Today’s Mortgage and Refinance Rates: July 04, 2022

Interest Rates

Along with inflation, which is now at its highest level since 1981, mortgage rates increased. The Consumer Price Index for All Urban Consumers (CPI-U) increased by 1.0 percent on a seasonally adjusted basis in May after increasing by 0.3 percent in April, according to a news release from the U.S. Department of Labor’s Bureau of Labor Statistics. The rate of change in the price of goods and services over time is monitored by the Consumer Price Index (CPI).

“These higher rates are the result of a shift in expectations about inflation and the course of monetary policy,” said Sam Khater, Freddie Mac’s chief economist. “Higher mortgage rates will lead to moderation from the blistering pace of housing activity that we have experienced coming out of the pandemic, ultimately resulting in a more balanced housing market.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.13%
20-year fixed4.55%
15-year fixed4.24%
7/1 ARM4.80%
5/1 ARM4.45%
30-year FHA4.33%
30-year VA4.39%
This information has been provided by  Zillow.

“Today’s announcement confirms the Fed’s commitment to fight the inflation battle more aggressively despite the potential aftermath from raising rates at such a rapid pace,” the Allianz Investment Management’s senior investment strategist  Charlie Ripley said. “Overall, Fed policy rates have been out of sync with the inflation story for some time and the aggressive hikes from the Fed should appease markets for the time being.”

“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 Realtor.com. “There has been little relief for American consumers at the grocery store, the pump, and in both the for-sale and rental markets.”

The rate, points, and APR may vary depending on a variety of factors, including the property’s location, loan amount, loan type, occupancy type, property type, loan-to-value ratio, and credit score. Based on information about these criteria that is only available after you apply, your actual rate and points may be higher or lower than those quoted.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed5.12%
20-year fixed4.76%
15-year fixed4.33%
7/1 ARM4.78%
5/1 ARM4.37%
30-year FHA4.13%
30-year VA4.48%
This information has been provided by  Zillow.

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