Today’s Mortgage and Refinance Rates: May 11, 2022

Mortgage rates going up

For several weeks, mortgage rates have remained above 5%. Rates are likely to continue high as long as inflation is a concern and the Federal Reserve seeks to control rapid price growth. 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. 

“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.

“I still believe we are in a market that is advantageous to buy or own in,” DiBugnara says. “Higher rates mean less buying power in some cases, but rent is rising as fast or faster than home prices because of inflation, making buying the more ideal option for many.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.06%
20-year fixed4.87%
10-year fixed4.18 %
7/1 ARM4.71 %
5/1 ARM4.46 %
30-year FHA4.20%
30-year VA4.54 %
This information has been provided by Zillow. See more mortgage rates on Zillow

The current average 30-year fixed mortgage rate climbed 1 basis point from 5.05% to 5.06% on Wednesday, Zillow announced. The 30-year fixed mortgage rate on May 11, 2022, is down 9 basis points from the previous week’s average rate of 5.15%. Additionally, the current national average 15-year fixed mortgage rate increased 1 basis point from 4.17% to 4.18%. The current national average 5-year ARM rate is down 5 basis points from 4.45% to 4.40%.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed4.96%
20-year fixed4.71%
10-year fixed4.12 %
7/1 ARM4.58 %
5/1 ARM4.41 %
30-year FHA4.38%
30-year VA4.34%
This information has been provided by Zillow. See more mortgage rates on Zillow

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.

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.

Chris has been in the marketing industry for well over a decade. Chris loves writing about anything related to saving money. A passion for teaching people through writing has given him a unique opportunity to use his skills in the marketing industry. In his spare time he likes spending time with his family. training his new puppy, and taking long road trips to places like Banff & Lake Louise, Alberta.
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