Mortgage Interest Rates Update for August 17, 2022
Nearly two years have gone by with record-low mortgage rates. Now, 2022 has started off with rates rising higher than pre-pandemic levels.
This week Interest rates on 30-year fixed-rate mortgages are lower than last week, however, the 15-year fixed mortgage rates moved up. We also saw an uptick in the average rate of 5/1 adjustable-rate mortgages (ARM).
Here are the average mortgage rates
30-year mortgage rate: 5.54%
20-year mortgage rate: 5.57%
15-year fixed mortgage rates are averaging 4.89%
Today’s 10-year fixed mortgage rate is 4.92%
5/1 ARM rate: 4.21%
Keep in mind even though interest rates are a bit higher since the beginning of the year mortgage rates fluctuate and you could always refinance once interest rates come down.