Today’s Mortgage and Refinance Rates: May 25, 2022

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Mortgage rates fell below 5% at the end of the week, indicating a minor downward trend. The rate of increase was strong in the first several months of 2022, but it has decreased in recent weeks.

“While the current market conditions may seem difficult, there are still opportunities for those that are ready to buy, and current rate levels don’t automatically mean you should sit out the market entirely,” says Robert Heck, vice president of mortgage at Morty. “We’re also seeing record-high rent increases and fierce competition for rentals across many markets, which means that buying may present a strong alternative, depending on your financial situation, location, and the amount of time you plan to be in your home.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed4.83%
20-year fixed4.49%
15-year fixed4.03%
7/1 ARM4.80%
5/1 ARM4.39%
30-year FHA4.30%
30-year VA4.42 %

This information has been provided by Zillow. See more mortgage rates on Zillow

The current average 30-year fixed mortgage rate fell 1 basis point from 4.84% to 4.83% on Wednesday, Zillow announced. The 30-year fixed mortgage rate on May 25, 2022, is down 17 basis points from the previous week’s average rate of 5.00%. Additionally, the current national average 15-year fixed mortgage rate remained stable at 4.03%. The current national average 5-year ARM rate is down 1 basis point from 4.40% to 4.39%.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed4.82%
20-year fixed4.68%
10-year fixed4.05%
7/1 ARM4.62 %
5/1 ARM4.35 %
30-year FHA4.21%
30-year VA4.17%

This information has been provided by Zillow. See more mortgage rates on Zillow

You can choose between two types of mortgages to determine how much interest you’ll pay and if your rate will change later: a fixed-rate mortgage or an adjustable-rate mortgage. With a fixed-rate mortgage, your interest rate remains the same for the entire life of the loan. If you have a 30-year mortgage, you’ll pay the same rate today as you will 30 years from now. With an adjustable-rate mortgage, commonly referred to as an ARM, rates and monthly payments remain the same for a set period of time, then change periodically. For example, a 5/1 ARM (adjustable-rate mortgage) would have a fixed rate for the first five years of the loan, then change every year after that.

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