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The average 30-year fixed mortgage rate fell to 6.46% this week, the lowest it’s been since September 2022.

Mortgage rates declined across the board this week, with the average fixed rate on a 30-year mortgage falling to 6.46%. This is the lowest the 30-year rate has been since September 2022, and it’s nearly a full point lower than the 7.33% peak seen last November. What’s more, rates are expected to continue falling as inflation moderates in the coming months.

Here are the current mortgage interest rates, without discount points unless otherwise noted, as of Jan. 19:

  • 30-year fixed: 6.46% (down from 6.63% a week ago).
  • 20-year fixed: 6.53% (down from 6.68% a week ago).
  • 15-year fixed: 5.72% (down from 5.95% a week ago).
  • 10-year fixed: 5.88% (down from 6.07% a week ago).
  • 5/1 ARM: 5.44% (down from 5.51% a week ago).
  • 7/1 ARM: 5.52% (down from 5.61% a week ago).
  • 10/1 ARM: 5.92% (down from 5.98% a week ago).
  • 30-year jumbo loans: 6.46% (down from 6.63% a week ago).
  • 30-year FHA loans: 5.76% with 0.06 point (down from 5.85% a week ago).
  • VA purchase loans: 5.91% with 0.05 point (down from 6% a week ago).
  • “As inflation continues to moderate, mortgage rates declined again this week. Rates are at their lowest level since September of last year, boosting both homebuyer demand and homebuilder sentiment. Declining rates are providing a much-needed boost to the housing market, but the supply of homes remains a persistent concern.”


    — Sam Khater, Freddie Mac’s chief economist, in a Jan. 19 statement

    Mortgage rates are widely expected to continue declining throughout 2023 as consumer prices moderate. High inflation has guided the Federal Reserve’s monetary strategy over the past year, during which policymakers implemented a series of rate hikes and tightened the central bank’s balance sheet. This caused mortgage interest rates to surge in 2022, and the Fed’s policy decisions this year are expected to adjust as inflation falls and the economy weakens.