Today's mortgage and refinance rates: August 17, 2022 | Fixed rates remain flat

Fixed mortgage rates have experienced very little movement so far this week. The average 30-year fixed rate has remained close to 5% for over a week now. 

Mortgage rates have increased over two percentage points year-over-year, and they've been highly volatile in recent months. Inflation has helped push rates up, but current economic uncertainty has caused them to fluctuate, as investors speculate on the likelihood of a recession. 

Fluctuations in mortgage rates can make it difficult for home shoppers to know when in the homebuying process they should lock in their rates. While it's possible you could end up saving money by waiting for another dip in rates, with so much volatility, consider the risk of taking on a higher rate.

"If it fits within your budget and meets short- and long-term financial goals, don't wait," says Steve Kaminski, head of US residential lending at TD Bank. "If there happens to be a material move after you lock in a rate, many lenders will offer a float down option for a fee."

Mortgage rates today

Mortgage refinance rates today

Mortgage calculator

Use our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you'll also understand how much you'll pay over the entire length of your mortgage.

Click "More details" for tips on how to save money on your mortgage in the long run.

30-year fixed mortgage rates

The current average 30-year fixed mortgage rate is 5.22%, according to Freddie Mac. This is an increase from last week, when it was at 4.99%. This is the first week this rate has increased following two consecutive weeks of decreases.

The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.

The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you'll have a higher rate than you would with shorter terms or adjustable rates. 

15-year fixed mortgage rates

The average 15-year fixed mortgage rate is 4.59%, an increase from the prior week, according to Freddie Mac data. Last week, this rate was at 4.26%.

If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.

5/1 adjustable mortgage rates

The average 5/1 adjustable mortgage rate is 4.43%, an increase from the previous week. Prior to this week's increase, this rate had dropped three weeks in a row.

Adjustable rate mortgages can look very attractive to borrowers when rates are high, because the rates on these mortgages are typically lower than fixed mortgage rates. A 5/1 ARM is a 30-year mortgage. For the first five years, you'll have a fixed rate. After that, your rate will adjust once per year. If rates are higher when your rate adjusts, you'll have a higher monthly payment than what you started with.

If you're considering an ARM, make sure you understand how much your rate could go up each time it adjusts and how much it could ultimately increase over the life of the loan.

Are mortgage rates going up?

Mortgage rates started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022. More recently, rates have been relatively volatile.

In the last 12 months, the Consumer Price Index rose by 8.5%. The Federal Reserve has been working to get inflation under control, and plans to increase the federal funds target rate three more times this year, following increases in March, May, June, and July.

Though not directly tied to the federal funds rate, mortgage rates are sometimes pushed up as a result of Fed rate hikes and investor expectations of how those hikes will impact the economy.

Inflation remains elevated, but has started to slow, which is a good sign for mortgage rates and the broader economy. 

How do I find personalized mortgage rates?

Some mortgage lenders let you customize your mortgage rate on their websites by entering your down payment amount, zip code, and credit score. The resulting rate isn't set in stone, but it can give you an idea of what you'll pay.

If you're ready to start shopping for homes, you may apply for preapproval with a lender. The lender does a hard credit pull and looks at the details of your finances to lock in a mortgage rate.