Mortgage rates today, Jan 22, 2024
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Today’s mortgage rates
Average mortgage rates edged up a little last Friday. That was the last of a week of rises. And I’ll try to explain farther down this page what might be going on.
Earlier this morning, markets were signaling that mortgage rates today might fall. But these early mini-trends often switch direction or speed as the hours pass.
Current mortgage and refinance rates
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| Program | Mortgage Rate | APR* | Change |
|---|---|---|---|
| Conventional 30-year fixed | 7.03% | 7.05% | +0.03 |
| Conventional 15-year fixed | 6.49% | 6.51% | +0.02 |
| Conventional 20-year fixed | 7.06% | 7.08% | +0.04 |
| Conventional 10-year fixed | 6.21% | 6.24% | +0.07 |
| 30-year fixed FHA | 6.31% | 6.99% | +0.08 |
| 30-year fixed VA | 6.41% | 6.52% | +0.05 |
| 5/1 ARM Conventional | 6.38% | 7.56% | -0.01 |
| 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 See our rate assumptions here. | |||
Should you lock your mortgage rate today?
I remain hopeful that recent rises in mortgage rates are a temporary phenomenon. In my eyes, the most likely scenario for 2024 will see those rates gently falling.
Luckily, both Fannie Mae and the Mortgage Bankers Association agree with me. Their latest forecasts (see below), published last week, show falling mortgage rates throughout 2024.
Of course, no economic forecast comes with a guarantee, including mine and theirs. And less likely scenarios can quickly become highly likely.
All we can do is interpret the facts as they appear today and extrapolate. And cautious readers may prefer to lock their rates soon rather than hope for falls that may not materialize.
But, for now, my personal rate lock recommendations are:
- LOCK if closing in 7 days
- FLOAT if closing in 15 days
- FLOAT if closing in 30 days
- FLOAT if closing in 45 days
- FLOAT 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 own tolerance for risk help guide you.
>Related: 7 Tips to get the best refinance rate
Market data affecting today’s mortgage rates
Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data are mostly compared with roughly the same timethe business day before, so much of the movement will often have happened in the previous session. The numbers are:
- The yield on 10-year Treasury notes tumbled to 4.09% from 4.18%. (Very good for mortgage rates.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields
- Major stock indexes were rising this morning. (Bad for mortgage rates.) When investors buy shares, they’re often selling bonds, which pushes those prices down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
- Oil prices edged down to $74.20 from…
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