Compare today's mortgage and refinance rates, January 31, 2023: Rates down (2023)

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict,this post may contain references to products from our partners. Here's an explanation for .

The Bankrate promise

Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.

Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.

Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner.

(Video) Mortgage Rates Today January 31, 2023

Editorial integrity

Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

Key Principles

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.

Editorial Independence

Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.

(Video) The day before the Federal Reserve Meeting - Mortgage Rate Update

How we make money

You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.

Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.

We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.

Mortgage interest rates came down across all terms from a week ago, according to data compiled by Bankrate. Rates for 30-year fixed, 15-year fixed, 5/1 ARMs and jumbo loans all fell.

Mortgage rates have been on a wild ride as of late, with the 30-year fixed now past the once-unthinkable threshold of 7 percent as the Federal Reserve cracks down on inflation.

“The speed with which mortgage rates have increased in recent months has been whiplash-inducing and the cumulative effect — from near 3 percent at the beginning of the year to near 7 percent now — would’ve seemed laughably unlikely at the beginning of the year,” says Greg McBride, chief financial analyst for Bankrate. “Inflation running at 40-year highs will do that.”

The central bank raised rates again at its November meeting — but what comes next is a toss-up. Some anticipate more forward marching for mortgage rates, possibly tapping 8 percent, while others say subsequent Fed hikes have already been accounted for and rates should stabilize. Others see the Fed pulling back at the end of the year.

Today's mortgage interest rates
Loan termToday's RateLast weekChange
30-year mortgage rate6.45%6.47%-0.02
15-year mortgage rate5.67%5.73%-0.06
5/1 ARM mortgage rate5.42%5.45%-0.03
30-year jumbo mortgage rate6.47%6.50%-0.03

Rates accurate as of January 31, 2023.

(Video) Firiday Market Update The Fed is raising rates but mortgage rates are going down? What?!

These rates are Bankrate's overnight average rates and are based on the assumptions indicated here. Actual rates listed across the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, January 31st, 2023 at 7:30 a.m.

You can save thousands of dollars over the life of your mortgage by getting multiple offers.

"All too often, some homeowners take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming," says Mark Hamrick, Bankrate senior economic analyst. "But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?"

Mortgage rates for home purchase

Today's 30-year mortgage rate dips, -0.02%

The average rate you'll pay for a 30-year fixed mortgage is 6.45 percent, down 2 basis points from a week ago. Last month on the 31st, the average rate on a 30-year fixed mortgage was higher, at 6.60 percent.

At the current average rate, you'll pay $628.78 per month in principal and interest for every $100,000 you borrow. That's down $1.32 from what it would have been last week.

Use Bankrate’s mortgage rate calculator to calculate your monthly payments and see how much you’ll save by adding extra payments. The tool will also help you calculate how much interest you’ll pay over the life of your loan.

15-year fixed mortgage rate falls,-0.06%

The average 15-year fixed-mortgage rate is 5.67 percent, down 6 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $826 per $100k borrowed. That's obviously much higher than the monthly payment would be on a 30-year mortgage at that rate, but it comes with some big advantages: You'll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much more quickly.

5/1 ARM rate retreats, -0.03%

The average rate on a 5/1 adjustable rate mortgage is 5.42 percent, sliding 3 basis points since the same time last week.

Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. To put it another way, the interest rate can change intermittently throughout the life of the loan, unlike fixed-rate mortgages. These types of loans are best for people who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 5.42 percent would cost about $563 for each $100,000 borrowed over the initial five years, but could climb hundreds of dollars higher afterward, depending on the loan's terms.

(Video) Don't Get A Cash Out Refinance In 2023! | Refinancing Your Home

Jumbo mortgage interest rate eases, -0.03%

The average rate you'll pay for a jumbo mortgage is 6.47 percent, down 3 basis points from a week ago. A month ago, the average rate on a jumbo mortgage was higher, at 6.55 percent.

At the current average rate, you'll pay a combined $630.10 per month in principal and interest for every $100,000 you borrow. That's a decline of $1.97 from last week.

In summary: How mortgage interest rates have moved

  • 30-year fixed mortgage rate: 6.45%, down from 6.47% last week, -0.02
  • 15-year fixed mortgage rate: 5.67%, down from 5.73% last week, -0.06
  • 5/1 ARM mortgage rate: 5.42%, down from 5.45% last week, -0.03
  • Jumbo mortgage rate: 6.47%, down from 6.50% last week, -0.03

Mortgage refinance rates

Current 30 year mortgage refinance rate declines, --0.06%

The average 30-year fixed-refinance rate is 6.46 percent, down 6 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher, at 6.66 percent.

At the current average rate, you'll pay $629.44 per month in principal and interest for every $100,000 you borrow. Compared with last week, that's $3.94 lower.

Rate trends: Where are mortgage rates headed?

The days of sub-3 percent mortgage interest on the 30-year fixed are behind us, and rates have so far risen beyond 7 percent in 2022.

"Low interest rates were the medicine for economic recovery following the financial crisis, but it was a slow recovery so rates never went up very far," says McBride. "The rebound in the economy, and especially inflation, in the late pandemic stages has been very pronounced, and we now have a backdrop of mortgage rates rising at the fastest pace in decades."

Comparing mortgage options

The 30-year fixed-rate mortgage is the most popular option for homeowners, and this type of loan has a number of advantages, including:

  • Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower payments spread over time.
  • Stability: With a 30-year mortgage, you lock in a consistent principal and interest payment. Because of the predictability, you can plan your housing expenses for the long term. Remember: Your monthly housing payment can change if your homeowners insurance and property taxes go up or, less likely, down.
  • Buying power: With lower payments, you can qualify for a larger loan amount and a more expensive home.
  • Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like saving for emergencies, retirement, college tuition or home repairs and maintenance.
  • Strategic use of debt: Some argue that Americans focus too much on paying down their mortgages rather than adding to their retirement accounts. A 30-year fixed mortgage with a smaller monthly payment can allow you to save more for retirement.

That said, shorter-term loans have gained popularity as rates have been historically low. Although they have higher monthly payments compared to 30-year mortgages, there are some big benefits if you can afford the upfront costs. Shorter-term loans can help you achieve:

  • Greatly reduced interest costs: Because you pay off the loan faster, you’ll be able to pay less interest overall.
  • Lower interest rate: On top of less time for that interest to compound, most lenders price shorter-term mortgages with lower rates.
  • Build equity faster: The faster you pay off your mortgage, the faster you’ll own value in your home outright. That’s especially handy if you want to borrow against your property to fund other spending.
  • Debt-free sooner: A shorter-term mortgage means you’ll own your house free and clear sooner than you would with a longer-term loan.

How to find the best rates

Mortgage rates can vary widely based on overarching market forces, the loan amount, your location, your financial situation and how eager lenders are to get your business. Remember that the rates we post are market averages -- some people will be quoted higher or lower or that exact rate, and the rate may change daily even at the same lender.

It’s key when you’re looking for a mortgage to shop around and compare and contrast all the terms of your offers, not just the interest rate you’re being quoted. Your best rate and terms may be from an online lender, the bank down the street or perhaps through a mortgage broker. You won’t know unless you shop multiple lenders through multiple channels.

Bankrate is a great place to start, because you can take advantage of our mortgage rate comparison tool and remain current on today's rates. If you’re not happy with the results you see between these pages, you should check with the institution where you do your banking, and other small lenders like credit unions or local banks.

What comes next:

  • Getting preapproved for a mortgage
  • First-time homebuyer mistakes to avoid
  • What's the point of a cash out refinance?
  • The difference between APR and interest rate
  • How to get the best mortgage rate
  • Mortgage calculator
  • Mortgage lender reviews

Featured lenders for January 31, 2023

  • Direct Home Lending Mortgage Review
  • Watermark Home Loans Mortgage Review
  • Truist Mortgage Review
  • Sebonic Financial Mortgage Review


Are refinance rates up or down today? ›

Today's refinance rates drop - January 30, 2023

The 15-year fixed refi average rate is now 5.71 percent, unchanged from a week ago. The average rate for a 10-year fixed-refinance loan is 5.68 percent, down 6 basis points from a week ago.

Are refinance rates higher or lower than mortgage rates? ›

In most cases, refinance rates are a bit higher than purchase rates, for instance, cash-out refinance rates are higher because it's considered riskier. Lenders also assess your refinance rate based on factors such as your credit score and the number of assets and liabilities you have.

Is refinance rates going down? ›

Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers,” said Mike Fratantoni.

What are refinance rates as of today? ›

  • 30-year fixedRate Mortgage layer. Rate 6.000% ...
  • 20-year fixedRate Mortgage layer. Rate 5.750% ...
  • 15-year fixedRate Mortgage layer. Rate 5.000% ...
  • 10y/6m ARMAdjustable-rate mortgage layer variable. Rate 6.125% ...
  • 7y/6m ARMAdjustable-rate mortgage layer variable. Rate 5.875% ...
  • 5y/6m ARMAdjustable-rate mortgage layer variable. Rate 5.875%

What are interest rates predicted to be in 2023? ›

Freddie Mac: Forecasts the average 30-year mortgage to start at 6.6% in Q1 2023 and end at 6.2% in Q4 2023.

How high will interest rates go in 2023? ›

The Federal Reserve's projections released after their December meeting showed that in 2023 the bank expects the FFR to average around 5.1 percent.


1. The Risk of Waiting to Buy until Mortgage Rates Drop
(Zayda Maguire )
2. When is the Best time to Refinance Your Home?
(Brian Weinzetl)
3. Preparing to Purchase - Interest Rates Edition Jan 2023
(Brittani the RE Agent)
(Rochelle Adamson Budgets)
5. Daily Mortgage Rates LIVE with The Mortgage Calculator 1/31/23 - Ground Up Construction Loans
(The Mortgage Calculator)
6. Rates, Recession, Housing & Inflation - What will 2023 Bring?
(Loans By Lori )
Top Articles
Latest Posts
Article information

Author: Greg O'Connell

Last Updated: 01/19/2023

Views: 6376

Rating: 4.1 / 5 (42 voted)

Reviews: 81% of readers found this page helpful

Author information

Name: Greg O'Connell

Birthday: 1992-01-10

Address: Suite 517 2436 Jefferey Pass, Shanitaside, UT 27519

Phone: +2614651609714

Job: Education Developer

Hobby: Cooking, Gambling, Pottery, Shooting, Baseball, Singing, Snowboarding

Introduction: My name is Greg O'Connell, I am a delightful, colorful, talented, kind, lively, modern, tender person who loves writing and wants to share my knowledge and understanding with you.