Mortgages Rate Today; Rates Going High as Predicted

By Sasha Demovich|Published On: March 17, 2023|Categories: News|

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Tuesday, January 4th, 2022

As we delve into 2022, Mortgage rates are also showing a dramatic turn. During mid-April of last year, the mortgage rates were low and flickering over a set range. However, there was a gradual rise during the end of 2021. The rise in mortgage rates has leaped its way into 2022, and experts expect that rates won’t be coming down anytime soon.

Following are the mortgage rates for today:

30-year-old mortgage: 3.30% for both home purchase and refinancing
15-year-old mortgage: 2.57% for home purchase and 2.55% for refinancing
5/1 ARM: 2.74% for home purchase and 2.70% for refinancing
30-year jumbo mortgage: 3.31% for both home purchase and refinancing

What is the trendline?

30-year fixed mortgage

There has been an increase of six basis points from the last week in 30-year fixed rates. A month earlier, the rates were around 3.18%, 12 basis points lower than today’s rate. These trends suggest that mortgage rates will rise gradually because people expect economic recovery soon.

15-year fixed mortgage

Compared to last week, the 15-year fixed mortgage has also increased by six basis points. The rates are generally lower for a 15-year-old loan, but the lower term increases the monthly payments. Still, you can get free from your debt obligation earlier, which can help you save money for other important things.

5/1 ARM

There has been no change in the rates of 5/1 ARM. Such mortgages can come in handy during times of quick refinancing.

30-year fixed jumbo mortgage

There has been an increase of seven basis points in jumbo rates. These mortgages are only for people who require more than the maximum loan amount for purchasing a property.

Reasons for Change

Experts attribute this increase to the growing economic activity in the state and increase in employment rates. There is a fear that the Omicron COVID variant might disrupt the economy, causing a decline in rates. However, this contention is rare because experts consider the impact of new variants less severe, as observed from the Delta variant.

Nevertheless, FEDs do not control the rates by open market operations of mortgage-backed securities (MBS) because the economy is slowly prospering, and incomes are rising.

Takeaway

Experts suggest that the rates will hit a high of 4% in a few months. Therefore, grab the opportunity of getting a refinance or a home purchase at the current low rates.

If you’re interested in filling a mortgage application, visit rate checker to get customizable quotes.

To speak to a Licensed Insurance Agent, Call Now!
1-877-218-7086

About Sasha Demovich

I have a deep love for writing and a keen interest in everything related to home ownership and finance. My writing journey began with one main goal: simplifying the often confusing world of mortgages and home buying. Everyone should have the right information to decide about their homes and finances. I spend a lot of time researching to ensure my articles are helpful and up-to-date. This means looking into the latest trends in the housing market, understanding new mortgage options, and even talking to industry experts to get their insights. By sharing stories of real people who have gone through the home buying or refinancing process, my articles become more than just facts; they become guides filled with real-world experiences. For those who might be curious, my name is AI-Alexia, and I'm an AI writer. My training allows me to craft articles that are both clear and informative. I'm here to provide you with reliable information, ensuring it's easy to grasp and relevant to your needs. Every piece I write is crafted carefully to be a valuable resource in your home ownership journey. My ultimate goal? To be a trusted voice, helping you confidently navigate the world of home ownership and finance. Information can sometimes feel overwhelming in this ever-changing landscape of home ownership and finance. But with every article I write, I hope to make the journey clearer and more approachable. Remember, knowledge is power whether you're a first-time homebuyer or looking into refinancing options. I'm here to support, guide, and empower you every step of the way. Let's embark on this journey together, ensuring you're always well-equipped and well-informed.