Mortgage Interest Rates Update for September 14, 2022

Mortgage rates are back at their 14-year highs A number of closely followed mortgage rates all marched higher today. Both 30-year fixed and 15-year fixed mortgage rates climbed up. As well as the 5/1 adjustable-rate mortgage.

Let’s take a look at the current average mortgage rates.

Today’s average 30-year fixed mortgage rate is 6.24%
20-year mortgage rate: 6.25%
The average 15-year fixed-rate mortgage currently sits at 5.53%
The average 10-year fixed-rate mortgage currently sits at 5.65%
5/1 ARM rate: 4.58%

It’s also important to remember that while mortgage rates are important, and the difference of a point or so can mean a lot of money over a 30-year mortgage, experts advise against trying to time the market to get the best mortgage rate. Focus on finding the right house, and do it when your personal lifestyle and financial situation indicate it’s the right time.