Here Are Today’s Mortgage Rates, June 16, 2022 | Rates Trending Upward

The most principal mortgage rates all marched higher today

The unusual inflation in borrowing costs for fixed-rate 30-year mortgages is notable

but 15-year fixed rates also inched upward. At the same time

average rates for 5/1 adjustable-rate mortgages (ARM) also had an upturn.

The averages for 30-year fixed, 15-year fixed, and 5/1 ARMs are:

– 30-year fixed mortgage rates are averaging 5.91%

– Today’s 20-year fixed mortgage rate is 5.94%

– Today’s 15-year fixed mortgage rate is 5.11%

– The average 10-year fixed-rate mortgage currently sits at 5.18%

– The average 5/1 adjustable mortgage currently sits at 4.02%

Mortgage Rate Forecast: Why do Mortgage Rates Change?

The pandemic initially drove rates down when it caused economic activity to drop

As a result of the pandemic, disruptions to the global supply chain caused shortages

which increased inflation and interest rates.

The Fed delivers biggest interest rate hike in decades to combat surging inflation