Mortgage Interest Rates Update for September 22, 2022
It’s official the Fed just announced yesterday that they will be increasing the interest rates by another 75 basis points.
The stock market didn’t take this news lately, and we saw huge losses throughout the day.
And with this news, a number of principal mortgage rates all moved upward today.
Both 30-year fixed and 15-year fixed mortgage rates climbed higher.
We also saw an upswing in the average rate of 5/1 adjustable-rate mortgages.
Let’s take a look at today’s average interest rates
30-year fixed mortgage rates are averaging 6.43%
20-year fixed mortgage rates are averaging 6.41%
15-year mortgage rate: 5.66%
Today’s 10-year fixed mortgage rate is 5.78%
5/1 ARM rate: 4.84%
Now, don’t let interest rates scare you if you still can afford to buy a home now is a great time because there’s less competition and overbidding.
And in the bay area, we are still seeing super low inventory throughout many cities so for now housing prices are not coming down.
Obviously overheated markets will have a price correction but we are nowhere close to the housing crisis. We had in 2008.