -0.125
  • 15-year fixed mortgage rates: 2.875%, up from 2.750% last week, +0.125
  • 10-year fixed mortgage rates: 2.875%, up from 2.750% last week, +0.125

Rates last updated on Jan. 28, 2022. These rates are based on the assumptions shown here. Actual rates may vary.

If you’re trying to find the right rate for your home mortgage or looking to refinance an existing home, consider using Credible. You can use Credible's free online tool to easily compare multiple lenders and see prequalified rates in just a few minutes.

With more than 4,500 reviews, Credible maintains an "excellent" Trustpilot score.

Getting a mortgage vs. renting

If you’re wondering if you should buy a house or continue renting, no single answer is right for everyone. Whether you should buy or continue renting depends on many factors, including your personal financial situation, long-term goals, preferred lifestyle and market conditions in your area.

Buying a home does come with some distinct advantages that you can’t get from renting, including:

  • You can build equity. Home equity can help you build long-term wealth.
  • You can personalize your living space more than with a rental that someone else owns.
  • Owning a home can provide intangible benefits like pride of ownership, a sense of community and stability.
  • Your mortgage payment may be less than rents in your area.
  • Mortgage interest is usually tax deductible.

Looking to lower your home insurance rate?

A home insurance policy can help cover unexpected costs you may incur during homeownership, 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.

Credible is partnered with a home insurance broker. If you're looking for a better rate on home insurance and are considering switching providers, consider using an online broker. You can compare quotes from top-rated insurance carriers in your area — it's fast, easy and the whole process can be completed entirely online.

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.

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