Mortgage Interest Rates Update for December 28, 2022

You may be asking yourself Is there a light at the end of the tunnel for this year’s higher mortgage rates?

Rates hit 7% in October, but have since fallen, dropping thanks to signs of improving inflation.

Mortgage rates surged because of that high inflation, bringing the housing market to a standstill as a result. With inflation cooling, mortgage rates are doing the same, potentially setting up for a better 2023.

Here are today’s average mortgage rates

Today’s average 30-year fixed mortgage rate is 6.57%
20-year mortgage rate: 6.18%
15-year fixed mortgage rates are averaging 5.93%
The average 10-year fixed-rate mortgage currently sits at 5.76%
Today’s average 5/1 adjustable-mortgage rate is 5.45%