Are you wondering what the current mortgage rates are so you can make an informed decision about buying or selling a home? We’ve got you covered. As of Monday, January 9, 2023, the national average APR for a 30-year fixed-rate mortgage is 6.566%, an increase of 11 basis points from a week ago, and the average APR for other types of loans also increased. Let’s look at the details.

Average Rates for 30-Year Fixed-Rate Mortgages

According to icanbuy, the national average APR for a 30-year fixed-rate mortgage is 6.566%. This number represents an increase of 11 basis points from a week ago. This type of loan is ideal if you plan on staying in your home for many years or if you want to keep your monthly payments low over an extended period of time.

Average Rates for 15-Year Fixed-Rate Mortgages

The average APR for a 15-year fixed-rate mortgage increased by 16 basis points to 5.871%, according to icanbuy’s database which includes all major banks and national lenders as well as local lenders. A 15-year fixed rate loan may be suitable if you want to pay off your loan quickly and save on interest over time.

Average Rates for 5-Year Adjustable Rate Mortgages (ARMs)

The average APR for a 5-year ARM also increased by 6 basis points and now stands at 5.919%. An adjustable rate mortgage (ARM) may be best suited if you plan on moving in five years or less or if you want your initial payments to be lower than those of other types of mortgages. Keep in mind that rates listed are based on $320,000 loan amounts with 80% loan-to-value ratios and total points ranging from zero to one point options.

Mortgage rates change frequently so it's important to stay up to date on the current averages when considering buying or selling a home. As of Monday, January 9th, 2023, the national average APR for a 30 year fixed rate mortgage is 6.56%, while the 15 year and 5 year ARMs have slightly higher rates at 5.87% and 5.91%, respectively—all representing increases compared to last week's figures. Taking these numbers into consideration can help ensure that you get the best deal possible when making this important financial decision!

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