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 latest VA, FHA, and jumbo loan rates

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 latest mortgage refinancing rates

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%. ⇓.

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