Today’s best mortgage and refinance rates: Sat, Jan 9, 2021 | Slight increases – Business Insider

Today’s best mortgage and refinance rates: Sat, Jan 9, 2021 | Slight increases – Business Insider

Fixed mortgage rates have gone down since last Saturday, but adjustable rates and refinance rates have gone up. None of the shifts are super significant, though. Rates are down overall since this time last month.

If you’re ready to get a mortgage or refinance, you may want to choose a fixed-rate mortgage over an adjustable-rate mortgage.

Mat Ishbia, CEO of United Wholesale Mortgage, told Business Insider there isn’t much of a reason to choose an ARM over a fixed rate these days.

ARM rates used to start lower than fixed rates for the first few years, and there was a chance your rate could decrease later. But fixed rates are lower than adjustable rates right now, so you probably want to lock in a low rate while you can.

Rates from the Federal Reserve Bank of St. Louis.

The 30-year fixed mortgage rates have decreased by two basis points, 15-year fixed rates have decreased by one basis point, and 5/1 adjustable rates have increased by four basis points. Mortgage rates are down across the board since this time last month.

Mortgage rates are at record lows overall. The downward trend becomes more apparent when you look at rates from six months and a year ago.

Rates from the Federal Reserve Bank of St. Louis.

Low rates usually signal a struggling economy. Rates will probably stay low as the US continues to deal with the coronavirus pandemic.

Rates from
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