Today’s mortgage and refinance rates: June 18, 2022 | Rates remain high after recent spike

Mortgage rates spiked dramatically this week. Though they cooled off a bit after the Federal Reserve concluded its meeting on Wednesday, 30-year fixed rates still remain elevated above 5%. 

The average 30-year fixed mortgage rate is up 2.85% compared to this time last year. As inflation grows and the Fed works to get prices under control, mortgage rates may continue to increase. High rates are already having an impact on the housing market, and more increases may further drive down demand.

Mortgage rates today

Mortgage refinance rates today
Mortgage calculator

Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.

Click “More details” for tips on how to save money on your mortgage in the long run.

30-year fixed mortgage rates

The current average 30-year fixed mortgage rate is 5.78%, according to Freddie Mac. This is up from the previous week’s 5.23%, and represents the largest one-week increase in 35 years.

The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.

The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you’ll have a higher rate than you would with shorter terms or adjustable rates. 

15-year fixed mortgage rates

The average 15-year fixed mortgage rate is 4.81%, a 0.43% increase from the prior week, according to Freddie Mac data.

If you want the predictability that comes with a fixed rate but are looking …read more

Source:: Businessinsider

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