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Want to learn about today’s mortgage rates and recent trends? Read on.
Despite a recent brief drop, mortgage rates have been steadily on the rise from last year’s record lows. Today is no exception when it comes to fixed-rate loans. Check out today’s average rates for March 11 compared with yesterday’s and get some insight into why rates have been going up in 2022.
|
Mortgage Type |
Today’s Interest Rate |
|---|---|
|
30-year fixed mortgage |
4.167% |
|
20-year fixed mortgage |
3.839% |
|
15-year fixed mortgage |
3.375% |
|
5/1 ARM |
3.471% |
Data source: The Ascent’s national mortgage interest rate tracking.
30-year mortgage rates
The average 30-year mortgage rate today is 4.167%, up from yesterday’s average of 4.140%. This rate is up considerably from Jan. 3, 2022 when the average interest rate on a 30-year mortgage was 3.369%.
20-year mortgage rates
The average 20-year mortgage rate today is 3.839%, up from yesterday’s average of 3.832%. This, too, is a big increase from January 3rd’s 3.101% average rate.
15-year mortgage rates
The average 15-year mortgage rate today is 3.375%, up from yesterday’s average of 3.322%. Compared to the 2.537% average rate on January 3, the 15-year loan will cost much more each month.
5/1 ARMs
The average 5/1 ARM rate is 3.471%, down from yesterday’s average of 3.539%. By comparison, the average rate on January 3, 2022 was 2.943%.
Why are mortgage rates on the rise?
As you can see, rates today are considerably higher than at the start of the year. There are a number of possible reasons for that.
- Inflation has driven up the price of goods and services, and home loans are no exception.
- Ten year treasury rates have also risen sharply, and these are closely tied to mortgage rates because these debt instruments typically compete for investors.
- The economy is also returning to a more normal state, while rates were pushed down during the heart of the pandemic when the country went into a deep recession.
- The federal reserve is both slowing its purchase of mortgage-backed securities and raising rates, which will indirectly impact mortgage loans.
These factors are out of your control if you’re buying a home. But you can take steps to qualify for the best rate, including improving your credit score and shopping around for the best mortgage lenders.
A historic opportunity to potentially save thousands on your mortgage
Chances are, interest rates won’t stay put at multi-decade lows for much longer. That’s why taking action today is crucial, whether you’re wanting to refinance and cut your mortgage payment or you’re ready to pull the trigger on a new home purchase.
The Ascent’s in-house mortgages expert recommends this company to find a low rate – and in fact he used them himself to refi (twice!). Click here to learn more and see your rate. While it doesn’t influence our opinions of products, we do receive compensation from partners whose offers appear here. We’re on your side, always. See The Ascent’s full advertiser disclosure here.
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