Today’s Mortgage, Refinance Rates: May 19, 2022

Mortgage rates appear to be moderate. They’ve remained steady so far this week and are hovering just above 5% today. However, it’s unclear if they’ve just temporarily paused their upward climb or if they’ve finally reached a peak.

Rates have risen dramatically over the past few months, and are now well above the historic lows of 2021. Many homebuyers are now finding that they have less buying power than they did when rates were low. If you’re struggling with affordability due to higher rates, you may need to adjust your budget. When you’re ready to apply for a mortgage, shop around with multiple lenders to see which can offer you the best deal.

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.

Mortgage Calculator

$1,161
Your estimated monthly payment

  • Paying a 25% higher down payment would save you $8,916.08 on interest charges
  • Lowering the interest rate by 1% would save you $51,562.03
  • Paying an additional $500 each month would reduce the loan length by 146 months

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 5.3%, according to Freddie Mac. After plateauing briefly late in April, this rate has been increasing again for the past couple of weeks.

The 30-year fixed-rate mortgage is the most popular type of home loan. With this mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change at any point throughout 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 a shorter term or adjustable rate.

15-year fixed mortgage rates

The average 15-year fixed mortgage rate is 4.48%, a slight decrease from the prior week, according to Freddie Mac data.

If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you’ll have a higher monthly payment than you would with a longer term because you’re paying the mortgage off in a shorter amount of time.

5/1 adjustable mortgage rates

The average 5/1 adjustable mortgage rate is 3.98%. This is a very slight increase from the week before.

Adjustable rate mortgages can look very attractive to borrowers when rates are high, because the rates on these mortgages are typically lower than fixed mortgage rates. A 5/1 ARM is a 30-year mortgage. For the first five years, you’ll have a fixed rate. After that, your rate will adjust once per year. If rates are higher when your rate adjusts, you’ll have a higher monthly payment than what you started with.

If you’re considering an ARM, make sure you understand how much your rate could go up each time it adjusts and how much it could ultimately increase over the life of the mortgage.

Are mortgage rates going up?

Mortgage rates started ticking up from historic lows in the second half of 2021, and may continue to increase throughout 2022. This is in large part due to high levels of inflation and policy response to rising prices.

In the last 12 months the Consumer Price Index rose by 8.3%. The


Federal Reserve

has been working to get inflation under control, and plans to increase the federal funds target rate five more times this year, following a 0.25% increase at its March meeting and a 0.5% increase in May.

Though not directly tied to the federal funds rate, mortgage rates are often pushed up as a result of Fed rate hikes. As the central bank continues to tighten monetary policy to lower inflation, it’s likely that mortgage rates will remain elevated.

How do I find personalized mortgage rates?

Some mortgage lenders let you customize your mortgage rate on their websites by entering your


down payment

amount, zip code, and


credit score

. The resulting rate isn’t set in stone, but it can give you an idea of ​​what you’ll pay.

If you’re ready to start shopping for homes, you may apply for preapproval with a lender. The lender does a hard credit pull and looks at the details of your finances to lock in a mortgage rate.

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