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January
8

January 8th, 2024 by

Compare current mortgage rates for today

Written by
Reviewed by
Jan. 08, 2024

What type of home loan are you looking for?

What type of loan are you looking for?

HOW IT WORKS

Compare top rates

See low rates from over 100+ lenders.

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Get custom quotes in under 2 minutes.

See your savings

You could take hundreds off your mortgage.

COMPARE

Top offers on Bankrate vs. the national average interest rate

Top offers on Bankrate: 6.06%
National average: 7.06%

Today's national mortgage interest rate trends

For today, Monday, January 08, 2024, the current average 30-year fixed mortgage interest rate is 7.07%, rising 8 basis points over the last week. If you're in the market for a mortgage refinance, today's national average interest rate for a 30-year fixed refinance is 7.21%, increasing 8 basis points compared to this time last week. In addition, today's national 15-year refinance interest rate is 6.45%, rising 15 basis points over the last week. It's a challenging market for borrowers, and we're here to help: Bankrate often has offers below the national average, displaying the interest rate, APR (rate plus costs) and estimated monthly payment to help you compare deals and fund your home for less. In times of volatile shifts in mortgage rates, it's more important than ever to shop around for mortgage offers before committing to a loan.

Mortgage industry insights

After 'Santa Claus rally,' mortgage rates rise a bit

The average rate on 30-year fixed mortgages rose to 6.96 percent this week, up from 6.9 percent last week, according to Bankrate's weekly national survey of large lenders.

Mortgage rates fell sharply in mid-December as the Federal Reserve wrapped up its final meeting of the year with no rate hike. The Fed signaled several rate cuts in 2024, and mortgage rates plunged from 7.21 percent to 6.88 percent in a single week.

However, mortgage rates ticked higher over the holidays, in part because the Fed is again talking about keeping rates higher for longer.

"It's not surprising to see markets give back some of the gains made during the Santa Claus rally," says Michael Becker, branch manager at Sierra Pacific Mortgage.

While the Fed doesn't directly set fixed mortgage rates, its monetary policies do influence their direction. A growing number of housing economists say mortgage rates could stay below 7 percent in the coming months. If you're shopping for a mortgage, keep in mind that 6.96 percent is just an average — some lenders advertise below-average rates on Bankrate.

Location plays a role, too. In some areas of the U.S., rates are below 6.75 percent.

Many homebuyers have been sidelined by higher rates, along with the ever-present issue of low inventory. Inflation, the economy and Fed policy will remain the main factors driving mortgage rates in the coming months.

Learn more: Weekly mortgage rate trend analysis

Current mortgage and refinance interest rates

Product Interest Rate APR
30-Year Fixed Rate 7.07% 7.09%
20-Year Fixed Rate 6.98% 7.00%
15-Year Fixed Rate 6.46% 6.49%
10-Year Fixed Rate 6.22% 6.24%
5-1 ARM 6.41% 7.65%
10-1 ARM 8.10% 7.88%
30-Year Fixed Rate FHA 6.09% 7.00%
30-Year Fixed Rate VA 6.29% 6.40%
30-Year Fixed Rate Jumbo 7.13% 7.14%

Rates as of Monday, January 08, 2024 at 6:30 AM

 

 

  • How does the Federal Reserve impact today's mortgage rates?
  • Interest rate vs. APR
  • Why trust Bankrate's mortgage rates

How to get the best mortgage rate for you

Getting the best possible rate on your mortgage can mean a difference of hundreds of extra dollars in or out of your budget each month — not to mention thousands saved in interest over the life of the loan. You won't know what rates you qualify for, though, unless you comparison-shop. Here's how to do it:

  1. Determine what type of mortgage is right for you. Consider your credit score and down payment, how long you plan to stay in the home, how much you can afford in monthly payments and whether you have the risk tolerance for a variable-rate loan versus a fixed-rate loan.
  2. Compare mortgage rates. There's only one way to be sure you're getting the best available rate, and that's to shop at least three lenders, including large banks, credit unions and online lenders, or by using a mortgage broker. Bankrate offers a mortgage rates comparison tool to help you find the right rate from a variety of lenders. Keep in mind: Mortgage rates change daily, even hourly, based on market conditions, and vary by loan type and term.
  3. Choose the best mortgage offer for you. Bankrate's mortgage calculator can help you estimate your monthly mortgage payment, which can be useful as you consider your budget. Look at the APR, not just the interest rate. The APR is the total cost of the loan, including the interest rate and other fees. These fees are part of your closing costs.
  • How to get a mortgage: Step-by-step

Bankrate Insight

It's been proven: Shopping with multiple lenders can save you up to $1,200 a year. Bankrate's mortgage amortization calculator shows how even a 0.1 percent difference on your rate can translate to thousands of dollars you could pay over the life of the loan.

LENDER COMPARE

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

Garden State Home Loans

NMLS: 473163 

State License: MB-473163  

3.1

Bankrate Score

  • About the Lender

Recent Customer Reviews

5.0

562 reviews

  • Joe is the man!

  • Outstanding experience

Read full lender review
Homefinity

NMLS: 2289 

State License: 4965 

4.5

Bankrate Score

  • About the Lender

Recent Customer Reviews

4.9

1049 reviews

  • Highly Recommend HomeFinity

  • Great rate, easy process

Read full lender review

Factors that determine your mortgage rate

Your mortgage rate depends on a number of factors, including your individual credit profile and what's happening in the broader economy. These variables include:

  • Your credit and finances: The better your credit score, the better interest rate you'll get. The same goes for the size of your down payment and the amount of debt you carry: Generally, if you have more money to put down, you'll get a lower rate. If you have additional debt, your rate might be higher.
  • Loan amount: The size of your loan can impact your rate.
  • Loan structure: Your rate varies whether you're obtaining a fixed-rate or adjustable-rate loan. It also depends on the length of the loan (for example, 30 years or 15 years).
  • Location of the property: Rates vary depending on where you're buying.
  • Whether you're a first-time homebuyer: Many first-time homebuyer loan programs include a lower-rate mortgage.
  • Economic factors: Broadly, mortgage rates are impacted by forces like the Federal Reserve, inflation and investor appetite.
  • The lender you work with: Lenders set rates based on many factors, including their own supply and demand.
  • How can mortgage points lower my interest rate?
  • Should you lock in your mortgage rate?

Mortgage FAQ

  • What is a mortgage and how does it work?
  • How much are closing costs on a mortgage?
  • Who are the best mortgage lenders?

How to refinance your current mortgage

Now that rates are higher, few homeowners today can save money with a standard rate-and-term refinance.
 
Even so, refinancing your mortgage might still make sense in some cases. Perhaps you want to switch from an ARM to a fixed-rate loan before your variable rate resets. Maybe you want to ditch your FHA loan to eliminate mortgage insurance. Perhaps you need to refinance due to divorce or other circumstances. If you want to pay down your mortgage more quickly, you can refinance and shorten your term to 20, 15 or even 10 years. Because home values have risen sharply in the last few years, it's also possible that a refinance could free you from paying for private mortgage insurance. The bump in value might allow you to refinance and tap your home equity to pay for home renovations, as well.
 
There are upfront costs associated with refinancing, including for the appraisal, so you'll want to be sure the savings outpace the refinance price tag in a reasonable amount of time. Most experts say the ideal breakeven timeline is 18 months to 24 months.
 

Compare refinance rates and do the math with Bankrate's refinance calculator.

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Read more from Jeff Ostrowski

Reviewed by: Greg McBride, chief financial analyst for Bankrate

Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience.

Read more from Greg McBride

Article belongs to Current rates.com

Categories: Uncategorized
Tags: avocados, california, Fallbrook, groves, realtor, sunshine properties real estate, land for sale, agent, for sale, house, homes, home, mortgage , buying, selling, house for sale, estate, manufactured home

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