Mortgage Rates for January 2023

Looking for a mortgage in ? We help you find and compare the lowest rates from the trusted banks and credit unions and top mortgage brokers. By shopping the best rates in , you could save thousands on your mortgage.

What is the difference between adjustable vs. fixed mortgage rates in ?

A fixed-rate mortgage keeps the same interest rate for the life of the loan. This means no matter what happens to interest rates out there in the world, yours will never change. If rates go skyrocketing, yours won't. Whew! But if they fall, yours will remain stuck at the old, higher levels.

An adjustable-rate mortgage, or ARM, starts out like a fixed-rate loan, with an interest rate that's steady for a certain number of years. After that, the rate can start "adjusting," or moving. That means your monthly payment also can change.

For more information, read How to Choose Between Fixed or Adjustable Mortgage Rates.

How Can You Find the Best 30-Year Fixed Mortgage Rates in ?

Borrowers need a strategy to uncover the very lowest mortgage rates, especially for the ever popular 30-year fixed-rate home loan.

For more information, read How You Find the Best 30-Year Fixed Mortgage Rates.

How Can You Find the Best 15-Year Mortgage Rates in ?

If you can swing the payments, a mortgage loan with a 15-year term is worth a look, because the interest rate and shorter repayment term can offer a lot of savings. The rate can be as much as a full percentage point lower than you'll find with a more traditional 30-year home loan.

Most mortgage lenders offer both 30- and 15-year terms. Compare the current average rates between the two loan products, then zero in on a couple of lenders and look at the spreads.

For more information, read How You Can Find the Best 15-Year Mortgage Rates.

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