Today’s Mortgage and Refinance Rates: June 21, 2022

Mortgage Rates

On Wednesday, the Federal Reserve announced a further rate increase of 75 basis points. The head of the Federal Reserve, Jerome Powell, asserts that the Fed’s efforts to combat inflation without causing a recession are still possible despite their inability to entirely control the causes of it. And we don’t think the expansion will stop there. The largest weekly increase for a 30-year fixed mortgage since 1987 averaged 5.78% last week, up from the previous week.

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.58%
20-year fixed5.24%
15-year fixed4.69%
7/1 ARM5.29%
5/1 ARM5.00%
30-year FHA4.62%
30-year VA4.85%
This information has been provided by  Zillow.

“These higher rates are the result of a shift in expectations about inflation and the course of monetary policy,” said Sam Khater, Freddie Mac’s chief economist. “Higher mortgage rates will lead to moderation from the blistering pace of housing activity that we have experienced coming out of the pandemic, ultimately resulting in a more balanced housing market.”

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.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed5.54%
20-year fixed5.38%
15-year fixed4.74%
7/1 ARM5.32 %
5/1 ARM5.06%
30-year FHA4.74%
30-year VA4.87%
This information has been provided by Zillow.

“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 Realtor.com. “There has been little relief for American consumers at the grocery store, the pump, and in both the for-sale and rental markets.”

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.

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