Today’s mortgage rates keep rising | January 10, 2022 | Personal finance

• The latest rate on a 5/1 ARM is 2.425%. ⇑.
• The latest rate on a 7/1 ARM is 3.764%. ⇑.
• The latest rate on a 10/1 ARM is 3.989%. ⇑.

Variable rate mortgages start with a low, fixed introductory or “teaser” rate. After the fixed interest period has expired, the interest rate becomes variable and is regularly reset. For example, the interest rate on a 5/1 ARM is fixed for five years and then reset annually. An ARM could be a good option for borrowers planning to either sell or refinance before the fixed interest period has expired. The downside to this type of loan is the potential for a sharp rise in the interest rate once it is adjusted.

The average interest rates on FHA, VA, and Jumbo loans are:

• The interest rate on a 30 year FHA mortgage is 3.668%. ⇑.
• The interest rate on a 30 year VA mortgage is 3.673%. ⇑.
• The interest rate on a 30 year jumbo mortgage is 3.68%. ⇔.

The average refinancing rates for 30 year loans, 15 year loans and ARMs are:

• The refinancing rate for a 30-year fixed-rate refinancing is 3.988%. ⇑.
• The refinancing rate for a 15-year fixed-rate refinancing is 2.895%. ⇑.
• The refinancing rate for a 5/1 ARM is 2.722%. ⇑.
• The refinancing rate for a 7/1 ARM is 3.908%. ⇑.
• The refinancing rate for a 10/1 ARM is 4.15%. ⇓.