Today’s Mortgage and Refinance Rates: May 23, 2022

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At the end of the week, mortgage rates dropped under 5%, showing a slight downward trend. In the first few months of 2022, the rate of increase was significant, but it has since slowed down.

Low inventory will continue to force prices up, according to Ralph DiBugnara, president of Home Qualified and senior vice president of Cardinal Financial. “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 fixed4.90%
20-year fixed4.53%
15-year fixed4.08%
7/1 ARM4.84%
5/1 ARM4.41%
30-year FHA4.19%
30-year VA4.32 %
This information has been provided by Zillow. See more mortgage rates on Zillow

The current average 30-year fixed mortgage rate fell 3 basis points from 4.94% to 4.91% on Monday, Zillow announced. The 30-year fixed mortgage rate on May 23, 2022 is down 9 basis points from the previous week’s average rate of 5.00%. Additionally, the current national average 15-year fixed mortgage rate decreased 1 basis point from 4.12% to 4.11%. The current national average 5-year ARM rate is down 4 basis points from 4.45% to 4.41%.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed4.96%
20-year fixed5.15%
10-year fixed4.29%
7/1 ARM4.59 %
5/1 ARM4.59 %
30-year FHA4.27%
30-year VA4.36%
This information has been provided by Zillow. See more mortgage rates on Zillow

A fixed-rate mortgage or an adjustable-rate mortgage are the two types of mortgages you can choose from to choose how much interest you’ll pay and if your rate will fluctuate in the future. Your interest rate on a fixed-rate mortgage stays the same for the duration of the loan. If you have a 30-year mortgage, your rate will remain the same today and in the future. Rates and monthly payments are fixed for a predetermined amount of time, then regularly alter with an adjustable-rate mortgage, or ARM. A 5/1 ARM, for instance, has a fixed rate for the first five years of the loan and then adjusts annually after that.

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