The mortgage rates of September 15, 2022
Looking for the latest mortgage rates to power your purchase or refinance decisions? We've got you covered.
Here you can see today's mortgage rates, updated daily according to Bankrate data, so you can have the most up-to-date data when buying or refinancing your home.
Fixed interest mortgage for 30 years
The average mortgage interest rate for a regular 30-year fixed mortgage is 6.19%, up 0.11 percentage points from 6.09% last week.
Thirty-year fixed mortgages are the most common loan term. A 30-year fixed-rate mortgage has a lower monthly payment than a 15-year mortgage, but usually has a higher interest rate.
Fixed interest mortgage for 15 years
The average mortgage interest rate for a standard 15-year fixed mortgage is 5.51%, up 0.18 percentage points from 5.33% last week.
15-year fixed-rate mortgages come with a higher monthly payment compared to the 30-year equivalent. However, the interest rates are usually lower and you will pay less overall interest because you are paying off the loan at a faster rate.
5/1 Adjustable interest rate mortgages
The average interest rate on a 5/1 adjustable rate mortgage (ARM) is 4.63%, up 0.11 percentage points from 4.52% last week. With an ARM, you'll usually get a lower interest rate than a fixed mortgage, for example, for the first five years.
But you could end up paying more or less after that time, depending on the terms of your loan and how that rate tracks the market.
What is the best term for a loan?
When choosing a mortgage, it is important to choose a loan date or payment schedule. You'll usually be offered a loan term of 15 or 30 years, but it's not uncommon to see mortgages for 10, 20 or 40 years, according to CNET.
A mortgage can have a fixed interest rate or an adjustable interest rate. Interest rates on fixed rate mortgages are set in stone for the duration of the loan.
Adjustable rate mortgages have interest rates that are only set for a certain period of time before the interest rate adjusts annually based on the market.
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