Today’s Mortgage and Refinance Rates: July 21, 2022

Mortgage Rates

The Consumer Price Index numbers for June were released by the Bureau of Labor Statistics on Wednesday, indicating an increase in inflation. Mortgage rates briefly decreased as a result of growing concerns about an impending recession being fueled by rising inflation rates. After a little dip over the previous two weeks, rates have risen once more this week.

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.44%
20-year fixed4.93%
15-year fixed4.52%
7/1 ARM5.31%
5/1 ARM5.13%
30-year FHA4.49%
30-year VA4.68%
This information has been provided by  Zillow.

The property’s location, loan amount, loan type, occupancy type, property type, loan-to-value ratio, and credit score are a few variables that could affect the rate, points, and APR. Your actual rate and points may be higher or lower than those listed depending on information about these factors that is only accessible after you apply.

“Climbing mortgage rates continue to put pressure on the housing market, pushing the cost of homeownership ever higher,” said Hannah Jones, Economic Data Analyst at Realtor.com. “There has been little relief for American consumers at the grocery store, the pump, and in both the for-sale and rental markets.”

Refinance rates today

Mortgage typeAverage rate today
30-year fixed5.29%
20-year fixed4.89%
15-year fixed4.55%
7/1 ARM5.04%
5/1 ARM5.01%
30-year FHA4.75%
30-year VA4.56%
This information has been provided by  Zillow.

To decide how much interest you’ll pay and if your rate might fluctuate in the future, you can pick between a fixed-rate mortgage and an adjustable-rate mortgage. A fixed-rate mortgage’s interest rate is fixed for the duration of the loan. If you had a 30-year mortgage, the interest rate you pay today and in 30 years would be the same. An adjustable-rate mortgage, or ARM, has rates and monthly payments that are initially fixed before fluctuating on a regular basis.

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