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

Interest Rates

It seems that there are no intentions to reduce mortgage rates. But what does it mean for potential homebuyers? These rates increase their overall costs by tens of thousands of dollars throughout the course of their loan. Since rates over 5% are now regarded as normal, rates as low as those from 2021 have been forgotten. These rates won’t affect people who currently have fixed-rate mortgages, but what about those who intend to buy?

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.”

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.

The location of the property, the loan amount, the loan type, the occupancy type, the property type, the loan-to-value ratio, and the credit score are just a few of the variables that may affect the rate, points, and APR. Your actual rate and points may be higher or lower than those indicated depending on information about these factors that is only accessible after you apply.

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