A number of closely followed mortgage rates rose today. The impressive inflation in the interest rate for fixed-rate 30-year mortgages is notable, but 15-year fixed rates also grew. For variable rates, the 5/1 adjustable-rate mortgage also rose. Mortgage rates have been quite low over the last period, making it a good time for prospective homebuyers to lock in a fixed rate. But rates are dynamic and are projected to continue to rise this year. Before you buy a house, remember to consider your personal needs and financial situation, and speak with multiple lenders to find the best one for you.

30-year fixed-rate mortgages

The average 30-year fixed mortgage interest rate is 4.43%, which is a growth of 32 basis points as seven days ago. (A basis point is equivalent to 0.01%.) The most common loan term is a 30-year fixed mortgage. A 30-year fixed mortgage will usually have a greater interest rate than a 15-year fixed rate mortgage -- but also a lower monthly payment. Although you'll pay more interest over time -- you're paying off your loan over a longer timeframe -- if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 3.57%, which is an increase of 16 basis points compared to a week ago. Compared to a 30-year fixed jupiter mortgage broker, a 15-year fixed mortgage with the same loan value and interest rate will have a higher monthly payment. However, if you're able to afford the monthly payments, there are several benefits to a 15-year loan. These include typically being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

5/1 adjustable-rate mortgages

A 5/1 adjustable-rate mortgage has an average rate of 4.46%, an uptick of 36 basis points compared to last week. With an adjustable-rate mortgage mortgage, you'll typically get a lower interest rate than a 30-year fixed mortgage for the first five years. But since the rate changes with the market rate, you might end up paying more after that time, as described in the terms of your loan. Because of this, an adjustable-rate mortgage may be a good option if you plan to sell or refinance your house before the rate changes. But if that's not the case, you could be on the hook for a significantly higher interest rate if the market rates change.

Mortgage rate trends

Though 2022 started with low mortgage rates, there has been an uptick recently. There are two major factors at play here: increasing inflation rates and a growing economy. That said, rates can always fluctuate for a variety of reasons. The spread of omicron, for instance, kept rates relatively low throughout December and the start of the new year. Overall, rates are expected to go up this year, particularly with the Federal Reserve's decision to increase interest rates. 

 We use data collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. This table summarizes the average rates offered by lenders across the country:

Today's mortgage interest rates

Rates accurate as of Mar. 15, 2022.

How to find personalized mortgage rates

You can get a personalized mortgage rate by connecting with your local mortgage broker or using an online calculator. Make sure to think about your current financial situation and your goals when searching for a mortgage. A range of factors -- including your down payment, credit score, loan-to-value ratio and debt-to-income ratio -- will all affect your mortgage rate. Having a higher credit score, a higher down payment, a low DTI, a low LTV, or any combination of those factors can help you get a lower interest rate. Besides the mortgage rate, other factors including closing costs, fees, discount points and taxes might also factor into the cost of your house. Make sure you speak with multiple lenders -- like local and national banks, credit unions and online lenders -- and comparison shop to find the best loan for you.

How does the loan term impact my mortgage?

When picking a mortgage, remember to consider the loan term, or payment schedule. The most common mortgage terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Another important distinction is between fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are the same for the life of the loan. For adjustable-rate mortgages, interest rates are the same for a certain number of years (typically five, seven or 10 years), then the rate changes annually based on the market rate.

When choosing between a fixed-rate and adjustable-rate mortgage, you should think about the length of time you plan to stay in your house. Fixed-rate mortgages might be a better fit for those who plan on living in a home for a while. While adjustable-rate mortgages can sometimes offer lower interest rates upfront, fixed-rate mortgages are more stable over time. However you might get a better deal with an adjustable-rate mortgage if you only intend to keep your house for a few years. There is no best loan term as a general rule; it all depends on your goals and your current financial situation. It's important to do your research and know your own priorities when choosing a mortgage.