Mortgage Interest Rates Update for August 3, 2022
Mortgage interest rates have receded from last week’s highs, giving home buyers and refinancers a welcome surprise. Rates are still historically low, so it’s a good time to lock in a rate if you’re considering a purchase or refinance.
Let’s take a look at today’s average mortgage rates.
The average 30-year fixed-rate mortgage currently sits at 5.47%
20-year mortgage rate: 5.47%
Today’s 15-year fixed mortgage rate is 4.71%
Today’s 10-year fixed mortgage rate is 4.65%
Today’s average 5/1 adjustable-mortgage rate is 4.16%
Mortgage rates have been on a roller coaster ride this year, hitting a record low in early January before spiking in the spring When the federal reserve began to increase the lending rates.
It’s hard to predict what will happen next but we are expecting interest rates to come up substantially by the end of this year.
So if you’re thinking of buying you should definitely lock in your interest rates now.