Today’s Mortgage and Refinance Rates: July 08, 2022

Interest Rates

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.

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.37%
20-year fixed4.90%
15-year fixed4.41%
7/1 ARM5.10%
5/1 ARM4.83%
30-year FHA4.96%
30-year VA4.68%
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 rate, points, and APR may vary depending on various 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.

Homeowners should also think about refinancing due to the rising closing costs and refinancing rates. Is it appropriate now?

“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 fixed5.30%
20-year fixed4.92%
15-year fixed4.49%
7/1 ARM5.00%
5/1 ARM4.80%
30-year FHA4.60%
30-year VA4.63%
This information has been provided byZillow.

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