Today’s Mortgage and Refinance Rates: July 28, 2022

Interest Rates

Federal Reserve Chair Jerome Powell announced another 0.75 percentage point hike at a press conference yesterday. This was another hike after the one we had in June and it brings the main policy rate to a range of 2.25-2.5%. 

“While another unusually large increase could be appropriate at our next meeting that is a decision that will depend on the data we get between now and then,” Fed Chair Jerome Powell said.

He said that another 0.75-point increase might be required in September, but given the length of time until then, he believed that a half-point increase at the following meeting would be just as likely.

“Over coming months we will be looking for compelling evidence that inflation is moving down, consistent with inflation returning to 2%,” Powell said.

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.14%
20-year fixed4.94%
15-year fixed4.33%
7/1 ARM5.32%
5/1 ARM4.21%
30-year FHA4.40%
30-year VA4.24%
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 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 fixed5.13%
20-year fixed4.77%
15-year fixed4.42%
7/1 ARM4.97%
5/1 ARM4.44%
30-year FHA4.00%
30-year VA4.33%
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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