Mortgage Rates Steady

February 1, 2022
Mortgage-Rates-Steady
For the week ending January 27, 30-year rates fell one tick to 3.55% from 3.56% the week before. 

 

In addition, 15-year loans rose one tick to 2.80% and the average for five-year ARMs increased to 2.70%. A year ago, 30-year fixed rates averaged 2.77%, more than .75% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Following a month-long rise, mortgage rates effectively stayed flat this week. Recent rate increases have yet to significantly impact purchase demand, as history demonstrates that potential homebuyers who are on the fence will often enter the market at the start of rate increase cycles. We do expect rates to continue to increase, but at a more gradual pace. Therefore, a fair number of current homeowners could continue to benefit from refinancing to lower their mortgage payment.” 

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rates
Updated January 28, 2022

Daily Value

Monthly Value

January 27

December

6-month Treasury Security

0.43%

0.15%

1-year Treasury Security

0.75%

0.30%

3-year Treasury Security

1.43%

0.95%

5-year Treasury Security

1.66%

1.23%

10-year Treasury Security

1.81%

1.47%

12-month LIBOR

0.583% (Dec)

12-month MTA

0.104% (Dec)

SOFR Index

1.042% (Dec)

Prime Rate

3.25% (3/20)