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Today’s Mortgage Rates, June 20, 2022 | Rates Back on Verge of 6% After Fed Hike

Photo to accompany article on Mortgage Rates
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Looking at today’s mortgage rates a few rates boasted increases. The averages for both 30-year fixed and 15-year fixed mortgages both saw an increase. At the same time, average rates for 5/1 adjustable-rate mortgages (ARM) also were raised.

The averages for 30-year fixed, 15-year fixed, and 5/1 ARMs are:

Mortgage Rate Forecast: What Drives Changes in Mortgage Rates?

As economic activity fell due to the pandemic, rates dropped initially. However, as the pandemic progressed we began to experience supply chain shortages, which drove inflation, and interest rates, higher.

Today, we find ourselves in a similar situation, where the very issues that are behind the currently high inflation could eventually lead to slower economic growth. A sagging economy typically goes hand in hand with lower mortgage rates.

What will actually happen with mortgage rates is anyones guess, but at the moment most experts believe rates won’t drop. The impact of the Russian invasion of Ukraine and the Chinese COVID lockdown on supply chains will likely lead to higher inflation.

Until inflation declines, it is unlikely that we will return to the days of low mortgage rates. “Until inflation is under control, the risk is certainly that rates move higher,” Danielle Hale, chief economist at told NextAdvisor.

Is It a Good Time to Buy a Home With Rates Where They Are?

Homebuyers are facing high prices and rising interest rates, a combination that can quickly reduce one’s purchasing power.

This doesn’t mean that the current real estate market conditions have to delay your homebuying plans. Don’t rush into a home purchase because you’re afraid rates or prices will increase forever. You should instead take the time to find the right home for you at an affordable price if now is a good time for you to buy.

Homebuying is a better move when you have a long-term timeframe for living in the home. By giving yourself more time in the home, you’ll be able to weather the inevitable market fluctuations. When purchasing a home, stick to your budget and only purchase what you can comfortably afford. Generally, experts recommend not spending more than 28% of your pretax income on housing.

Why Is It Important to Look at the History of the 30-Year Fixed Mortgage Rate?

Compared to 2020 and 2021, today’s rates are higher, but looking at prior years they aren’t outside of normal ranges. What this means is current mortgage interest rates are still very good from a long-term view despite breaking through the psychological barrier of 5%.

While NextAdvisor typically uses Bankrate data on mortgage rates, this chart pulls data from the government-sponsored entity, Freddie Mac. The Freddie Mac data stretches back decades, giving us a better view of the historical rate trends.

Closing Costs & Loan Fees

The industry term for the upfront fees you pay when you get a home loan is closing costs. This includes lender fees and escrow fees, such as taxes and insurance. Certain closing costs vary by loan size, but overall you can expert to pay 3% to 6% of the total loan balance.. Paying attention to the closing costs you pay is important because the higher your closing costs, the higher your annual percentage rate (APR) will be.

Current Mortgage Refinance Rates

Refinancing became a bit more expensive today as 30-year fixed and 15-year fixed refinance mortgages saw their mean rates climb. If you’ve been considering a 10-year refinance loan, just know average rates also moved up.

Take a look at today’s refinance rates:

Current Mortgage Rates.

30-Year Mortgage Rates

For a 30-year fixed-rate mortgage, the average rate you’ll pay is 5.99%, which is an increase of 21 basis points from last week.

15-Year Fixed-Rate Mortgage Rates

The median rate for a 15-year fixed mortgage is 5.18%, which is an increase of 27 basis points compared to a week ago.

A 15-year, fixed-rate mortgage’s monthly payment is, undeniably, a much bigger monthly payment than what you’d get with a 30-year mortgage offering the same interest rate. But, 15-year loans have some considerable benefits: You’ll save thousands of dollars in interest and pay off your loan much sooner.

5/1 Adjustable-Rate Mortgage Rates

A 5/1 ARM has an average rate of 4.10%, which is an uptick of 16 basis points compared to last week.

An adjustable-rate mortgage is ideal for households who will refinance or sell before the rate changes. If that’s not the case, their interest rates could end up being remarkably higher after a rate adjusts.

For the first five years, a 5/1 ARM will typically have a lower interest rate compared to a 30-year fixed mortgage. Keep in mind that your payment could end up being hundreds of dollars higher after a rate adjustment, depending on the terms of your loan.

How Our Mortgage Rates Are Calculated

We use Bankrate’s daily mortgage interest rate data for our mortgage rate trends. These overnight rates are based on a specific personal financial profile, which only includes loans for owner occupied homes with 20% equity or more. Bankrate is part of the same parent company as NextAdvisor.

The current average rates listed below and based on the Bankrate mortgage rate survey:

Average mortgage interest rates
ProductRateLast weekChange
30-year fixed5.99%5.78%+0.21
15-year fixed5.18%4.91%+0.27
30-year jumbo mortgage rate5.91%5.79%+0.12
30-year mortgage refinance rate5.94%5.75%+0.19

Rates as of June 20, 2022.

Pro Tip

Plug and play your desired interest rate and other estimated figures into NextAdvisor’s mortgage calculator to see what your monthly payment may look like.

Mortgage Rate Frequently Asked Questions (FAQ):

How Do I Get the Best Mortgage Rate?

Getting loan offers from two or three lenders is one of the best ways to secure the lowest rate.

The mortgage rate you get depends on a number of factors lenders consider when assessing how risky it is to loan you money for a home purchase. Your credit score factors into the decision. And your loan-to-value (LTV) ratio is also important, so having a more substantial down payment is better for your interest rate.

But lenders will evaluate your situation differently. So you can give the same documentation to three different lenders, and find that none of the mortgage rates and fees you are offered are the same.

When Should I Lock in My Mortgage Rate?

Mortgage rates move up and down on a daily basis, and it’s impossible to time the market. So locking in your interest rate right now is a good idea because overall, rates are historically favorable.

When you lock in your rate, ask your lender how long the lock will last. A rate lock can be good for anywhere from 30 to 60 days, which typically will give you enough time to close before the lock expires. If something happens where you need to extend your rate lock, ask about fees as many lenders charge a fee for extending a rate lock.