Today’s Mortgage and Refinance Rates: June 15, 2022

Interest rates

Mortgage rates do not appear to be on the down. But what does this signify for homebuyers in the future? Over the course of their loan, these rates add thousands of dollars to their total costs. We have forgotten about the low rates of 2021, and rates of over 5% are now considered typical. Those who have a fixed-rate mortgage won’t be affected by these rates, but what about those who are preparing to buy?

For the third time this year, the Federal Reserve is increasing interest rates trying to fight the biggest inflation in the last 40 years. In an interview with the Marketplace public radio program, Fed Chair Jerome Powell stated that the Central Bank will increase the rate by 0.5 percentage points to a range of 1.25% to 1.5%. 

“If the economy performs about as expected,” Powell said, “it would be appropriate for there to be additional 50-basis point increases at the next two meetings.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.75%
20-year fixed5.54%
15-year fixed4.78%
7/1 ARM5.46%
5/1 ARM5.06%
30-year FHA4.78%
30-year VA4.91%
This information has been provided by  Zillow.

With inflation going up again (highest since 1981), mortgage rates increased too. The U.S. Department of Labor – Bureau of Labor Statistics has just released a press release reporting that: “The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0 percent in May on a seasonally adjusted basis after rising 0.3 percent in April.” The Consumer Price Index (CPI) is a measure of how much prices for goods and services have changed over time. T

“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 fixed5.68%
20-year fixed5.45%
15-year fixed4.75%
7/1 ARM5.23 %
5/1 ARM5.03 %
30-year FHA4.96%
30-year VA4.97%
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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