Today’s Mortgage and Refinance Rates: April 27, 2022
According to Freddie Mac, the average 30-year fixed mortgage rate has increased every week for nearly two months and is now at 4.88%. In April 2010, rates were at this level for the first time.
“Although the national average on a 30-year fixed-rate mortgage is above 4 percent, plenty of sub-4 percent rates are available for borrowers that shop around,” said Greg McBride, Bankrate’s chief financial analyst. “Conducting an online search can save thousands of dollars by finding lenders offering a lower rate and more competitive fees.”
Mortgage rates today
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The current average 30-year fixed mortgage rate climbed 1 basis point from 4.87% to 4.88% on Wednesday, Zillow announced. The 30-year fixed mortgage rate on April 27, 2022 is down 11 basis points from the previous week’s average rate of 4.99%. Additionally, the current national average 15-year fixed mortgage rate increased 1 basis point from 4.13% to 4.14%. The current national average 5-year ARM rate is down 2 basis points from 4.31% to 4.29%.
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.
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.