Today’s mortgage and refinance rates: January 15, 2022

Rates continue to inch upward

Mortgage rates have been getting higher over the past few weeks, but they’re still low overall. Mortgage rates tend to be low when the economy is struggling, and the coronavirus pandemic has hurt the US economy. The Federal Reserve has been aggressively purchasing assets, including mortgage-backed securities, to help the economy.

But the Fed recently announced that it will start tapering purchasing at twice the rate it initially planned. It also plans to increase the federal funds rate three times in 2022. Rates are rising as a result, and they’ll probably continue to gradually increase through 2022.

Today’s mortgage and refinance rates
Today’s mortgage rates
Today’s refinance rates

Mortgage calculator

Use our free mortgage calculator to see how today’s interest rates will affect your monthly payments:

By clicking on “More details,” you’ll also see how much you’ll pay over the entire length of your mortgage, including how much goes toward the principal vs. interest.

How do mortgage rates work?

A mortgage interest rate is the fee a lender charges for borrowing money, expressed as a percentage. For example, you get a mortgage for $300,000 with an interest rate of 2.5%.

Mortgage rates can be either fixed or adjustable. A fixed-rate mortgage keeps your rate the same for the entire length of your loan. An adjustable-rate mortgage locks in your rate for the first few years or so, then changes it periodically. With a 7/1 ARM, your rate would stay steady for the first seven years, then shift annually.

The longer your mortgage term, the higher your rate will be. For instance, you’ll pay more on a 30-year mortgage than a 15-year mortgage. Longer terms do come with lower monthly payments, though, because you’re spreading out the …read more

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Source:: Businessinsider

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