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Current Mortgage Interest Rates, June 22, 2022 | Rates Move Above 6%

Photo to accompany article on Mortgage Rates
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In 2022, mortgage rates rose nearly to levels not seen since before the pandemic, after nearly two years of record-low rates.
The refinance or purchase of your home doesn’t have to be put on hold. Although rates are higher than they were in 2021, 30-year fixed rates are still close to rates from a few years ago.

The fact is, a homebuyer’s decision involves a lot more than just an interest rate. It’s a lifestyle decision. In spite of the impact of the interest rate market on mortgages, it is not wise to base your decision solely on a few basis points. What’s most important to consider is to set a realistic homebuying budget and stick to it.

Let’s look at current mortgage rates, previous rates, and what all this means for borrowers.

Looking at today’s mortgage rates a variety of preeminent rates boasted increases. The averages for both 30-year fixed and 15-year fixed mortgages both saw an increase. For variable rates, the 5/1 adjustable-rate mortgage (ARM) also notched higher.

Mortgage rates currently are:

Mortgage Rate Forecast: What Is Driving Mortgage Rate Change?

The surge in mortgage rates so far this year is due to a variety of economic factors. Persistently high inflation is a big one, Jacob Channel, senior economic analyst at LendingTree told us. May’s inflation report shows 8.6% inflation and the highest in 40 years. In response, the Federal Reserve increased its benchmark short-term interest rate to combat that inflation. The Fed raised rates by 50 basis points in May and by 75 points in June, since inflation remained higher than expected.

Recently, we saw mortgage rates surge after the inflation report and ahead of the Fed’s announcement. “I think what we’re seeing is that lenders had already anticipated that the Fed was going to raise the fed funds rate by 75 basis points and they began to preemptively push mortgage rates up,” Jacob Channel, senior economist at LendingTree, told us.

Financial markets are still responding to other global factors that can affect the economy, namely China’s COVID lockdown and Russia’s invasion of Ukraine. “​​We have a lot of factors like that that are putting upward pressure on mortgage rates,” Channel says. “The volatility has been through the roof,” Shashank Shekhar, founder and CEO of InstaMortgage, told us. “The market has been adjusting to a new news cycle practically every single day.”

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

2022 started off with dramatic rate increases. But from a historical perspective, mortgage rates remain at comparatively normal levels.

With a combination of limited supply of homes and strong demand, home prices are up significantly from before the pandemic. The higher costs to build homes and the massive demand from buyers is also contributing to the surge. This, plus higher mortgage rates, makes the overall cost of homeownership more expensive for the borrower.

The difference of a half a point or so can equal a lot of money over a 30-year mortgage. But it’s best not to try to time the market to get the best mortgage rate. Experts say, instead, to focus on finding the right house, and make moves when your personal lifestyle and financial situation indicate it’s the right time.

Rates between mortgage lenders can vary significantly. Make sure to shop around between a few different mortgage lenders to ensure you’re getting the best current deal. “The rate highly impacts your monthly affordability for as long as you will hold this home,” Skylar Olsen, principal economist at Tomo, a digital real estate and mortgage company, told us. “It is actually a critical piece of this decision, and that takes shopping around.”

Closing Costs & Loan Fees

If you take out a mortgage, your decision should factor in the loan’s closing costs. There are typically 3 to 6% of the loan amount in closing costs, including origination charges, prepaid interest, and property taxes.. One way to reduce your out of pocket costs, if to accept a higher interest rate in exchange for lender credits. You can save money in the short term by using this strategy, so don’t overlook it if you plan on selling your house or refinancing in five to eight years.

Today’s Mortgage Refinance Rates

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

The refinance averages for 30-year, 15-year, and 10-year loans are:

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 6.04%, which is an increase of 7 basis points from seven days ago.

15-Year Fixed-Rate Mortgage Rates

The median rate for a 15-year fixed mortgage is 5.30%, which is an increase of 15 basis points compared to a week ago.

A 15-year, fixed-rate mortgage’s monthly payment will be much bigger. So finding room in your budget for a 30-year loan’s monthly payment would be easier. However, 15-year loans have some considerable benefits: You’ll pay thousands less in interest and pay off your loan much faster.

5/1 ARM Rates

A 5/1 ARM has an average rate of 4.20%, which is a climb of 18 basis points from the same time last week.

An adjustable-rate mortgage is ideal for individuals who will refinance or sell 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 Our Mortgage Interest Rates Are Calculated

We use Bankrate’s daily rate data for our mortgage rate trends. These overnight rates are based on a specific borrower profile, which only includes loans for single-family homes with a loan-to-value ratio of 80% or better. Bankrate is part of the same parent company as NextAdvisor.

This table has current average rates based on information provided to Bankrate by lenders nationwide:

Today’s mortgage interest rates
Loan termToday’s RateLast weekChange
30-year mortgage rate6.04%5.97%+0.07
15-year fixed rate5.30%5.15%+0.15
30-year jumbo mortgage rate5.97%5.96%+0.01
30-year mortgage refinance rate6.00%5.99%+0.01

Rates accurate as of June 22, 2022.

Pro Tip

Use our mortgage calculator to see how your monthly mortgage payment changes based on considerations like your mortgage rate, down payment, and homeowners insurance.

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 mortgage interest rate.

The mortgage rate you get depends on a variety of factors lenders consider when assessing how likely you are to repay your home loan. Your credit score is a big part of this decision. And even the value of the property compared to the size of your mortgage is important. So increasing your down payment can reduce your mortgage interest rate.

But lenders will evaluate your situation differently. So you can provide the same documentation to three different mortgage providers, 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.