Current Mortgage Rates -- January 10, 2022: Rates Up Across the Board

Mortgage rates will affect your homeownership costs. Check out today's average mortgage rates for Jan. 10, 2022.

Average mortgage rates are up for all loans today. If you are buying a home, national average rates affect what you'll pay for your loan -- along with your credit score and other financial credentials.

Check out today's average mortgage rates for Jan. 10, 2022:

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

30-year mortgage rates

The average 30-year mortgage rate today is 3.495%, up 0.028% from Friday's average of 3.467%. If you borrow at today's average rate, you'd have a monthly principal and interest payment of $449 per $100,000 borrowed. Total interest costs would add up to $61,556 per $100,000 borrowed over the life of the loan.

20-year mortgage rates

The average 20-year mortgage rate today is 3.272%, up 0.053% from Friday's average of 3.219%. A mortgage loan at today's average interest rate would cost you $568 per $100,000 borrowed. You'd be looking at total interest costs of $36,395 per $100,000 in mortgage debt over the life of the loan.

Over time, you won't pay as much interest with this loan compared with the 30-year loan because of the lower rate and shorter payoff time. As a result, total loan repayment costs are lower. But with fewer payments to make, each one must be higher, so you'll pay more each month.

15-year mortgage rates

The average 15-year mortgage rate today is 2.621%, up 0.025% from Friday's average of 2.596%. At today's average rate, you'd pay $673 per month in principal and interest per $100,000 borrowed. During your entire loan repayment period, you'd pay total interest costs of $21,050 per $100,000 borrowed.

The monthly payment is much higher on the 15-year mortgage compared with the 20-year or 30-year loan due to the very short payoff time. But the low interest rate and the fact you become debt free so quickly makes this loan very affordable over time.

5/1 ARMs

The average 5/1 ARM rate is 3.279%, up 0.001% from Friday's average of 3.278%. After five years, this rate can begin adjusting. It may adjust up if the financial index it is tied to shows rising rates. You are taking a big risk with the ARM that should be considered before you decide this is the right loan for you.

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 so competitive. 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.