Mortgage and Refinancing Rates Today: May 13, 2022

The average 30-year fixed-rate mortgage rate rose again this week, to 5.3%, according to Freddy Mac. Although rates are expected to continue rising, there are indications that they may not rise as quickly as in previous months. In April, mortgage rates rose at a slower pace than they did in March.

If you are planning to buy a home, it is more important than ever to shop with several lenders and consider all the different mortgage options available to you. Once you have a good idea of ​​what the lenders offer and what you are qualified for, you can easily compare your options and choose the most expensive option for you.

Today’s Mortgage Rates

Today’s Mortgage Refinance Rates

Mortgage Calculator

use Free Mortgage Calculator Let’s see how today’s mortgage rates will affect your monthly payments. By connecting different rates and lengths, you will also understand how much you will pay over the entire term of the mortgage.

Mortgage Calculator

$1161
Estimated monthly payment

  • pay 25% It will give you a higher down payment $8,916.08 on interest charges
  • Reduce the interest rate by 1% will save you $51.562.03
  • Pay extra 500 dollars Each month would reduce the term of the loan by 146 months

Click “More Details” for tips on how to save money on your mortgage for the long term.

What is a fixed interest rate mortgage?

When you get a mortgage, you will need to decide what type of rate you want: fixed or adjustable.

a Fixed Rate Mortgage Locks in your price for the entire term of your mortgage. This means that even if market prices go up or down, your prices will remain the same. Fixed rate home loans can be beneficial for borrowers looking for stability; Although you might miss it if rates are trending lower, you don’t have to worry about increasing your monthly payment if rates go up.

that adjustable mortgage It keeps your rate the same for a predetermined period of time, then changes it periodically. a 1/5 arm Locks in your rate for the first five years, then the rate fluctuates once every year. This is a more risky approach, because you risk a higher price later.

Adjustable rates can be attractive because they are often lower than 30-year fixed rates. If you are planning to sell your home or refinance your mortgage before the introductory period for ARM expires, ARM may be a good option for you. Just make sure you understand how much the price and payment can increase when the application period ends.

If you plan to stay in your home for a long time or just prefer the stability of a fixed monthly payment, then a fixed rate mortgage is likely to be a better fit for you.

How are mortgage rates determined?

Mortgage rates are determined by a combination of factors Some you can control, some you can’t control.

The main external factor is Economy. Interest rates tend to be higher when the US economy is booming and lower when it is suffering. The two main economic factors that influence mortgage rates are employment and economic inflation. When employment and inflation numbers go up, mortgage rates tend to increase.

you Could you control your Finance, To some extent. It was your best Balance levelAnd Debt to Income RatioAnd The first batchYour price must be lower.

Finally, your mortgage rate depends on what Mortgage type I got. Government-backed mortgages (such as FHAAnd VirginiaAnd USDA Mortgages) Shipping the lowest prices, while Huge real estate loans Top shipping rates. You will also get a lower rate with a shorter mortgage term.

How do I choose a mortgage lender?

First, think about the type of mortgage you want. The best mortgage lender will be different from FHA Mortgage From to VA mortgage.

The lender should be relatively affordable. You shouldn’t need super height


Balance level

or


The first batch

to obtain a loan. You also want to offer good prices and charge reasonable fees.

Once you are ready to start shopping for homes, Apply for pre-approval With the best three or four selections. The pre-approval letter states that the lender wants to lend you a certain amount at a specified interest rate. With just a few pre-approval letters on hand, you can compare each lender’s offer.

When you apply for pre-approval, the lender does the work Fixed Credit Inquiry. A set of difficult inquiries about your report can damage your credit score – unless it’s to shop for the best rate.

If you limit shopping in your rates to a month or so, the credit bureaus will understand that you are looking for a home and should not make every single inquiry against you.