Today’s Mortgage and Refinance Rates: April 29, 2022

Mortgage rates increased 1.5 percentage points in the first three months of the year, marking the largest quarterly increase in years. Those expecting lower mortgage and refinance rates may have to wait a lot longer. The 156 basis point (1.56%) gain represented the fastest three-month rise since May 1994, according to Freddie Mac.

For more information on getting a grant and also learning about refinance programs, take a look at this.

“Aggressive inflation will force the Federal Reserve to raise interest rates multiple rounds this year and actively pursue quantitative tightening,” says Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors (NAR). “That is why mortgage rates recently have shot up so high. Higher mortgage rates will inevitably pull home sales down in the coming months and slow home price appreciation.”

Mortgage rates today

The current average 30-year fixed mortgage rate fell 1 basis point from 4.94% to 4.93% on Friday, Zillow announced. The 30-year fixed mortgage rate on April 29, 2022, is down 6 basis points from the previous week’s average rate of 4.99%. Additionally, the current national average 15-year fixed mortgage rate decreased 4 basis points from 4.15% to 4.11%. The current national average 5-year ARM rate is down 13 basis points from 4.39% to 4.26%.

Mortgage and refinance 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.

For more information on getting a grant and also learning about refinance programs, take a look at this.