Today’s Mortgage and Refinance Rates: May 12, 2022

For a few weeks, mortgage interest rates have been higher than 5%. Rates are likely to stay high as long as inflation is a concern and the Federal Reserve is working to stifle rapid price growth. Even though most experts expected mortgage rates to rise this year, they did so far faster than expected. In April, 30-year fixed loan interest rates surpassed 5% for the first time in more than ten years.

“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

According to a report from Zillow, the average 30-year fixed mortgage rate increased by 1 basis point on Wednesday, moving from 5.05% to 5.06%. The average rate for a 30-year fixed mortgage on May 11, 2022, is down 9 basis points from the rate of 5.15% from the previous week. In addition, the current 15-year fixed national average rate rose by 1 basis point, from 4.17% to 4.18%. The current 5-year ARM rate is down 5 basis points, from 4.45% to 4.40%, on a national average.

Refinance rates today

The current average 30-year fixed mortgage rate climbed 2 basis points from 5.07% to 5.09% on Thursday, Zillow announced. The 30-year fixed mortgage rate on May 12, 2022 is down 6 basis points from the previous week’s average rate of 5.15%. Additionally, the current national average 15-year fixed mortgage rate increased 2 basis points from 4.20% to 4.22%. The current national average 5-year ARM rate is down 5 basis points from 4.55% to 4.50%.

A fixed-rate mortgage or an adjustable-rate mortgage let you choose how much interest you’ll pay and whether your rate will fluctuate over time. Your interest rate will not change during the duration of a fixed-rate mortgage. If you had a 30-year mortgage, the rate you pay today will remain the same in 30 years. With an adjustable-rate mortgage, or ARM for short, rates and monthly payments are fixed for a predetermined length of time before fluctuating on a regular basis. An adjustable-rate mortgage (ARM), for instance, would have a fixed rate for the first five years of the loan and then alter every year after that.