Today’s Mortgage and Refinance Rates: July 06, 2022

Mortgage Rates

The Federal Reserve announced a further 75 basis point rate rise. The head of the Federal Reserve, Jerome Powell, asserts that the Fed’s efforts to combat inflation without causing a recession are still possible despite their inability to entirely control the causes of it. And we don’t think the expansion will stop there.

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.16%
20-year fixed4.50%
15-year fixed4.31%
7/1 ARM4.89%
5/1 ARM4.49%
30-year FHA4.13%
30-year VA4.51%
This information has been provided byZillow.

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).

“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.”

Refinance rates today

Mortgage typeAverage rate today
30-year fixed5.04%
20-year fixed4.80%
15-year fixed4.31%
7/1 ARM4.78%
5/1 ARM4.50%
30-year FHA4.50%
30-year VA4.48%
This information has been provided byZillow.

You can choose between a fixed-rate mortgage and an adjustable-rate mortgage to determine how much interest you’ll pay and whether your rate may change later. An interest rate on a fixed-rate mortgage remains constant for the whole term of the loan. The interest rate you pay today and in 30 years will be the same if you had a 30-year mortgage.

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