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.