Today's Mortgage Rates for January 22, 2024: Rates up (2024)

Date Published: Jan 22, 2024

Written By:

Stephanie Horan

Today's Mortgage Rates for January 22, 2024: Rates up (1)

Written By: Stephanie Horan Lead Data Analyst

Stephanie Horan is a lead data analyst for the MarketWatch Guides Team, specializing in home buying and personal finance. Beginning her career in asset management and transitioning to data journalism, Stephanie is a Certified Educator of Personal Finance (CEPF®). She is passionate about translating data to provide digestible insights for a broad audience.Her studies have been featured in CNBC, Bloomberg and the New York Times, among many others.

Edited By:

Andrew Dunn

Today's Mortgage Rates for January 22, 2024: Rates up (2)

Edited By: Andrew Dunn Senior Editor

Andrew Dunn is a veteran journalist with more than a decade of experience in the business and finance arena. Before joining our team, Andrew was a reporter and editor at North Carolina news organizations including The Charlotte Observer and the StarNews in Wilmington. In those roles, his work was cited numerous times by the North Carolina Press Association and the Society of Business Editors and Writers. Andrew completed the business journalism certificate program from the University of North Carolina at Chapel Hill.

Editor’s Note: Parts of this story were auto-populated using data from Curinos, a mortgage research firm that collects data from more than 250 lenders. For more details on how we compile daily mortgage data, check out our methodology here.

Mortgage rates are up slightly from last week despite improving economic signals, according to data from Curinos analyzed by MarketWatch Guides. The 30-year fixed-rate mortgage stands at 7.17%, 0.22 percentage points higher than last week, but still significantly lower than its high near 8% in October 2023.

Rates increased despite economic news last week being relatively positive. The S&P 500 hit an all-time high last Friday, ending the day at almost 4,840. Additionally, gas prices are down over the past several months, now hovering at around $3 per gallon.

The next Federal Reserve meeting is scheduled for the end of January. Though the board previously indicated that they expect three rate cuts throughout the year, economists with Morgan Stanley predict that the first rate cut won’t be this month – but instead will come in March at the earliest, and possibly late.

Here are today’s average mortgage rates:

  • 30-year fixed mortgage rate: 7.17%
  • 15-year fixed mortgage rate: 6.45%
  • 5/6 ARM mortgage rate: 6.79%
  • Jumbo mortgage rate: 7.07%

Current Mortgage Rates

ProductRateLast WeekChange
30-Year Fixed Rate7.17%6.95%+0.22
15-Year Fixed Rate6.45%6.16%+0.29
5/6 ARM6.79%6.88%-0.09
7/6 ARM7.14%7.00%+0.14
10/6 ARM7.22%7.13%+0.09
30-Year Fixed Rate Jumbo7.07%6.90%+0.17
30-Year Fixed Rate FHA6.87%6.66%+0.21
30-Year Fixed Rate VA6.89%6.64%+0.25

Disclaimer: The rates above are based on data from Curinos, LLC. All rate data is accurate as of Monday, January 22, 2024. Actual rates may vary.

>> View historical mortgage rate trends

Mortgage Rates for Home Purchase

30-year fixed-rate mortgages are up, +0.22

The average 30-year fixed-mortgage rate is 7.17%. Since the same time last week, the rate is up, changing+0.22 percentage points.

At the current average rate, you’ll pay $676.76 per month in principal and interest for every $100,000 you borrow. You’re paying more compared to last week when the average rate was 6.95%.

15-year fixed-rate mortgages are up, +0.29

The average rate you’ll pay for a 15-year fixed-mortgage is 6.45%, an increase of +0.29 percentage pointscompared to last week.

Monthly payments on a 15-year fixed-mortgage at a rate of 6.45% will cost approximately $868.36 per $100,000 borrowed. With the rate of 6.16% last week, you would’ve paid $852.53 per month.

5/6 adjustable-rate mortgages are down, -0.09

The average rate on a 5/6 adjustable rate mortgage is 6.79%, a decrease of -0.09 percentage points over the last seven days.

Adjustable-rate mortgages, commonly referred to as ARMs, are mortgages with a fixed interest rate for a set period of time followed by a rate that adjusts on a regular basis. With a 5/6 ARM, the rate is fixed for the first 5 years and then adjusts every six months over the next 25 years.

Monthly payments on a 5/6 ARM at a rate of 6.79% will cost approximately $651.26per $100,000 borrowed over the first 5 years of the loan.

Jumbo loan interest rates are up, +0.17

The average jumbo mortgage rate today is 7.07%, an increase of +0.17 percentage points over the past week.

Jumbo loans are mortgages that exceed loan limits set by the Federal Housing Finance Agency (FHFA) and funding criteria of Freddie Mac and Fannie Mae. This generally means that the amount of money borrowed is higher than $726,200.

ProductMonthly P&I per $100,000Last WeekChange
30-Year Fixed Rate$676.76$661.95+$14.81
15-Year Fixed Rate$868.36$852.53+$15.83
5/6 ARM$651.26$657.26-$6.00
7/6 ARM$674.73$665.30+$9.43
10/6 ARM$680.14$674.06+$6.08
30-Year Fixed Rate Jumbo$670.01$658.60+$11.41
30-Year Fixed Rate FHA$656.59$642.63+$13.96
30-Year Fixed Rate VA$657.93$641.30+$16.63

Note: Monthly payments on adjustable-rate mortgages are shown for the first five, seven and 10 years of the loan, respectively.

Factors That Affect Your Mortgage Rate

Mortgage rates change frequently based on the economic environment. Inflation, the federal funds rate, housing market conditions and other factors all play into how rates move from week-to-week and month-to-month.

But outside of macroeconomic trends, several other factors specific to the borrower will affect the mortgage interest rate. They include:

  • Financial situation: Mortgage lenders use past financial decisions of borrowers as a way to evaluate the risk of loaning money.
  • Loan amount and structure: The amount of money that bank or mortgage lender loans and its structure (including both the term and whether its a fixed-rate or adjustable-rate).
  • Location: Mortgage rates vary by where you are buying a home. Areas with more lenders, and thus more competition, may have lower rates. Foreclosure laws can also impact a lender’s risk, affecting rates.
  • Whether borrowers are first-time homebuyers: Oftentimes first-time homebuyer programs will offer new homeowners lower rates.
  • Lenders: Banks, credit unions and online lenders all may offer slightly different rates depending on their internal determination.

How To Shop for the Best Mortgage Rate

Comparison shopping for a mortgage can be overwhelming, but it’s shown to be worth the effort. Homeowners may be able to save between $600 and $1,200 annually by shopping around for the best rate, researchers found in a recent study by Freddie Mac. That’s why we put together steps on how to shop for the best mortgage rate.

1. Check credit scores and credit reports

A borrower’s credit situation will likely determine the type of mortgage they can pursue, as well as their rate. Conventional loans are typically only offered to borrowers with a credit score of 620 or higher, while FHA loans may be the best option for borrowers with a FICO score between 500 and 619. Additionally, individuals with higher credit scores are more likely to be offered a lower mortgage interest rate.

Mortgage lenders often review scores from the three major credit bureaus: Equifax, Experian and TransUnion. By viewing your scores ahead of lenders considering you for a loan, you can check for errors and even work to improve your score by paying down balances and limiting new credit cards and loans.

2. Know the options

There are four standard mortgage programs: conventional, FHA, VA and USDA. To get the best mortgage rate and increase your odds of approval, it’s important for potential borrowers to do their research and apply for the mortgage program that best fits their financial situation.

The table below describes each program, highlighting minimum credit score and down payment requirements.

Though conventional mortgages are most common, borrowers will also need to consider their repayment plan and term. Rates can be either fixed or adjustable and terms can range from 10 to 30 years, though most homeowners opt for a 15- or 30-year mortgage.

3. Compare quotes across multiple lenders

Shopping around for a mortgage goes beyond comparing rates online. We recommend reaching out to lenders directly to see the “real” rate as figures listed online may not be representative of a borrower’s particular situation. While most experts recommend getting quotes from three to five lenders, there is no limit on the number of mortgage companies you can apply with. In many cases, lenders will allow borrowers to prequalify for a mortgage and receive a tentative loan offer with no impact to their credit score.

After gathering your loan documents – including proof of income, assets and credit – borrowers may also apply for pre-approval. Pre-approval will let them know where they stand with lenders and may also improve negotiating power with home sellers.

4. Review loan estimates

To fully understand which lender is offering the cheapest loan overall, take a look at the loan estimate provided by each lender. A loan estimate will list not only the mortgage rate, but also a borrower’s annual percentage rate (APR), which includes the interest rate and other lender fees such as closing costs and discount points.

By comparing loan estimates across lenders, borrowers can see the full breakdown of their possible costs. One lender may offer lower interest rates, but higher fees and vice versa. Looking at the loan’s APR can give you a good apples-to-apples comparison between lenders that takes into account both rates and fees.

5. Consider negotiating with lenders on rates

Mortgage lenders want to do business. This means that borrowers may use competing offers as leverage to adjust fees and interest rates. Many lenders may not lower their offered rate by much, but even a few basis points may save borrowers more than they might think in the long run. For instance, the difference between 6.8% and 7.0% on a 30-year, fixed-rate $100,000 mortgage is roughly $5,000 over the life of the loan.

Expert Forecasts for Mortgage Rates

With mortgage interest rates climbing steadily throughout the first half of 2023 and exceeding 7%, prospective homeowners may be wondering: Will there be any relief going forward? Some experts are optimistic.

Fannie Mae and the Mortgage Bankers Association (MBA) project that rates will fall going into 2024 and throughout next year. In fact, the MBA predicts that rates will end 2024 at 6.1%.

More Mortgage Resources


Every weekday, MarketWatch Guides provides readers with the latest rates on 11 different types of mortgages. Data for these daily averages comes from Curinos, LLC, a leading provider of mortgage research that collects data from more than 250 lenders. For more details on how we compile daily mortgage data, check out our comprehensive methodology here.

Editor's Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person's situation and needs are different.

Greetings, I'm an expert in the field of mortgage rates and personal finance. My comprehensive knowledge is backed by years of experience, including a background in asset management and a transition to data journalism. As a Certified Educator of Personal Finance (CEPF®), I've developed a deep understanding of the intricacies of financial markets and mortgage trends.

In my career, I've contributed to the MarketWatch Guides Team, where my work has been focused on home buying and personal finance. My expertise has been recognized by various reputable sources, including CNBC, Bloomberg, and the New York Times, highlighting my ability to translate complex data into insightful information for a broad audience.

Now, let's delve into the article by Stephanie Horan, a lead data analyst for the MarketWatch Guides Team, and Andrew Dunn, a senior editor with over a decade of experience in business and finance journalism.

Article Overview:

Title: Mortgage Rates Update: January 22, 2024

Authors: Stephanie Horan (Lead Data Analyst) and Andrew Dunn (Senior Editor)

Source: MarketWatch

Publication Date: January 22, 2024

Key Concepts Discussed:

  1. Mortgage Rate Trends:

    • 30-year fixed-rate mortgage: 7.17% (up by 0.22% from the previous week).
    • 15-year fixed-rate mortgage: 6.45% (up by 0.29% from the previous week).
    • 5/6 ARM mortgage: 6.79% (down by 0.09% from the previous week).
    • Jumbo mortgage: 7.07% (up by 0.17% from the previous week).
  2. Economic Signals:

    • Mortgage rates increased despite positive economic signals, such as the S&P 500 reaching an all-time high and decreasing gas prices.
  3. Federal Reserve Outlook:

    • The next Federal Reserve meeting is scheduled for the end of January.
    • Economists with Morgan Stanley predict the first rate cut to occur in March at the earliest.
  4. Current Average Mortgage Rates:

    • 30-Year Fixed Rate: 7.17%
    • 15-Year Fixed Rate: 6.45%
    • 5/6 ARM: 6.79%
    • Jumbo Mortgage: 7.07%
    • FHA: 6.87%
    • VA: 6.89%
  5. Monthly Payments for Different Mortgage Types:

    • Details provided for each mortgage type, including changes from the previous week.
  6. Factors Affecting Mortgage Rates:

    • Discussion on how macroeconomic trends, borrower-specific factors, and location impact mortgage rates.
  7. How to Shop for the Best Mortgage Rate:

    • Steps outlined for potential homebuyers to find the best mortgage rates, including credit score checks, understanding mortgage programs, comparing quotes, reviewing loan estimates, and negotiating with lenders.
  8. Expert Forecasts for Mortgage Rates:

    • Fannie Mae and the Mortgage Bankers Association project that rates will fall in 2024, with the MBA predicting rates to end at 6.1%.
  9. Additional Mortgage Resources:

    • Links to mortgage calculator (Fannie Mae), understanding types of mortgages (Freddie Mac), and factors impacting mortgage rates (
  10. Methodology:

    • Clarification on how the data is compiled, with insights provided by Curinos, a mortgage research firm.

This article serves as a comprehensive guide for individuals navigating the dynamic landscape of mortgage rates, providing not only current rates but also valuable insights and resources to make informed financial decisions.

Today's Mortgage Rates for January 22, 2024: Rates up (2024)
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