Today’s Mortgage, Refinance Rates: April 9, 2022

After two years of record lows, mortgage rates began a steep climb in late 2021 and now appear to be approaching 5%. From the beginning of 2022 to now, the average 30-year fixed rate has risen 1.5%, the fastest three-month increase in nearly 28 years. according to Freddie Mac.

Buyers should keep in mind that rising rates don’t mean it’s a bad time to buy a home. Robert Heck, Morty’s Vice President of Mortgages

However, rates are still comparable to pre-pandemic levels and are even relatively low from a historical perspective. If you’re thinking of buying a home, rising rates shouldn’t necessarily deter you.

“Buyers should keep in mind that rising rates don’t mean it’s a bad time to buy a home,” says Robert Heck, vice president of mortgages at Morty. “Rates are rising to reflect the overall strength of the economy and combat rising inflation, ending pandemic-era policies and secondary market activity that kept rates at record lows.”

mortgage rates today

Mortgage Refinance Rates Today

mortgage calculator

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

mortgage calculator

$1,161
Your estimated monthly payment

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

By clicking “More Details,” you’ll also see how much you’ll pay over the life of your mortgage, including how much goes toward principal versus interest.

Will mortgage rates go up in 2022?

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


Federal Reserve

was aggressively buying assets, including mortgage-backed securities. This helped keep mortgage rates at record lows.

However, the Fed now plans reduce the assets you own and is expected to increase fed funds rate six times more in 2022, after March’s quarter-point increase.

Average mortgage rates have risen recently, and Federal Reserve announcements indicate mortgage rates will likely continue to rise in 2022. You may want to lock in a rate now rather than risk a higher rate later, but don’t be too quick. to buy a house if you’re not ready.

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

Historically, adjustable mortgage rates tend to be lower than 30-year mortgages. fixed rates. When mortgage rates go up, ARMs can start to look like the best deal, but it depends on your situation.

Fixed rate mortgages lock in your rate for the life of your loan. Adjustable Rate Mortgages lock in your rate for the first few years, then your rate goes up or down periodically.

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

but if you want buy a house forever, a fixed rate might still be a better option. Fixed rates are still relatively low and you won’t risk your rate going up in a few years.

“For borrowers with an ARM, it’s important to keep track of the recent rate increase,” says Heck. “If you’re past or nearing the end of your fixed-rate period (which varies by loan type), it’s worth taking a closer look at what your rate might become once it starts to adjust.”

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