<p><img src="https://static5.businessinsider.com/image/5fbd8cca32f2170011f71113-1667/4x3%20Best%20mortgage%20and%20refinance%20rates%20daily%20dark%20blue%20text.png" border="0" alt="Mortgage rates today" data-mce-source="Alyssa Powell/Business Insider" data-mce-caption="Below, find the best mortgage rates today."></p><p></p><bi-shortcode id="table-of-contents-sticky" class="mceNonEditable" data-type="h2">Table of Contents: Masthead Sticky</bi-shortcode><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Some mortgage rates have decreased since last Sunday, while others have increased. Refinance rates are up overall. However, none of the shifts are very significant.</p><p>Mortgage and refinance rates are low in general, so it could be a good time to get a new mortgage if your finances are in a good place. You'll probably get the best deal on a <a href="https://www.businessinsider.com/personal-finance/fixed-rate-mortgage-vs-adjustable-rate-mortgage" target="_blank" rel="noopener">fixed-rate mortgage</a>, not an adjustable-rate mortgage.</p><p>Adjustable-rate mortgages change your rate after an initial period. Darrin English, Senior Community Development Loan Officer at<a href="https://www.quonticbank.com/" target="_blank" rel="noopener" data-analytics-module="body_link" data-analytics-post-depth="20" data-uri="0a418fea4dd3e75283a84d829956f6dc">Quontic Bank</a>, told Business Insider these mortgages used to work in favor of some borrowers, because adjustable rates would start lower than fixed rates.</p><p>English said adjustable-rate mortgages are becoming less advantageous for borrowers. ARM rates are starting higher than fixed-rate mortgages, and you'd risk your rate increasing down the road. It's safer to lock in a low rate now rather than face higher rates later.</p><p>If your finances are stable, it could be a good time to get a fixed-rate mortgage or refinance.</p><div><div class="ca-widget" data-token="p83018dcddd4"></div><script async defer src="https://www.consumersadvocate.org/embeds/embedder.js'v=1"></script></div><h2>Mortgage rates on Sunday, January 10, 2021</h2><table style="width: 100%; border-collapse: collapse;" border="1" cellpadding="10px"><tbody><tr><td style="width: 25%;"><strong>Mortgage type</strong></td><td style="width: 25%; text-align: center;"><strong>Average rate today</strong></td><td style="width: 25%; text-align: center;"><strong>Average rate last week</strong></td><td style="width: 25%; text-align: center;"><strong>Average rate last month</strong></td></tr><tr><td style="width: 25%;">30-year fixed</td><td style="width: 25%; text-align: center;">2.65%</td><td style="width: 25%; text-align: center;">2.67%</td><td style="width: 25%; text-align: center;">2.71%</td></tr><tr><td style="width: 25%;">15-year fixed</td><td style="width: 25%; text-align: center;">2.16%</td><td style="width: 25%; text-align: center;">2.17%</td><td style="width: 25%; text-align: center;">2.26%</td></tr><tr><td style="width: 25%;">5/1 ARM</td><td style="width: 25%; text-align: center;">2.75%</td><td style="width: 25%; text-align: center;">2.71%</td><td style="width: 25%; text-align: center;">2.79%</td></tr></tbody></table><p><em>Rates from the <a href="https://fred.stlouisfed.org/categories/114" target="_blank" rel="noopener">Federal Reserve Bank of St. Louis</a>.</em></p><p>Fixed mortgage rates have gone down since last Sunday, and adjustable rates have gone up. Mortgage rates have decreased since this time last month.</p><p>In general, mortgage rates are at historic lows. The downward trend becomes more apparent when you look at rates from six months and a year ago.</p><table style="width: 100%; border-collapse: collapse; height: 105px;" border="1" cellpadding="10px"><tbody><tr style="height: 42px;"><td style="width: 25%; height: 42px;"><strong>Mortgage type</strong></td><td style="width: 25%; text-align: center; height: 42px;"><strong>Average rate today</strong></td><td style="width: 25%; text-align: center; height: 42px;"><strong>Average rate 6 months ago</strong></td><td style="width: 25%; text-align: center; height: 42px;"><strong>Average rate 1 year ago</strong></td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px;">30-year fixed</td><td style="width: 25%; text-align: center; height: 21px;">2.65%</td><td style="width: 25%; text-align: center; height: 21px;">3.03%</td><td style="width: 25%; text-align: center; height: 21px;">3.64%</td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px;">15-year fixed</td><td style="width: 25%; text-align: center; height: 21px;">2.16%</td><td style="width: 25%; text-align: center; height: 21px;">2.51%</td><td style="width: 25%; text-align: center; height: 21px;">3.07%</td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px;">5/1 ARM</td><td style="width: 25%; text-align: center; height: 21px;">2.75%</td><td style="width: 25%; text-align: center; height: 21px;">3.02%</td><td style="width: 25%; text-align: center; height: 21px;">3.30%</td></tr></tbody></table><p><em>Rates from the <a href="https://fred.stlouisfed.org/categories/114" target="_blank" rel="noopener">Federal Reserve Bank of St. Louis</a>.</em></p><p>Low rates usually signal a struggling economy. Mortgage rates will probably stay low as the US continues to deal with the coronavirus pandemic.</p><h2>Refinance rates on Sunday, January 10, 2021</h2><table style="width: 100%; border-collapse: collapse; height: 105px;" border="1" cellpadding="10px"><tbody><tr style="height: 42px;"><td style="width: 25%; height: 42px;"><strong>Mortgage type</strong></td><td style="width: 25%; text-align: center; height: 42px;"><strong>Average rate today</strong></td><td style="width: 25%; text-align: center; height: 42px;"><strong>Average rate last week</strong></td><td style="width: 25%; text-align: center; height: 42px;"><strong>Average rate last month</strong></td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px;">30-year fixed</td><td style="width: 25%; text-align: center; height: 21px;">2.94%</td><td style="width: 25%; text-align: center; height: 21px;">2.91%</td><td style="width: 25%; text-align: center; height: 21px;">2.95%</td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px;">15-year fixed</td><td style="width: 25%; text-align: center; height: 21px;">2.39%</td><td style="width: 25%; text-align: center; height: 21px;">2.38%</td><td style="width: 25%; text-align: center; height: 21px;">2.43%</td></tr><tr style="height: 21px;"><td style="width: 25%; height: 21px;">10-year fixed</td><td style="width: 25%; text-align: center; height: 21px;">2.40%</td><td style="width: 25%; text-align: center; height: 21px;">2.38%</td><td style="width: 25%; text-align: center; height: 21px;">2.51%</td></tr></tbody></table><p><em>Rates from <a href="https://www.bankrate.com/mortgages/" target="_blank" rel="noopener nofollow sponsored nofollow sponsored nofollow sponsored">Bankrate</a>.</em></p><p>Refinance rates have gone up a little since last weekend, but they're still low in general. They've decreased since this time last month. These rates were last updated on Friday.</p><h2>30-year fixed mortgage rates</h2><p>A <a href="https://www.businessinsider.com/personal-finance/30-year-mortgage-rates" target="_blank" rel="noopener">30-year fixed-rate mortgage</a> locks in your rate for the entire life of your loan, and you'll pay off the mortgage over 30 years.</p><p>A 30-year fixed-rate mortgage charges a higher interest rate than a 15-year or 10-year fixed-rate mortgages. For a long time, you'd also pay a higher rate on a 30-year fixed mortgage than on a 5/1 ARM. But right now, 30-year fixed rates are the better deal.</p><p>You'll pay more in interest in the long term with a 30-year term than you would for a 15-year or 10-year term, because a) the rate is higher, and b) you'll be paying interest for longer.</p><p>The good news is that you'll pay less each month on a 30-year term than on a shorter term, so you're spreading your payments out over a longer period of time.</p><h2>15-year fixed mortgage rates</h2><p>With a <a href="https://www.businessinsider.com/personal-finance/15-year-mortgage-rates" target="_blank" rel="noopener">15-year fixed term</a>, you'll pay down your mortgage over 15 years, and your rate is locked in for the entire time.</p><p>A15-year fixed-rate mortgage is less expensive than a 30-year term in the long run. The 15-year rates are lower, and you'll pay off the loan in half the amount of time.</p><p>However, your monthly payments will be higher on a 15-year term than a 30-year term. You're paying off the same <a href="https://www.businessinsider.com/personal-finance/mortgage-principal" target="_blank" rel="noopener">loan principal</a> in half the time, so you'll pay more every month.</p><h2>10-year fixed mortgage rates</h2><p>The 10-year fixed rates are usually similar to 15-year rates, but you'll own your home outright five years earlier.</p><p>A 10-year term isn't super common for an original mortgage, but you might refinance into a 10-year mortgage.</p><h2>5/1 adjustable mortgage rates</h2><p>An adjustable-rate mortgage, often referred to as an ARM, keeps your rate the same for the first few years, then changes it periodically. A <a href="https://www.businessinsider.com/personal-finance/5-1-arm-rates" target="_blank" rel="noopener">5/1 ARM</a> locks in your rate for the first five years, then your rate will fluctuate once per year.</p><p>Although ARM rates are relatively low these days, you still may want to go with a fixed-rate mortgage. The 30-year fixed rates are comparable to or lower than ARM rates, so it could be good to lock in a low rate with a fixed mortgage rather than risk your rate going up later with an ARM.</p><p><a href="https://www.businessinsider.com/personal-finance/adjustable-rate-mortgage" target="_blank" rel="noopener" data-analytics-module="body_link" data-analytics-post-depth="80" data-uri="8dcce7c2a51260a52cc13a715412c2d0">If you're considering an ARM</a>, you should still ask your lender about what your individual rates would be if you chose a fixed-rate versus adjustable-rate mortgage.</p><h2>How to get the lowest mortgage rate possible</h2><p>It may be a good time to get a mortgage, but don't stress if you aren't ready yet. Mortgage rates should stay low for months (if not years), so you'll probably have time to take advantage of low rates.</p><p>To get the lowest rate possible, consider working to improve your finances. Here are some tips for locking in a low mortgage rate:</p><ul><li><strong><a href="https://www.businessinsider.com/personal-finance/how-to-increase-your-credit-score-improve-credit" target="_blank" rel="noopener">Increase your credit score</a></strong> by making payments on time, paying down debt, and letting your credit age. A score of at least 700 will help you outbut the higher, the better.</li><li><strong><a href="https://www.businessinsider.com/personal-finance/how-to-save-down-payment-house" target="_blank" rel="noopener">Save more for a down payment</a>.</strong> With a <a href="https://www.businessinsider.com/personal-finance/conventional-mortgage" target="_blank" rel="noopener">conventional mortgage</a>, you may be able to put down as little as 3%. But the higher your down payment, the lower your rate will likely be. Because rates should stay low for a while, you probably have time to save more.</li><li><strong>Lower your debt-to-income ratio.</strong> Your DTI is the amount you pay toward debts each month, divided by your gross monthly income. Most lenders want to see a <a href="https://www.businessinsider.com/personal-finance/what-is-a-good-debt-to-income-ratio" target="_blank" rel="noopener">DTI of 36% or less</a>, but an even lower DTI can result in a better rate. To improve your DTI, pay down debts or figure out whether you can earn more money.</li></ul><div><iframe src="https://smartasset.com/captivate/frame/umonjdcr" width="100%" height="630px" scrolling="auto" style="border: none;"></iframe></div><p><em>Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews.</em></p><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-mortgage-coverage" data-sheetname="More Mortgage Coverage">Related Content Module: More Mortgage Coverage</bi-shortcode><p><a href="https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-sunday-january-10-2021#comments">Join the conversation about this story »</a></p>
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