Today’s mortgage rates for January 23, 2023
Here, you can view today’s mortgage interest rates, updated daily according to data from Bankrate, so you can have the most current data when purchasing or refinancing your home
The average mortgage interest rate for a standard 30-year fixed mortgage is 6.47%, an increase of 0.07 percentage points from last week’s 6.40%
The average mortgage interest rate for a standard 15-year fixed mortgage is 5.63%, a decrease of 0.10 percentage points from last week’s 5.73%
The average rate on a 5/1 adjustable rate mortgage (ARM) is 5.38%, a decrease of 0.08 percentage points from last week’s 5.46%
When picking a mortgage, it is important to pick out a loan term or payment schedule. Usually you will be offered a 15 or 30-year loan term, but it is not uncommon to see 10, 20, or 40-year mortgages
Mortgages can be fixed-rate or adjustable-rate. Interest rates in fixed-rate mortgages are set in stone for the duration of the loan.
Adjustable-rate mortgages only have interest rates set for a certain period of time before the rate adjusts annually based on the market