Today’s Mortgage and Refinance Rates: May 18, 2022

mortgage rates

According to a May forecast from the Mortgage Bankers Association, the average 30-year fixed mortgage rate would peak in 2022 at 5% and then begin to decline over the next several years, concluding in 2024 at 4.4 percent. However, given the state of the market at the moment, it is difficult to predict where rates will go.

Ralph DiBugnara, president of Home Qualified and senior vice president of Cardinal Financial, predicts that the lack of inventory will continue to drive up prices. “There’s such a shortage that even if 50% of the people stop looking today, you would still have a high demand,” he says. “So I just think that because of that demand, you’re going to see prices rise for at least another 18 to 24 months.” 

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.12%
20-year fixed5.06%
15-year fixed4.22 %
7/1 ARM4.78%
5/1 ARM4.59 %
30-year FHA4.24%
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 climbed 5 basis points from 5.05% to 5.10% on Wednesday, Zillow announced. The 30-year fixed mortgage rate on May 18, 2022, is up 4 basis points from the previous week’s average rate of 5.06%. Additionally, the current national average 15-year fixed mortgage rate increased 4 basis points from 4.17% to 4.21%. The current national average 5-year ARM rate is up 6 basis points from 4.48% to 4.54%.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed5.04%
20-year fixed4.79%
10-year fixed4.19 %
7/1 ARM4.75 %
5/1 ARM4.46 %
30-year FHA4.15%
30-year VA4.35%
This information has been provided by Zillow. See more mortgage rates on Zillow

To choose between a fixed-rate and an adjustable-rate mortgage, you must consider how much interest you will pay and whether it will remain the same over time. Your interest rate is set for the duration of the loan when you get a fixed-rate mortgage. Your interest rate won’t alter over the length of a 30-year mortgage. An ARM, or adjustable-rate mortgage, has rates and payments that are initially fixed before changing on a recurring basis. Using a 5/1 ARM as an illustration, the interest rate is fixed for the first five years of the loan and then adjusts annually after that.

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