Today’s Mortgage and Refinance Rates: May 31, 2022

Rates

According to data gathered by Bankrate, national mortgage rates were largely lower than a week earlier. 30-year fixed, 15-year fixed, and jumbo loans had lower rates, while adjustable-rate mortgages had higher rates.

“In this environment, small changes in rates or terms can have a large impact, which is leading many to consider a wider range of options or loan types in hopes of getting a better deal,” says Robert Heck, vice president of mortgage at Morty. “We always encourage buyers to look closely at all of their options, so in many ways, this environment supports healthy practices on the part of buyers, including taking a deep look both at your individual financial situation and then shopping around for a mortgage or using a mortgage marketplace to access all available options.”

Mortgage rates today

Mortgage typeAverage rate today
30-year fixed5.57%
20-year fixed5.40%
15-year fixed4.37%
7/1 ARM4.42%
5/1 ARM4.18%
30-year FHA3.96%
30-year VA4.32 %
This information has been provided by Zillow. See more mortgage rates on Zillow

The 30-year fixed mortgage rate on May 31, 2022 is up 75 basis points from the previous week’s average rate of 4.85%. Additionally, the current national average 15-year fixed mortgage rate increased 36 basis points from 4.04% to 4.40%. The current national average 5-year ARM rate is down 7 basis points from 4.26% to 4.19%.

“Rates have continued to fluctuate over the past few weeks as volatility persists,” says Robert Heck, vice president of mortgage at Morty. “Now that rates have had a chance to remain elevated, we are beginning to see the impact on demand and affordability, as more buyers find themselves priced out of the market.”

Various factors, including but not limited to property location, loan amount, loan type, occupancy type, property type, loan-to-value ratio, and your credit score, may affect the rate, points, and APR. Based on information about these criteria that may only be resolved or established after you apply, your final rate and points may be greater or lower than those quoted.

Refinance rates today

Mortgage typeAverage rate today
30-year fixed4.70%
20-year fixed4.48%
10-year fixed3.92%
7/1 ARM4.50 %
5/1 ARM4.21 %
30-year FHA4.24%
30-year VA4.08%
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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