Today’s Mortgage Rates Move Back Over 3.7% | January 5, 2022 | Personal Finance

The latest rates on adjustable-rate mortgages

  • The latest rate on a 5/1 ARM is 2.341%.
  • The latest rate on a 7/1 ARM is 2.863%.
  • The latest rate on a 10/1 ARM is 3.537%. ⇓

An adjustable-rate mortgage could be a good option for borrowers who plan on selling the home or refinancing the loan within a relatively short period of time. The initial interest rate on an ARM will be low and fixed for a set number of years, then start changing periodically. For instance, the rate on a 5/1 ARM will be fixed for five years then change annually. The potential drawback is that once the rate becomes adjustable it can increase significantly at some point.

The latest VA, FHA and jumbo loan rates

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

  • The rate on a 30-year FHA mortgage is 3.442%.
  • The rate on a 30-year VA mortgage is 3.493%.
  • The 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:

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