Today’s Mortgage and Refinance Rates: June 13, 2022

Interest Rates

Apparently mortgage rates have no plans on going down. But, what does that mean for future homebuyers? These rates add thousands of dollars to their total costs over the lifetime of their loan. We have forgotten of the 2021 low rates and now rates over 5% are becoming normal. These rates won’t affect those with a current fixed-rate mortgage, but what about those whole are planning on buying?

These higher interest rates are a result of the Federal Reserve’s initiatives to control inflation through tighter monetary policy. So, how high do you think they’d go? Will we come to terms with the new changes and accept them as normal?

“I think it’s noteworthy because when you say mortgage rates have increased 2 percent, it doesn’t sound very big,” said Jacob Channel, the senior economic analyst at LendingTree. “But when you take a step back, it really does add up to a lot of money.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.27%
20-year fixed4.96%
15-year fixed4.42%
7/1 ARM5.24%
5/1 ARM4.82%
30-year FHA4.44%
30-year VA4.73%
This information has been provided byZillow.

The current average 30-year fixed mortgage rate fell 9 basis points from 5.36% to 5.27% on Monday, Zillow announced. The 30-year fixed mortgage rate on June 13, 2022, is up 6 basis points from the previous week’s average rate of 5.21%. Additionally, the current national average 15-year fixed mortgage rate remained stable at 4.43%. The current national average 5-year ARM rate is up 3 basis points from 4.83% to 4.86%.

“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.”

A number of criteria, including the property location, loan size, loan type, occupancy type, property type, loan-to-value ratio, and credit score, might influence the rate, points, and APR. Your actual rate and points may be greater or lower than those quoted, based on information about these factors that are only available after you apply.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed5.24%
20-year fixed5.07%
15-year fixed4.36%
7/1 ARM5.06 %
5/1 ARM4.66 %
30-year FHA4.45%
30-year VA4.42%
This information has been provided byZillow.

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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