Today’s Mortgage and Refinance Rates: May 24, 2022

Mortgage rates fell below 5% at the end of the week, indicating a minor downward trend. The rate of increase was strong in the first several months of 2022, but it has decreased in recent weeks.

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 fixed4.95%
20-year fixed4.49%
15-year fixed4.12%
7/1 ARM4.47%
5/1 ARM4.34%
30-year FHA4.13%
30-year VA4.56 %
This information has been provided by Zillow. See more mortgage rates on Zillow

The current average 30-year fixed mortgage rate climbed 2 basis points from 4.93% to 4.95% on Tuesday, Zillow announced. The 30-year fixed mortgage rate on May 24, 2022, is down 5 basis points from the previous week’s average rate of 5.00%. Additionally, the current national average 15-year fixed mortgage rate increased 1 basis point from 4.11% to 4.12%. The current national average 5-year ARM rate is down 16 basis points from 4.50% to 4.34%.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed4.95%
20-year fixed5.04%
10-year fixed4.14%
7/1 ARM4.58 %
5/1 ARM4.46 %
30-year FHA4.39%
30-year VA4.29%
This information has been provided by Zillow. See more mortgage rates on Zillow

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.

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