Today’s Mortgage and Refinance Rates: July 22, 2022

Mortgage Rates

On Wednesday, the Bureau of Labor Statistics issued its Consumer Price Index statistics for June, which demonstrated an uptick in inflation. Temporarily declining mortgage rates were the result, as rising inflation figures stoked concerns about an impending recession.

After two weeks of slightly decreasing, rates have gone up again this week.

“The combination of higher rates, higher home prices, and the higher cost of everyday essentials (food, gas, etc.) have caused buyer hesitation and put a squeeze on recent mortgage purchase applications as shown by the most recent Home Purchase Index dropping to a 22-year low,” says Steve Kaminski, head of US residential lending at TD Bank. “Higher mortgage rates had already started to shut down refinance activity earlier this year, also now at a 22-year low.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.41%
20-year fixed4.87%
15-year fixed4.53%
7/1 ARM5.27%
5/1 ARM5.10%
30-year FHA4.50%
30-year VA4.60%
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 fixed4.89%
15-year fixed4.60%
7/1 ARM5.05%
5/1 ARM5.09%
30-year FHA4.75%
30-year VA4.53%
This information has been provided byZillow.

To decide how much interest you’ll pay and if your rate might fluctuate in the future, you can pick between a fixed-rate mortgage and an adjustable-rate mortgage. A fixed-rate mortgage’s interest rate is fixed for the duration of the loan. If you had a 30-year mortgage, the interest rate you pay today and in 30 years would be the same. An adjustable-rate mortgage, or ARM, has rates and monthly payments that are initially fixed before fluctuating on a regular basis. For instance, a 5/1 ARM (adjustable-rate mortgage) starts off with a fixed rate and changes every year after that. A hybrid rate is now accessible as well. The characteristics of fixed-rate and adjustable-rate mortgages are combined in a hybrid adjustable-rate mortgage, also referred to as a “hybrid ARM.” There will be an initial fixed-rate period and subsequently an adjustable-rate period with this kind of mortgage.

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