Today’s Mortgage and Refinance Rates: May 03, 2022
According to Freddie Mac, rates have increased by 1.88 percent since the beginning of January 2022, from 3.22 percent to 5.1 percent. Rates are anticipated to continue high as the Federal Reserve attempts to combat inflation. Despite rising inflation, the Fed’s benchmark rate is only 0.25 percent to 0.5 percent, which is low enough to support growth.
Most experts projected that mortgage rates would rise this year, but they did so much faster than expected, with 30-year fixed loan rates breaking past 5% in April for the first time in more than a decade.
Mortgage rates today
| Mortgage type | Average rate today |
| 30-year fixed | 5.14% |
| 20-year fixed | 4.83 % |
| 15-year fixed | 4.30 % |
| 7/1 ARM | 4.74 % |
| 5/1 ARM | 4.43 % |
| 30-year FHA | 4.23% |
| 30-year VA | 4.59 % |
Both the 30-year fixed and 15-year fixed mortgage averages have risen. The current average 30-year fixed mortgage rate climbed 5 basis points from 5.09% to 5.14% on Tuesday, Zillow announced. The 30-year fixed mortgage rate on May 3, 2022, is up 21 basis points from the previous week’s average rate of 4.93%. Additionally, the current national average 15-year fixed mortgage rate increased 4 basis points from 4.26% to 4.30%. The current national average 5-year ARM rate is down 1 basis point from 4.44% to 4.43%.
Mortgage rates typically vary from lender to lender. A number of factors such as the borrower’s credit history, down payment amount, or the home’s value, as well as inflation, job growth, and other economic factors, affect these rates. So, 2022 has been characterized by rising rates. Many experts think the average rate on this loan will be 3.5 to 4 percent by the end of 2022.
Refinance rates today
| Mortgage type | Average rate today |
| 30-year fixed | 5.05% |
| 20-year fixed | 4.83 % |
| 15-year fixed | 4.26 % |
| 7/1 ARM | 4.56 % |
| 5/1 ARM | 4.57 % |
| 30-year FHA | 4.54% |
| 30-year VA | 4.53% |
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.
