Mortgages Rate Today; Rates Rise

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Wednesday, January 5th, 2022

To the dismay of many homebuyers, the mortgage market is not signaling good prospects for home purchases. Since the start of 2022, the rates have been rising and will not come down anytime sooner. According to Bankrate, the following are the mortgage rates for today: 

  • 30-year-old mortgage: 3.34% for home purchase and 3.35% for refinancing 
  • 15-year-old mortgage: 2.62% for home purchase and 2.58% for refinancing 
  • 5/1 ARM: 2.75% for home purchase and 2.70% for refinancing 
  • 30-year jumbo mortgage: 3.35% for home purchase and 3.36% refinancing 

The rates above are from the national survey. Therefore, the actual rate you will qualify for may be higher due to bank details and FICO scores.

What is the trendline?

30-year fixed-rate mortgage

Compared to yesterday, the rates have gone up by four basis points. However, the rates are ten basis points higher than last week. Similarly, the rates are higher by seventeen basis points than one month. All these trends suggest that the mortgage market is quite optimistic about future economic growth, accelerating mortgage rates. 

15-year fixed-rate mortgage

The rates are five basis points higher compared to yesterday. However, they have risen by twelve basis points from last week. This is quite a significant jump, and the monthly payments would be higher for a 15-year loan term. 

5/1 ARM

The rates for a 5/1 ARM have increased by an insignificant one basis point compared to last week. The market for 5/1 ARM has remained stable for quite a time and may follow the same trend. 

30-year fixed jumbo mortgage

Since yesterday, the rates have been up by four basis points and are eleven basis points up from last week. The market for a jumbo mortgage mirrors the changes of a traditional 30-year fixed rate. Therefore, they’ll gradually rise over time in the future. 

Reasons For the Increase

The most prominent reason which identifies the increase in rates is due to the promising economic prospects. Many people are starting to adapt to their pre-pandemic lifestyle because economies are slowly recovering. Also, the demand for homebuyers and refinances is declining because most homebuyers refinanced last year, as the rates were quite low. 


Experts suggest that the rates might rise to around 4% at the end of 2022. However, it can make mortgage borrowing difficult for Gen Z. Therefore; it’s time that you secure your future by getting a mortgage at low rates today. 

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