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Here Are Today’s Mortgage Rates: January 18, 2023—Rates Inch Down

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.

The current average rate on a 30-year fixed mortgage is 6.56%, compared to 6.65% a week earlier.

For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 5.80%, down 0.11% from the previous week.

If you want to lock in a lower rate by refinancing, compare your existing mortgage rate to today’s refinance rates.

Related: Compare Current Mortgage Rates

Mortgage Rates for January 18, 2023

30-Year Fixed Mortgage Interest Rates

Borrowers paid an average rate on a 30-year fixed-rate mortgage of 6.56%. This was down from the previous week’s rate of 6.65%.

Currently, the average annual percentage rate (APR) on a 30-year fixed-rate mortgage is 6.57%. This is lower than last week when the APR was 6.66%. The APR contains both mortgage interest and the lender fees to help give a more complete picture of loan costs.

To get an idea how much you’ll pay: a $100,000 mortgage with a 30-year fixed-rate loan at the current average interest rate of 6.56% will cost you about $636, including principal and interest (taxes and fees not included) each month, the Forbes Advisor mortgage calculator shows. That’s around $128,967 in total interest over the life of the loan.

15-Year Fixed-Rate Mortgage Rates

The average interest rate on the 15-year fixed mortgage is 5.80%. This same time last week, the 15-year fixed-rate mortgage was at 5.91%. Today’s rate is higher than the 52-week low of 5.66%.

On a 15-year fixed, the APR is 5.82%. Last week it was 5.93%.

With an interest rate of 5.80%, you would pay $833 per month in principal and interest for every $100,000 borrowed. Over the life of the loan, you would pay $49,956 in total interest.

Jumbo Mortgage Rates

Today’s average interest rate on a 30-year fixed-rate jumbo mortgage is 6.58%, the same as last week. That’s 0.23% higher than the 52-week low of 6.35%.

Borrowers with a 30-year, fixed-rate jumbo mortgage with today’s interest rate of 6.58% will pay approximately $637 per month in principal and interest per $100,000. On a $750,000 jumbo mortgage, the monthly principal and interest payment would be approximately $4,785.

5/1 ARM Rates

Today’s average interest rate on a 5/1 ARM is 5.44%, . In the past 52 weeks, the lowest 5/1 ARM rate was 5.40% and the high was 5.60%.

Borrowers with the current rate of 5.44% will spend $564 on principal and interest per month on a $100,000 loan.

How to Calculate Mortgage Payments

One of the first steps in buying a house is budgeting. To get a general idea of how much owning a home will cost, start by using a mortgage calculator to crunch the numbers.

Just input the following data to get an idea of how much a house will cost:

  • Home price
  • Down payment amount
  • Interest rate
  • Loan term
  • Taxes, insurance and any HOA fees

What’s an APR, and Why Is It Important?

The annual percentage rate, or APR, encompasses the mortgage interest rate and lender fees over the total life of the loan. It’s important because it can give homebuyers a more complete picture of total costs, not just the interest rate.

Comparing APR among lenders is a better way to see overall costs because it will show you everything from interest rate to fees.


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