Today’s Mortgage and Refinance Rates: August 01, 2022

Interest Rates

Mortgage rates were lower this week than they were last week, but they were still substantially higher than they were at the start of the year.

“There are signs that some of the main drivers of inflation are easing, such as lower oil and other commodity prices in July, slower wage growth, and declining supply chain pressures. However, service price increases led by housing and pent-up demand for vehicles will keep inflation elevated in the coming months,” Dawit Kebede, senior economist for the Credit Union National Association, said in a statement.

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed4.75%
20-year fixed4.44%
15-year fixed4.09%
7/1 ARM4.76%
5/1 ARM4.54%
30-year FHA3.94%
30-year VA4.23%
This information has been provided by  Zillow.

“Inflation issues persist, so expect mortgage rates to tick a bit higher from current levels,” says Greg McBride, chief financial analyst for Bankrate. “The 30-year fixed rate will hover near 6 percent, and the 15-year fixed near 5.1 percent, in July.”

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

With the increasing refinancing rates and closing costs, homeowners should also consider refinancing. Is this the right time?

“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 “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 fixed4.84%
20-year fixed4.58%
15-year fixed4.30%
7/1 ARM4.71%
5/1 ARM4.65%
30-year FHA4.60%
30-year VA4.22%
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. For instance, a 5/1 ARM (adjustable-rate mortgage) starts off with a fixed rate and changes every year after that. A hybrid rate is now accessible as well.

A hybrid adjustable-rate mortgage, commonly known as a “hybrid ARM,” combines the traits of fixed-rate and adjustable-rate mortgages. With this type of mortgage, there will be an initial fixed-rate period and then an adjustable-rate period.

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