Today’s Mortgage and Refinance Rates: May 26, 2022

Mortgage Rates

National mortgage rates were substantially lower than they had been a week before, according to data gathered by Bankrate. While adjustable-rate mortgages had higher rates, 30-year fixed, 15-year fixed, and jumbo loans had lower rates.

“You can save thousands of dollars over the life of your mortgage by getting multiple offers. “It is so important to shop around,” says Greg McBride, CFA, Bankrate chief financial analyst. “Not everyone offers the same price, and some lenders may have the motivation to be very competitive on price.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed4.78%
20-year fixed4.49%
15-year fixed4.01%
7/1 ARM4.70%
5/1 ARM4.36%
30-year FHA4.94%
30-year VA4.43 %
This information has been provided by Zillow. See more mortgage rates on Zillow

The current average 30-year fixed mortgage rate fell 1 basis point from 4.80% to 4.79% on Thursday, Zillow announced. The 30-year fixed mortgage rate on May 26, 2022, is down 21 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 4.00% to 4.01%. The current national average 5-year ARM rate is down 12 basis points from 4.41% to 4.29%.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed4.74%
20-year fixed4.48%
10-year fixed4.02%
7/1 ARM4.50 %
5/1 ARM4.25 %
30-year FHA4.50%
30-year VA4.01%
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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