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Today’s Mortgage Rates, June 21, 2022 | Rates Eclipse 6% After Inflation Report, Federal Reserve Moves

Photo to accompany article on Mortgage Rates
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Looking at today’s mortgage rates a number of notable rates boasted increases. The averages for both 30-year fixed and 15-year fixed mortgages both crept higher. The most common type of variable-rate mortgage is the 5/1 adjustable-rate mortgage (ARM) also cruised higher.

The average mortgage rates are as follows:

Mortgage Rate Trends: What’s Behind the Recent Rate Movement?

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.

Nevertheless, this forecast is far from certain and it appears right now that rates may move from week to week, but they won’t decrease. Inflation is expected to rise due to the Russian invasion of Ukraine and China’s COVID lockdowns since they adversely affect supply chains.

As long as inflation persists, there is little chance of returning to the glory days of low mortgage rates. “Until inflation is under control, the risk is certainly that rates move higher,” Danielle Hale, chief economist at Realtor.com told NextAdvisor.

Are Current Mortgage Rates Good For Buying a Home Right Now?

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

That doesn’t mean that this is the wrong time to buy a house, just be sure you’re not panic buying. Beware of rushing into a home purchase if you fear that rates or prices will continuously rise. Instead, if it’s the right time for you to purchase, then take the time to find the right home for you at a price you can afford.

The best time to buy a home is when you plan to live there for a long time. By giving yourself more time in the home, you’ll be able to weather the inevitable market fluctuations. Stay on top of your homebuying budget and only purchase a home you can easily afford. Experts typically recommend not spending more than 28% of your pretax income on housing.

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%.

Data collected by the government-sponsored entity, Freddie Mac, is shown in the above chart. Typically NextAdvisor references mortgage rate data compiled by Bankrate. Freddie Mac manages the longest running mortgage rate survey. This gives us the opportunity to look back over a longer period of time to compare rates.

Pay Attention to Loan Fees

When you take out a mortgage, you’ll want to be aware of the closing costs. The closing costs can be anywhere from 3-6% of the loan amount, including origination fees, prepaid interest, and property taxes.. Choosing a higher interest rate in exchange for lender credit can reduce your upfront costs. The strategy can save you money in the short-term, so it’s worth considering if you plan to sell or refinance your home within five to eight years.

Looking at Today’s Mortgage Refinance Rates

Refinancing became a bit more expensive today as 30-year fixed and 15-year fixed refinance mortgages saw their mean rates go up. Shorter term, 10-year fixed-rate refinance mortgages also saw an increase.

Take a look at today’s refinance rates:

Check out mortgage rates that meet your distinct needs.

30-Year Fixed Mortgage Interest Rates

For a 30-year fixed-rate mortgage, the average rate you’ll pay is 6.01%, which is an increase of 14 basis points from seven days ago.

15-Year Fixed-Rate Mortgage Rates

The median rate for a 15-year fixed mortgage is 5.27%, which is an increase of 26 basis points compared to a week ago.

A 15-year, fixed-rate mortgage’s monthly payment is larger than what you would pay with a 30-year mortgage. But, 15-year loans have some considerable benefits: You’ll save thousands of dollars in interest and pay off your loan much earlier.

5/1 ARM Interest Rates

A 5/1 ARM has an average rate of 4.18%, which is an addition of 23 basis points compared to last week.

An ARM is ideal for households who will sell or refinance before the rate changes. If that’s not the case, their interest rates could end up being significantly 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 depending on how much your loan’s rate adjusts, your payment has the potential to increase by a large amount.

How We Determine Mortgage Interest Rates

To see where mortgage rates are headed, we rely on information collected by Bankrate, which is owned by the same parent company as NextAdvisor. The daily rates survey focuses on mortgages where the borrower has a FICO score of 740 or more, 20% equity or more, and lives in the home.

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

Today’s mortgage interest rates
Loan termToday’s RateLast weekChange
30-year mortgage rate6.01%5.87%+0.14
15-year fixed rate5.27%5.01%+0.26
30-year jumbo mortgage rate5.94%5.88%+0.06
30-year mortgage refinance rate5.97%5.89%+0.08

Rates accurate as of June 21, 2022.

Pro Tip

Plug and play your desired mortgage or refinance rate and other estimated figures into our mortgage calculator to see an estimated monthly payment.

Mortgage Rate Frequently Asked Questions (FAQ):

How Do I Get the Lowest Mortgage Rate?

Comparing mortgage offers is a great way to get the lowest interest rate.

Your mortgage rate depends on a variety of factors lenders consider when assessing how risky it is to give you a mortgage. Your credit score impacts your mortgage rate. And even the property’s value compared to your loan balance is important. So increasing your down payment can reduce your interest rate.

But lenders will evaluate your situation differently. So you can provide the same documentation to three different banks, and receive mortgage offers with vastly different rates and fees.

Is Now a Good Time to Lock in My Mortgage Rate?

It’s impossible to know what direction mortgage rates will go from day to day. That’s why a mortgage rate lock is such a useful tool because it protects you if rates go up. And with interest rates being relatively low right now, you should lock in your rate as soon as you can.

A rate lock will only last for a set amount of time, typically 30-60 days. If you hit a snag during closing and it looks like your rate lock will expire you should contact your lender. It may be able to extend the rate lock, however, you might have to pay a fee for that privilege.