Mortgage Interest Rates Update for December 7, 2022

The housing market has changed a lot in just a year, and mortgage rates are to blame.

Interest rates have come down from last week making it a good time to lock in your low interest right now.

Let’s look at today’s averages rates :

The average 30-year fixed-rate mortgage currently sits at 6.66%
The average 20-year fixed-rate mortgage currently sits at 6.57%
The average 15-year fixed-rate mortgage currently sits at 6.00%
The average 10-year fixed-rate mortgage currently sits at 6.10%
Today’s average 5/1 adjustable-mortgage rate is 5.46%

So, guys, all I can say is the Fed will continue to increase rates because inflation is still relatively high.

So if you were thinking of buying in the near future, I suggest you lock in your lower interest rates before they go up to the mid-7s once more.