Mortgage Interest Rates Update

Mortgage Interest Rates Update

July 20, 2022

Average mortgage rates have risen a bit from last week.

But the refinance or purchase of your home doesn’t have to be put on hold. Although rates are higher than they were in 2021, 30-year fixed rates are still close to rates from a few years ago.

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

The average 30-year fixed-rate mortgage currently sits at 5.81%
20-year mortgage rate: 5.74%
Today’s 15-year fixed mortgage rate is 4.98%
10-year mortgage rate: 4.96%
The average 5/1 adjustable mortgage currently sits at 4.26%

With rates rising Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage, as they typically have a lower rate than that of a 30-year, fixed-rate home loan. However, a 15-year mortgage means you are paying off the house in half the amount of time compared to a 30-year term, so your monthly payments will be higher.