Mortgage Interest Rates Update for October 19, 2022

If you’re looking for a mortgage or to refinance your home, you’ll want to watch this video. I’m going to show you the latest rates and how they compare to previous months.

Rates Remain Well Above 7%

Here are today’s average mortgage interest rates
30-year mortgage rate: 7.16%
20-year fixed mortgage rates are averaging 7.14%
The average 15-year fixed-rate mortgage currently sits at 6.37%
10-year mortgage rate: 6.51%
5/1 ARM rates are averaging 5.44%

The last time we had 7% mortgage interest rates was in the early 1990s, but right after that they began to come down to the low 6%

If you’re in the market for a Mortgage just know that interest rates are fluid and they will eventually come down