Today’s Mortgage and Refinance Rates: May 05, 2022

current mortgage rates

Today, the federal funds rate is probably going to be increased by 0.5 percent by the Federal Reserve. The central bank announced its first rate increase in March as part of its effort to control inflation after keeping the benchmark rate at or near zero for two years.

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.

“I believe the rates being above 5% will become a norm, and I don’t see a significant downward movement in the near future,” says Ralph DiBugnara, president of Home Qualified and senior vice president of Cardinal Financial.

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.05%
20-year fixed4.87%
15-year fixed4.18 %
7/1 ARM4.88 %
5/1 ARM4.43 %
30-year FHA4.25%
30-year VA4.42 %
This information has been provided by Zillow. See more mortgage rates on Zillow.

The current average 30-year fixed mortgage rate fell 6 basis points from 5.11% to 5.05% on Thursday, Zillow announced. The 30-year fixed mortgage rate on May 5, 2022, is up 12 basis points from the previous week’s average rate of 4.93%. Additionally, the current national average 15-year fixed mortgage rate decreased 12 basis points from 4.28% to 4.16%. The current national average 5-year ARM rate is down 23 basis points from 4.63% to 4.40%.

Lenders often provide different mortgage rates. These rates are influenced by a number of variables, including the borrower’s credit history, the amount of the down payment, the value of the home, as well as inflation, job growth, and other economic variables. As a result, 2022 was marked by rising rates. By the end of 2022, according to several experts, this loan’s average interest rate will be between 3.5 and 4 percent.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed4.89%
20-year fixed4.58%
15-year fixed4.11 %
7/1 ARM4.52 %
5/1 ARM4.49 %
30-year FHA4.47%
30-year VA4.55%
This information has been provided by Zillow. See more mortgage rates on Zillow.

To pick between a fixed-rate and an adjustable-rate mortgage, you must consider both the current and potential future interest rates. Your interest rate is fixed when you get a fixed-rate mortgage and it stays that way for the whole term of the loan. You will pay the same interest rate today as you will in 30 years if you had a 30-year mortgage. Rates and monthly payments for an adjustable-rate mortgage, or ARM, are initially fixed before sporadically altering. An adjustable-rate mortgage (ARM) with a 5/1 term, for instance, might have a fixed rate for the first five years before changing once a year after that.

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

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