Mortgage rates are a mixed bag this week, with some rates ticking up a bit since hitting their lowest point since September 2022. One rate, meanwhile, continued its downward trajectory.

As of January 23, 2023, the average rate on a 30-year fixed mortgage is 6.47%, according to Bankrate. The average rate on a 15-year mortgage is 5.63%, while 30-year jumbo mortgage rates and 5/1 ARM rates sit at 6.49% and 5.38%, respectively.

Loan type Rate this week Rate last week
30-Year Mortgage Rate 6.47% 6.36%
15-Year Fixed Rate 5.63% 5.63%
30-Year Jumbo Mortgage Rate 6.49% 6.36%
5/1 ARM Rate 5.38% 5.41%

Mortgage rates for January 23, 2023

Mortgage rate trends

On the whole, mortgage rates have been slowly declining over the last two months. Rates for 30-year fixed mortgages topped out at 7.24% in early November, a 20-year high, but have fallen since then. Many housing market experts predict that mortgage rates will stay below their 2022 highs, but most don’t expect rates to drop too much. The United States also recently hit its debt ceiling, which could further complicate the mortgage rate picture.

According to HousingWire, purchase applications jumped by 25% week over week. This may be partially due to potential homebuyers restarting their housing search process after the holiday lull, but it’s worth noting that year over year purchase application declines have slowed. And according to the National Association of Realtors, the median existing home price has also fallen in recent months, from a 2022 high of $413,800 in June to $366,900 in December (Bay Area home prices specifically fell more than anywhere else in the US last month). This data seems to point toward more potential movement in the housing market, especially if mortgage rates continue their moderate downward trajectory.

Week 30-year fixed 15-year fixed 10-year fixed 5/1 ARM
Jan. 20 6.36% 5.63% 5.72% 5.41%
Jan. 13 6.46% 5.85% 6.01% 5.50%
Jan. 6 6.52% 6.06% 6.22% 5.50%
Dec. 30 6.59% 5.95% 5.89% 5.45%
Dec. 23 6.47% 5.83% 5.74% 5.45%
Dec. 16 6.60% 6.00% 6.11% 5.46%
Dec. 9 6.52% 5.91% 5.99% 5.45%
Dec. 2 6.67% 6.04% 6.07% 5.48%
Nov. 25 6.81% 6.16% 6.26% 5.51%
Nov. 18 6.84% 6.22% 6.35% 5.54%
Nov. 11 7.24% 6.46% 6.56% 5.62%
Nov. 4 7.23% 6.45% 6.67% 5.53%
Oct. 28 7.20% 6.43% 6.67% 5.55%
Oct. 21 7.20% 6.43% 6.59% 5.44%

30-year fixed mortgage interest rates

On average, the interest rate for a 30-year mortgage on January 23 is 6.47%, up from 6.36% on January 20. Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 6.57%, which is up from 6.50% last week.

15-year fixed mortgage interest rates

On average, the interest rate for a 15-year mortgage on January 23 is 5.63%, the same as it was on January 20. Currently, APR on a 15-year fixed-rate mortgage is 5.65%, which is down from 5.76% last week.

Jumbo mortgage interest rates

On average, the interest rate for a 30-year fixed rate jumbo mortgage on January 23 is 6.49%, up from 6.36% on January 20. Currently, the APR on a 30-year fixed rate jumbo mortgage is 6.50%, which is up from 6.40% last week.

5/1 adjustable-rate mortgages

On average, the interest rate for a 5/1 ARM on January 23 is 5.38%, down from 5.41% on January 20. Currently, the APR on a 5/1 ARM is 7.40%.

What determines mortgage rates?

Mortgage rates are influenced by a variety of factors, including:

  • Your credit score
  • Down payment
  • Your debt-to-income ratio (DTI)
  • The type of loan you’re getting
  • Loan term
  • Interest rate type (fixed vs. adjustable)
  • Inflation and the overall economy
  • The Federal Reserve (which doesn’t set mortgage rates, but it certainly influences them)

APR vs. interest rate

If you’re currently shopping for a mortgage or considering refinancing, you’ve probably wondered why the quoted interest rate isn’t the same as the APR. That’s because the loan’s interest rate is what you pay the lender to borrow the money, while the APR (annual percentage rate) encompasses both the interest rate and all loan-related fees. Loan-related fees can include:

  • Mortgage broker fees
  • Loan origination fees
  • Mortgage insurance premiums
  • Some closing costs

The APR, therefore, is a truer measure of what it will actually cost you to borrow money to buy a home.


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