Today’s Mortgage and Refinance Rates: July 07, 2022

Mortgage rates going up

Even though the interest rates have inched down this week, they are far higher than last year. Mortgage rates raised along with inflation, which is now at its highest level since 1981. According to a news release from the U.S. Department of Labor’s Bureau of Labor Statistics, “The Consumer Price Index for All Urban Consumers (CPI-U) jumped 1.0 percent on a seasonally adjusted basis in May after gaining 0.3 percent in April.” The Consumer Price Index (CPI) tracks the rate of change in the cost of goods and services over time.

“I think mortgage rates will stay relatively steady over the next month, with rates on the 30-year mortgage ranging between 5.75 percent and 6 percent, and rates on the 15-year mortgage hovering around 5 percent,” says Rick Sharga, executive vice president of Market Intelligence for ATTOM Data Solutions. “Rates have risen much more rapidly than most industry analysts and economists had initially forecast. They may settle down for the next few weeks while the market finds out what impact actions by the Federal Reserve have had on inflation and the overall economy.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.30%
20-year fixed4.77%
15-year fixed4.35%
7/1 ARM4.92%
5/1 ARM4.68%
30-year FHA4.88%
30-year VA4.63%
This information has been provided byZillow.

“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 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.

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 fixed5.29%
20-year fixed4.90%
15-year fixed4.45%
7/1 ARM5.04%
5/1 ARM4.61%
30-year FHA4.73%
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. Rates and monthly payments on an adjustable-rate mortgage, or ARM, are fixed for a predetermined period of time before fluctuating on a regular basis. For instance, a 5/1 ARM (adjustable-rate mortgage) has a fixed rate for the first five years, after which it adjusts annually. Today, a hybrid rate is also offered. A hybrid adjustable-rate mortgage, sometimes known as a “hybrid ARM,” combines the features of fixed-rate and adjustable-rate mortgages. In this type of mortgage, there will be an initial fixed-rate period and then an adjustable-rate period.

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