Daily Mortgage Rates End Week Higher | January 15 & 16, 2022 | Personal Finance

The latest rates for adjustable rate mortgages

  • The latest rate for a 5/1 ARM is 2.442%. ⇔
  • The latest rate on a 7/1 ARM is 3.781%. ⇓
  • The latest rate for a 10/1 ARM is 4.017%. ⇓

Adjustable rate mortgages are another option. The interest rate is initially fixed and then changes at predictable intervals. For example, the interest rate on a 5/1 ARM is fixed for five years and then changes annually. The advantage of an ARM is that the initial interest rate is very low. The potential downside is that once the loan becomes adjustable, the rate can increase significantly, causing monthly payments to increase as well.

The latest VA, FHA and Jumbo loan rates

The average rates for FHA, VA, and Jumbo loans are:

  • The interest rate on a 30-year FHA mortgage is 3.667%. ⇔
  • The interest rate on a 30-year VA mortgage is 3.688%. ⇓
  • The interest rate on a 30-year jumbo mortgage is 3.555%. ⇔

The latest mortgage refinance rates

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

  • The refinancing rate for a 30-year fixed rate refinancing is 4.037%. ⇑
  • The refinancing rate for a 15-year fixed rate refinancing is 3.045%. ⇑
  • The refinancing rate for a 5/1 ARM is 2.737%. ⇔
  • The refinancing rate for a 7/1 ARM is 3.922%. ⇓
  • The refinancing rate for a 10/1 ARM is 4.165%. ⇓

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