Today’s Mortgage Refinance Rates: June 12, 2022


After being stable for several weeks, mortgage rates jumped late last week.

Prices are significantly higher today than they were a year ago. Combined with high property prices, many buyers are struggling with affordability and some have been forced out of the market entirely. This has started to have a cooling effect on the housing market, with the number of new mortgage applications are falling quickly.

Mortgage rates today

Mortgage refinancing rates today

mortgage calculator

Use our free mortgage calculator to see how today’s mortgage rates would affect your monthly payments. By entering different interest rates and terms, you will also understand how much you will pay over the life of your mortgage.

mortgage calculator

Your estimated monthly payment

  • Pay a 25% you would save yourself a higher down payment $8,916.08 on interest charges
  • interest rate reduction 1% would save you $51,562.03
  • pay surcharge $500 each month would shorten the loan term 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 interest rate for 30-year fixed-rate mortgages is 5.23% Freddie Mac. After several weeks of decline, this is the first week this rate has risen since mid-May.

The 30-year fixed-rate mortgage is the most common form of home loan. With this type of mortgage, you pay back what you borrowed over 30 years and your interest rate does not change over the life of the loan.

The long term of 30 years allows you to spread 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 have a higher rate than with shorter terms or adjustable rates.

15 year fixed mortgage rates

The average 15-year fixed-rate mortgage rate is 4.38%, up slightly from the previous week, according to data from Freddie Mac.

If you want the predictability of a fixed interest rate but want to spend less interest over the life of your loan, a 15-year fixed-rate mortgage may be right for you. Because these terms are shorter and have lower interest rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you have a higher monthly payment than with a longer term.

5/1 Adjustable Mortgage Rates

The average 5/1 mortgage rate is 4.12%, up from the previous week.

Adjustable rate mortgages can be very attractive to borrowers when interest rates are high because interest rates on these mortgages are typically lower than interest rates on fixed-rate mortgages. A 5/1 ARM is a 30-year mortgage. You receive a fixed price for the first five years. After that, your tariff will be adjusted once a year. If the rates are higher when you adjust your rate, you’ll have a higher monthly payment than when you started.

If you’re considering an ARM, make sure you understand how much your interest rate could increase with each adjustment, and how much it could ultimately increase over the life of the loan.

Are mortgage rates rising?

Mortgage rates started rising from historical lows in the second half of 2021 and may continue to rise throughout 2022. This is in large part due to high inflation and policy responses to rising prices.

In the last 12 months, the consumer price index rose by 8.6%. That

federal reserve

has worked to bring inflation under control and plans to raise the target rate on federal funds five more times this year, after a 0.25% increase at its March meeting and a 0.5% increase in May.

While 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 bring down inflation, it is likely that mortgage rates will remain high.

How do I find personalized mortgage rates?

Some mortgage lenders allow you to adjust your mortgage rate on their websites by entering yours

down payment

amount, zip code etc


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

When you are ready to start buying houses, you can apply for pre-approval from a lender. The lender takes out a hard loan and looks at the details of your finances to secure a mortgage rate.


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