Today’s mortgage rates for July 7, 2022 - world cultures

Today’s mortgage rates for July 7, 2022

Are you looking for the latest mortgage rates to enable your purchasing or refinancing decisions? I’ve got you covered.

Here, you can view today’s mortgage interest rates, updated daily according to data from Bankrate, so you can get the latest data when buying or refinancing your home.

Fixed rate mortgage for 30 years

The average 30-year fixed-rate mortgage rate is 5.62%, down 0.28 percentage points from 5.90% last week.

Thirty-year fixed-rate mortgages are the most common loan terms. A 30-year fixed-rate mortgage has a lower monthly payment than a 15-year mortgage, but usually has a higher interest rate.

15 years of fixed rate mortgages

The average 15-year fixed-rate mortgage rate is 4.86%, down 0.28 percentage points from last week’s 5.14%.

Fifteen year fixed rate mortgages come with higher monthly payments compared to their 30 year counterpart. However, the interest rates are usually lower and you will pay lower total interest because you are paying off your loan at a faster rate.

5/1 adjustable rate of mortgages

The average 5/1 adjustable rate mortgage (ARM) is 4.27%, down 0.03 percentage points from last week’s 4.30%. With ARM, you’ll often get a lower interest rate than a fixed mortgage, say, the first five years.

But you may end up paying more or less after that time depending on the terms of your loan and how that rate follows the market.

What is the best condition for getting a loan?

When choosing a mortgage, it is important to choose the loan term or repayment schedule. You’re usually offered a 15 or 30 year loan, but it’s not uncommon to see 10, 20 or 40 year mortgages, according to CNET.

Mortgages can be fixed rate or adjustable rate. The interest rates on fixed rate mortgages are set for the life of the loan.

Adjustable rate mortgages have interest rates that are set only for a certain period of time before the rate is adjusted annually based on the market.

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