Business is booming.

Mortgage Rates Today, Jan. 22 & Rate Forecast For Next Week


Today’s mortgage and refinance rates 

Average mortgage rates fell a little yesterday. The end of this week was kinder than the start. But mortgage rates still closed on Friday a little higher than they were seven days earlier.

The Federal Reserve will be issuing a report and hosting a news conference on Wednesday afternoon. And what it writes and says then could hugely affect markets’ moods. So I’m copping out today and saying that mortgage rates are unpredictable next week.

Find and lock a low rate (Jan 22nd, 2022)

Current mortgage and refinance rates 

Program Mortgage Rate APR* Change
Conventional 30 year fixed 3.777% 3.801% -0.01%
Conventional 15 year fixed 3.12% 3.156% -0.02%
Conventional 20 year fixed 3.438% 3.479% -0.08%
Conventional 10 year fixed 3.024% 3.089% -0.03%
30 year fixed FHA 3.852% 4.628% Unchanged
15 year fixed FHA 3.097% 3.749% -0.03%
5/1 ARM FHA 3.606% 3.956% -0.02%
30 year fixed VA 3.904% 4.113% +0.02%
15 year fixed VA 3.266% 3.607% -0.02%
5/1 ARM VA 3.106% 2.937% -0.03%
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions here.

Find and lock a low rate (Jan 22nd, 2022)

Should you lock a mortgage rate today?

Mortgage rates could fall next week, depending on what the Fed says. But they’re roughly as likely to rise.

In the longer run, I still think we might still see rates continue higher (though much more slowly than recently) for some time to come. But some experts disagree with me. So you have to live with even more uncertainty than usual.

Still, my personal rate lock recommendations remain:

  • LOCK if closing in 7 days
  • LOCK if closing in 15 days
  • LOCK if closing in 30 days
  • LOCK if closing in 45 days
  • LOCK if closing in 60 days

However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So let your gut and your personal tolerance for risk help guide you.

What’s moving current mortgage rates

Inflation is still going up. And the Federal Reserve is yet to do its worst for mortgage rates. Those related forces have been exerting upward pressure on mortgage rates for some time.

And, until they stop doing so, I can see little reason why those rates will do other than climb — though, with luck, more slowly than recently. Certainly, I’m not expecting significant or sustained falls anytime soon.

But others disagree. And they’re people whose opinions should command respect. Because they’re even more obsessed with mortgage rates than I am.


On Wednesday, Fannie Mae’s team of economists published its forecast for mortgage rates through 2022 and beyond. And I found my eyebrows rising as I read it.

Fannie reckons mortgage rates for 30-year, fixed-rate loans will average 3.2% over the first three months of this year. As I pointed out the following day, in the weekday version of this report, “on the day its figures were published, we reported those for conventional loans were already up to 3.87%.”

Others reckoned they were a bit lower. Freddie Mac put the weekly average for the relevant seven days at 3.56%, though the daily rate would have been higher by Wednesday. And Mortgage News Daily thought they were at 3.70%. Indeed, MND’s archive shows that those rates haven’t been as low as 3.2% on a single day so far this year.

Remember, Fannie’s forecast is an average over the entire quarter. So we’re not just looking at those rates dropping to 3.2%. They’d have to tumble to below that for a considerable period during the next two months to make up for the weeks when they’ve been so much higher.

The Mortgage Bankers Association’s (MBA’s) forecast, published Jan. 20, was pretty close to Fannie’s: 3.3% for the current quarter. And Freddie’s, also out on Jan 20, expects 3.5%.

Longer term

Each of those publications gives forecasts for the rest of this year and beyond. Here’s where they think mortgage rates will be in the October — December 2022 quarter:

  • Fannie Mae — 3.4%
  • Freddie Mac — 3.7%
  • MBA — 4.0%

To my mind, those, too, are wildly optimistic. Indeed, I wouldn’t be surprised to see 4% rates during the current quarter, though not as a three-monthly average.

So is my pessimism misplaced? I don’t see why. But you should certainly bear in mind that highly respected and undeniably expert opinions fundamentally disagree with me.

Economic reports next week

Next week is a big one for economic reports. There are gross domestic product figures on Thursday, and many versions of data about inflation, personal incomes and consumer spending on Friday.

But Wednesday may be the most important day. That’s when the Fed’s Federal Open Market Committee (FOMC) releases a report (2 p.m. (ET)) and hosts a news conference (30 minutes later). And investors are already on tenterhooks about what will be said.

The most important reports, below, are set in bold. The others are unlikely to move markets much unless they contain shockingly good or bad data.

  • Monday — Markit purchasing manager indexes (PMIs) for the manufacturing and services sectors for January. (“Flash” reports, meaning they’re early readings and subject to change)
  • Tuesday — January consumer confidence index. Plus November home price indexes from S&P Case-Shiller and from the FHFA
  • Wednesday — FOMC statement and news conference
  • Thursday — Gross domestic product for the last quarter of 2021 (first of three readings). And December orders for durable goods and core capital equipment. Plus weekly new claims for unemployment insurance to Jan. 22
  • Friday — December personal consumption expenditure (PCE) index with real disposable incomes, real consumer spending and related data such as personal income and spending. Plus January consumer sentiment index

Monday and Tuesday may be fairly calm. But there’s a chance of fireworks from Wednesday onward.

Find and lock a low rate (Jan 22nd, 2022)

Mortgage interest rates forecast for next week

The Federal Reserve’s activities next Wednesday are so pivotal to markets that I have to say mortgage rates next week are unpredictable. Sorry, but there’s really no point in flat-out guessing.

Mortgage and refinance rates usually move in tandem. And the scrapping of the adverse market refinance fee has largely eliminated a gap that had grown between the two.

Meanwhile, another recent regulatory change has likely made mortgages for investment properties and vacation homes more accessible and less costly.

How your mortgage interest rate is determined

Mortgage and refinance rates are generally determined by prices in a secondary market (similar to the stock or bond markets) where mortgage-backed securities are traded.

And that’s highly dependent on the economy. So mortgage rates tend to be high when things are going well and low when the economy’s in trouble.

Your part

But you play a big part in determining your own mortgage rate in five ways. And you can affect it significantly by:

  1. Shopping around for your best mortgage rate — They vary widely from lender to lender
  2. Boosting your credit score — Even a small bump can make a big difference to your rate and payments
  3. Saving the biggest down payment you can — Lenders like you to have real skin in this game
  4. Keeping your other borrowing modest — The lower your other monthly commitments, the bigger the mortgage you can afford
  5. Choosing your mortgage carefully — Are you better off with a conventional, FHA, VA, USDA, jumbo or another loan?

Time spent getting these ducks in a row can see you winning lower rates.

Remember, they’re not just a mortgage rate

Be sure to count all your forthcoming homeownership costs when you’re working out how big a mortgage you can afford. So focus on your “PITI.” That’s your Principal (pays down the amount you borrowed), Interest (the price of borrowing), (property) Taxes, and (homeowners) Insurance. Our mortgage calculator can help with these.

Depending on your type of mortgage and the size of your down payment, you may have to pay mortgage insurance, too. And that can easily run into three figures every month.

But there are other potential costs. So you’ll have to pay homeowners association dues if you choose to live somewhere with an HOA. And, wherever you live, you should expect repairs and maintenance costs. There’s no landlord to call when things go wrong!

Finally, you’ll find it hard to forget closing costs. You can see those reflected in the annual percentage rate (APR) that lenders will quote you. Because that effectively spreads them out over your loan’s term, making that higher than your straight mortgage rate.

But you may be able to get help with those closing costs and your down payment, especially if you’re a first-time buyer. Read:

Down payment assistance programs in every state for 2021

Mortgage rate methodology

The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The result is a good snapshot of daily rates and how they change over time.

Source link

  1. Rvshcv says

    levofloxacin 250mg uk levaquin 500mg generic

  2. Eluzdu says

    zoloft 100mg pills Us pharmacy viagra sildenafil over the counter

  3. Ierpok says

    clarithromycin sale meclizine 25 mg pill buy antivert 25 mg pills

  4. Zzsoif says

    order tiotropium bromide for sale minocin order online hytrin 1mg ca

  5. Ytvkpq says

    proventil ca pantoprazole cheap buy generic cipro

  6. Uxodog says

    cheap actos 15mg sildenafil 200mg price cost sildenafil

  7. Homwxo says

    buy singulair pill sildenafil 150mg price viagra 100mg brand

  8. Zpevuq says

    cialis 10mg tablet Cialis online order real casino slots online

  9. Ulysnd says

    online gambling casinos real online casino online blackjack for real money usa

  10. Apfauh says

    ivermectin without a doctor prescription buy dapsone 100mg pill buy avlosulfon 100mg online cheap

  11. Qmyslk says

    best poker online real money poker online best play casino

  12. Ckknzq says

    adalat buy online order fexofenadine 120mg for sale purchase fexofenadine online cheap

  13. Suufmt says

    order altace 5mg generic ramipril 10mg price order etoricoxib 60mg generic

  14. Ywreqj says

    write paper online purchase leflunomide without prescription azulfidine 500mg cost

  15. Kshntc says

    order doxycycline 200mg sale purchase cleocin cleocin price

  16. Teaweq says

    benicar 20mg without prescription order olmesartan pills depakote online buy

  17. Ocfuza says

    asacol drug asacol order buy irbesartan without prescription

  18. Untzff says

    order temovate online cheap order cordarone 100mg buy cordarone 200mg pills

  19. Mcmmit says

    buy digoxin 250mg pills order telmisartan pill order molnunat 200 mg for sale

  20. Avjzez says

    amoxil uk buy stromectol 6mg pill ivermectin tablets for sale walmart

  21. Gouzho says

    order fosamax 35mg sale order furadantin 100mg for sale ibuprofen over the counter

  22. Dtkkcy says

    priligy us dapoxetine 60mg pill motilium us

  23. Lthkoi says

    purchase nortriptyline for sale order panadol 500 mg without prescription order paxil 20mg pill

  24. Kggeqa says

    indocin 50mg cheap purchase flomax online purchase cenforce generic

  25. Yyldfq says

    buy generic famotidine pepcid pills remeron 15mg cost

  26. Dosbzr says

    doxycycline 200mg sale doxycycline 200mg for sale oral medrol

  27. Ojbide says

    requip price calcitriol 0.25mg brand trandate us

  28. Grsqzk says

    cost tadalafil order trimox generic oral amoxicillin 500mg

  29. Pxlmsy says

    oral tricor 160mg oral sildenafil 50mg viagra 50mg sale

  30. Huwysf says

    esomeprazole pills order biaxin pill order furosemide sale

  31. Jgiawk says

    tadalafil brand Generic tadalafil next day delivery viagra generic

  32. Kuxrns says

    buy minocycline 50mg online order terazosin 5mg pills generic hytrin 5mg

  33. Ryqbqu says

    buy cialis 20mg pill levitra prescription cheapest ed pills online

  34. Mqwrvp says

    cost metformin 1000mg brand nolvadex 20mg tamoxifen 10mg oral

  35. Ubftvq says

    oral provigil buy stromectol for sale promethazine online

  36. Zigzwp says

    clomiphene 100mg pills clomiphene 50mg brand generic prednisolone 40mg

  37. Gixklq says

    buy prednisone without prescription buy amoxil 500mg amoxicillin 250mg oral

  38. Rztesf says

    order accutane sale buy prednisone 5mg online cheap ampicillin 250mg sale

  39. Xuktnd says

    purchase sildenafil generic fildena uk proscar 1mg uk

  40. Wpsfvs says

    ivermectin stromectol stromectol 3mg price prednisone 5mg sale

  41. Dxouub says

    buy accutane 20mg sale amoxicillin 500mg ca azithromycin generic

  42. Gpfbbe says

    cheap albuterol 2mg order albuterol inhaler augmentin 375mg brand

  43. Cvgtst says

    generic modafinil 200mg lopressor buy online buy lopressor pills for sale

  44. Rtykjm says

    prednisolone generic prednisolone 40mg drug lasix 100mg pills

  45. Irwwgj says

    dutasteride uk avodart oral buy xenical 60mg pill

  46. Sehilj says

    doxycycline 100mg without prescription zovirax 800mg canada acyclovir 400mg price

Leave A Reply

Your email address will not be published.