Today’s Mortgage and Refinance Rates: July 20, 2022

Mortgage Assistance

The Bureau of Labor Statistics released its Consumer Price Index data for June on Wednesday, showing an increase in inflation. As rising inflation rates fuelled worries about an imminent recession, the outcome was a temporary decline in mortgage rates.

Rates have increased once more this week after a small decline over the previous two.

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.31%
20-year fixed4.93%
15-year fixed4.43%
7/1 ARM5.31%
5/1 ARM4.79%
30-year FHA4.75%
30-year VA4.61%
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 property’s location, loan amount, loan type, occupancy type, property type, loan-to-value ratio, and credit score are a few variables that could affect the rate, points, and APR. Your actual rate and points may be higher or lower than those listed depending on information about these factors that is only accessible 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 fixed5.20%
20-year fixed4.80%
15-year fixed4.47%
7/1 ARM4.92%
5/1 ARM4.74%
30-year FHA4.85%
30-year VA4.61%
This information has been provided byZillow.

Between a fixed-rate mortgage and an adjustable-rate mortgage, you can choose to choose how much interest you’ll pay and if your rate might change in the future. The interest rate on a fixed-rate mortgage stays the same throughout the loan’s term. The interest rate you would pay today and after 30 years if you had a 30-year mortgage would be the same.

Rates and monthly payments for an adjustable-rate mortgage, or ARM, are initially fixed before regularly increasing. A 5/1 ARM (adjustable-rate mortgage), for instance, has a fixed rate at first and then fluctuates annually after that. Additionally, a hybrid rate is now available. 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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