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Looking at today’s mortgage rates a number of significant rates moved up. The averages for both 30-year fixed and 15-year fixed mortgages both drifted higher. We also saw an upswing in the average rate of 5/1 adjustable-rate mortgages (ARM).
The average mortgage rates are as follows:
Mortgage Rate Forecast: Where Are Mortgage Rates Headed in 2022?
All signs point the all-time low mortgage rates being in the rearview mirror at this point. The speedy economic recovery has worked to push up mortgage rates, but the uncertainty surrounding the Omicron Coronavirus variant could put downward pressure on rates. When inflation goes up, normally rates do too. A recent reading of the consumer price index was the highest in nearly 40 years. Economic fear is instilled by emerging COVID variants. The prediction is for rates to grow in 2022, and recent Federal Reserve actions only reinforce the trend. Then again, rates can fluctuate from one day to the next and from week to week.
What These Mortgage Rate Forecast Mean for Homebuyers
In recent weeks we’ve seen rates slowly climb higher. However, mortgage interest rates are still historically low.
Lingering low rates help homebuyers increase their buying power, which can combat rising home values. There are signs the housing market is starting to cool down, but high home values can overshadow the potential savings from a low mortgage rate. As rates slowly go up, homebuyers may need to adjust their homebuying budgets to accommodate the extra cost.
What to Know About Loans Fees
The umbrella term for what you pay to take out a mortgage loan is closing costs. Everything from the prepaid property taxes to your appraisal fees fall into this category. In general, closing costs are 3% to 6% of your loan amount, so the larger your mortgage the more you’ll pay as a total dollar amount. Paying attention to the closing costs you pay is important because the higher your closing costs, the higher your annual percentage rate (APR) will be.
Current Mortgage Refinance Rates
Refinancing became a bit more expensive today as 30-year fixed and 15-year fixed refinance mortgages saw their average rates rise. Shorter term, 10-year fixed-rate refinance mortgages also saw growth.
The refinance averages for 30-year, 15-year, and 10-year loans are:
Find current mortgage rates for today.
30-Year Fixed Mortgage Rates