Mortgage Interest Rates Update for September 28, 2022

Mortgage Interest Rates Update for September 28, 2022

It’s no secret that mortgage rates have been on the rise over the past year. In fact, the average 30-year fixed rate has nearly doubled, going from around 3% this time last year to almost 6% today. And while there are many factors driving this increase – from high inflation to the Federal Reserve’s recent interest rate hikes – the impact on home buyers has been significant.

Let’s take a look at today’s average mortgage interest rates.

30-year mortgage rate: 6.86%
The average 20-year fixed-rate mortgage currently sits at 6.83%
15-year mortgage rate: 5.97%
10-year fixed mortgage rates are averaging 6.21%
5/1 ARM rate: 5.12%

Fortunately, there are still ways to find affordable homes, even in today’s climate. By carefully calculating your monthly payment and giving yourself a little wiggle room in your budget, you can still find a home that fits your needs.