Today’s Mortgage and Refinance Rates: July 27, 2022

Interest Rates

Interest rates are anticipated to increase by three-quarters of a point this afternoon, putting the fed funds rate in a range of 2.25% to 2.5%the Federal Reserve’s second consecutive increase of that magnitude. At 2 p.m. ET today, the Central Bank is anticipated to make the rate announcement followed by a press conference by Fed Chairman Jerome Powell at 2:30 p.m. ET.

“At the past few meetings, Chair Powell has signaled (or mis-signaled) the expected size of the rate move at the subsequent meeting. We don’t expect him to be so definitive,” said Michael Feroli, JPMorgan chief economist. “While he will almost certainly indicate that the committee expects to continue tightening policy, with two jobs reports between now and the September meeting, we don’t see the upside to putting a stake in the ground in late July. Powell will very likely get asked about the chance of recession; we suspect he will say it’s a risk but not a foregone conclusion.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.24%
20-year fixed4.68%
15-year fixed4.27%
7/1 ARM4.89%
5/1 ARM4.59%
30-year FHA4.13%
30-year VA4.58%
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, a 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 fixed5.08%
20-year fixed4.68%
15-year fixed4.36%
7/1 ARM4.87%
5/1 ARM4.75%
30-year FHA4.76%
30-year VA4.39%
This information has been provided by Zillow.

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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