Mortgage and Refinancing Rates Today: May 9, 2022

Mortgage rates have risen rapidly this year from historic lows, and some home shoppers are now finding they can’t afford what they could afford just a few months ago.

“There is no doubt that homebuyers are in a difficult situation right now, especially those who have seen their affordability affected by the shift in prices over the past few weeks,” says Robert Heck, vice president of Mortgage Mortgage.

If you’re buying a home that’s struggling with affordability due to price increases, it’s important to keep your options open, Heck says.

“Buyers should continue to stay informed about the market and evaluate their options, whether in terms of buying, staying in their current home, or renting,” he says. “They should also expand the programs, terms, and

The first batch

structures they are evaluating, exploring the widest range of possible options to see what makes sense in light of the challenges of the present moment.”

Today’s Mortgage Rates

Today’s Mortgage Refinance Rates

Mortgage Calculator

Use our free mortgage calculator to see how today’s interest rates will affect your monthly payments.

By clicking on “More details”, you will also see the amount that you will pay over the entire term of the mortgage, including the amount that is paid in principal for interest.

Will Mortgage Rates Go Up in 2022?

To help the US economy during the COVID-19 pandemic,

Federal Reserve

Aggressively purchased assets, including mortgage-backed securities. This has helped keep mortgage rates at historic lows.

However, the Fed is now planning to cut the assets it holds, and is expected to raise the federal funds rate five more times in 2022, after increases in March and May.

Average mortgage rates have risen recently, and Fed announcements suggest that mortgage rates will likely continue to rise in 2022. You might want to lock in a rate now rather than risk a higher rate later, but don’t rush into buying a home if you haven’t. ready.

What is a fixed rate mortgage versus an adjustable rate mortgage?

Historically, adjustable mortgage rates tended to be lower than 30-year fixed rates. When mortgage rates go up, ARM can start to look like a better deal – but it depends on your situation.

Fixed rate mortgages keep your rate for the life of your loan. Adjustable rate mortgages maintain your rate for the first few years, and then the rate goes up or down periodically.

Since adjustable rates start low, they are worthwhile options if you plan to sell your home before the interest rate change. For example, if you acquire a 1/7 ARM and want to move before the seven-year fixed-price period ends, you don’t risk paying a higher price later.

But if you want to buy a forever home, a flat rate might be a better fit, because you likely won’t be increasing your price in a few years.