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

According to Freddie Mac, rates have increased by 1.88 percent since the beginning of January 2022, from 3.22 percent to 5.1 percent. Rates are anticipated to continue high as the Federal Reserve attempts to combat inflation.

Most experts projected that mortgage rates would rise this year, but they did so much faster than expected, with 30-year fixed loan rates breaking past 5% in April for the first time in more than a decade. 

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

Mortgage rates today

Mortgage type	Average rate today
30-year fixed	5.04%
20-year fixed	4.64 %
15-year fixed	4.21 %
7/1 ARM	4.56 %
5/1 ARM	4.46 %
30-year FHA	4.29%
30-year VA	4.71 %

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%.

Mortgage rates typically vary from lender to lender. A number of factors such as the borrower’s credit history, down payment amount, or the home’s value, as well as inflation, job growth, and other economic factors, affect these rates. So, 2022 has been characterized by rising rates. Many experts think the average rate on this loan will be 3.5 to 4 percent by the end of 2022.

Refinance rates today

Mortgage type	Average rate today
30-year fixed	5.02%
20-year fixed	4.74 %
15-year fixed	4.21 %
7/1 ARM	4.79 %
5/1 ARM	4.61 %
30-year FHA	4.52%
30-year VA	4.43%

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.