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

Interest Rates

Despite remaining steady in recent weeks, mortgage rates are still 2% higher than they were a year ago. Due to the high rates and costs, prospective homebuyers have little hope, and it is still unclear what will change in the near future. The current increase in inflation benefits no one.  

“Aggressive inflation will force the Federal Reserve to raise interest rates multiple rounds this year and actively pursue quantitative tightening,” says Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors (NAR). “That is why mortgage rates recently have shot up so high. Higher mortgage rates will inevitably pull home sales down in the coming months and slow home price appreciation.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.07%
20-year fixed4.66%
15-year fixed4.13%
7/1 ARM4.91%
5/1 ARM4.63%
30-year FHA4.02%
30-year VA4.23%
This information has been provided by Zillow.

The current average 30-year fixed mortgage rate climbed 6 basis points from 5.01% to 5.07% on Wednesday, Zillow announced. The 30-year fixed mortgage rate on June 8, 2022, is up 10 basis points from the previous week’s average rate of 4.97%. Additionally, the current national average 15-year fixed mortgage rate remained stable at 4.13%. The current national average 5-year ARM rate is equal to 4.62%.

“Rates have continued to fluctuate over the past few weeks as volatility persists,” says Robert Heck, vice president of mortgage at Morty. “Now that rates have had a chance to remain elevated, we are beginning to see the impact on demand and affordability, as more buyers find themselves priced out of the market.”

The rate, points, and APR may be affected by a number of factors, including the property location, loan amount, loan type, occupancy type, property type, loan-to-value ratio, and your credit score. Your actual rate and points may be higher or lower than those quoted, depending on information concerning these criteria that may only be addressed or established after you apply.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed4.88%
20-year fixed4.72%
15-year fixed4.09%
7/1 ARM4.87 %
5/1 ARM4.66 %
30-year FHA4.31%
30-year VA4.34%
This information has been provided by Zillow.

To choose how much interest you’ll pay and if your rate may vary later, you can pick between a fixed-rate mortgage and an adjustable-rate mortgage. A fixed-rate mortgage has an interest rate that stays the same throughout the duration of the loan. If you had a 30-year mortgage, the rate you pay today will be the same as it will be in 30 years. An adjustable-rate mortgage, or ARM, has rates and monthly payments that remain constant for a fixed length of time before changing on a regular basis. A 5/1 ARM (adjustable-rate mortgage), for example, has a fixed rate for the first five years and then changes every year after that. There is also a hybrid rate available today. A hybrid adjustable-rate mortgage, or hybrid ARM (sometimes known as a “fixed-period ARM”), combines fixed-rate and adjustable-rate mortgage characteristics. An initial fixed-rate period will be followed by an adjustable-rate period in this form of a mortgage.

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