Mortgage Interest Rates Update for October 26, 2022

Mortgage rates have changed dramatically since the start of the year – and continue to march upward.

The average rate for a 30-year fixed rate has doubled from a 3% this time a year ago.

High inflation is a major cause of the surge in rates, along with the Federal Reserve’s increases to its own interest rate to slow down inflation.

Let’s Take a look at today’s rates:

The average 30-year fixed-rate mortgage currently sits at 7.22%
20-year fixed mortgage rates are averaging 7.29%
15-year fixed mortgage rates are averaging 6.44%
The average 10-year fixed-rate mortgage currently sits at 6.69%
5/1 ARM rates are averaging 5.53%

Whether it’s a good time to buy a home depends more on your personal financial situation than anything else, but it’s important to understand the changes in a fast-moving housing market.