Today’s Mortgage and Refinance Rates: May 02, 2022

The majority of experts predicted that mortgage rates would increase this year, but they did so much more quickly than anticipated. For the first time in more than a decade, 30-year fixed loan rates exceeded 5% in April. Rates have risen from 3.22 percent to 5.1 percent since the beginning of January 2022, according to Freddie Mac, an increase of 1.88 percent. As the Federal Reserve works to fight inflation, rates are expected to stay high.

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Mortgage rates today

The current average 30-year fixed mortgage rate climbed 2 basis points from 5.02% to 5.04% on Monday, Zillow announced. The 30-year fixed mortgage rate on May 2, 2022, is up 11 basis points from the previous week’s average rate of 4.93%. Additionally, the current national average 15-year fixed mortgage rate increased 2 basis points from 4.19% to 4.21%. The current national average 5-year ARM rate is up 5 basis points from 4.41% to 4.46%.

Refinance rates today

You can choose between two types of mortgages to determine how much interest you’ll pay and if your rate will change later: a fixed-rate mortgage or an adjustable-rate mortgage. With a fixed-rate mortgage, your interest rate remains the same for the entire life of the loan. If you have a 30-year mortgage, you’ll pay the same rate today as you will 30 years from now. With an adjustable-rate mortgage, commonly referred to as an ARM, rates and monthly payments remain the same for a set period of time, then change periodically. For example, a 5/1 ARM (adjustable-rate mortgage) would have a fixed rate for the first five years of the loan, then change every year after that.

For more information on getting a grant and also learning about refinance programs, take a look at this.