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

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 type	Average rate today
30-year fixed	5.09%
20-year fixed	4.79%
10-year fixed	4.22 %
7/1 ARM	4.78 %
5/1 ARM	4.50 %
30-year FHA	4.33%
30-year VA	4.45 %

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 type	Average rate today
30-year fixed	4.99%
20-year fixed	4.74%
10-year fixed	4.16 %
7/1 ARM	4.71 %
5/1 ARM	4.47 %
30-year FHA	4.51%
30-year VA	4.30%

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%.

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.