Mortgage Current Interest Rates 2022

30-year fixed-rate mortgages For a 30-year, fixed-rate mortgage, the average rate you'll pay is 5.39%, which is a decrease of 15 basis points as seven days ago.

15-year fixed-rate mortgages The average rate for a 15-year, fixed mortgage is 4.72%, which is a decrease of 3 basis points from the same time last week. 

5/1 adjustable-rate mortgages A 5/1 ARM has an average rate of 5.34%, a fall of 17 basis points compared to last week. 

Mortgage rate trends Although 2022 kicked off with low mortgage rates, there has been a steady rise in recent months, and rates will likely continue increasing throughout 2022.

How to shop for the best mortgage rate To find a personalized mortgage rate, speak to your local mortgage broker or use an online mortgage service. 

What's the best loan term? When picking a mortgage, it's important to consider the loan term, or payment schedule. 

 The mortgage terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. 

Mortgages are further divided into fixed-rate and adjustable-rate mortgages. The interest rates in a fixed-rate mortgage are fixed for the duration of the loan. 

 Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only stable for a certain amount of time (usually five, seven or 10 years).