Mortgages Rate Today; Rates Going High as Predicted

Mortgage rates

Tuesday, January 4th, 2022

As we delve into 2022, Mortgage rates are also showing a dramatic turn. During mid-April of last year, the mortgage rates were low and flickering over a set range. However, there was a gradual rise during the end of 2021. The rise in mortgage rates has leaped its way into 2022, and experts expect that rates won’t be coming down anytime soon. 

Following are the mortgage rates for today:

  • 30-year-old mortgage: 3.30% for both home purchase and refinancing 
  • 15-year-old mortgage: 2.57% for home purchase and 2.55% for refinancing 
  • 5/1 ARM: 2.74% for home purchase and 2.70% for refinancing 
  • 30-year jumbo mortgage: 3.31% for both home purchase and refinancing 

What is the trendline?

30-year fixed mortgage 

There has been an increase of six basis points from the last week in 30-year fixed rates. A month earlier, the rates were around 3.18%, 12 basis points lower than today’s rate. These trends suggest that mortgage rates will rise gradually because people expect economic recovery soon.

15-year fixed mortgage 

Compared to last week, the 15-year fixed mortgage has also increased by six basis points. The rates are generally lower for a 15-year-old loan, but the lower term increases the monthly payments. Still, you can get free from your debt obligation earlier, which can help you save money for other important things. 

5/1 ARM

There has been no change in the rates of 5/1 ARM. Such mortgages can come in handy during times of quick refinancing.

30-year fixed jumbo mortgage

There has been an increase of seven basis points in jumbo rates. These mortgages are only for people who require more than the maximum loan amount for purchasing a property.

Reasons for Change 

Experts attribute this increase to the growing economic activity in the state and increase in employment rates. There is a fear that the Omicron COVID variant might disrupt the economy, causing a decline in rates. However, this contention is rare because experts consider the impact of new variants less severe, as observed from the Delta variant. 

Nevertheless, FEDs do not control the rates by open market operations of mortgage-backed securities (MBS) because the economy is slowly prospering, and incomes are rising. 


Experts suggest that the rates will hit a high of 4% in a few months. Therefore, grab the opportunity of getting a refinance or a home purchase at the current low rates. 

If you’re interested in filling a mortgage application, visit rate checker to get customizable quotes.