Today’s Mortgage, Refinance Rates: Oct. 15, 2022

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Mortgage rates have risen in recent months after briefly falling this summer.

Interest rates have risen by more than three percentage points so far this year. On Thursday, Freddie Mac announced that the average 30-year fixed interest rate hit 6.92%, the highest since 2002.

“We continue to see a tale of two economies in the data: strong job and wage growth are keeping consumer balance sheets positive, while persistent inflation, recession fears and housing affordability are driving housing demand precipitously lower,” Sam Khater, chief by Freddie Mac economist said in a press release. “The next few months will undoubtedly be important for the economy and the housing market.”

Mortgage rates are trending higher as the Federal Reserve has signaled it will keep raising the federal funds rate until inflation eases. So far, prices have remained stubbornly high.

Until inflation shows sustained signs of slowing, the Fed is likely to continue raising rates at an aggressive pace. Further hikes mean mortgage rates are likely to stay high for the foreseeable future.

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Mortgage rates today

type of mortgage average rate today
This information was provided by Zillow. Visit Zillow for more mortgage rates

Mortgage refinancing rates today

type of mortgage average rate today
This information was provided by Zillow. Visit Zillow for more mortgage rates

mortgage calculator

Use our free mortgage calculator to see how today’s mortgage rates are affecting your monthly and long-term payments.

mortgage calculator

Your estimated monthly payment

  • Pay a 25% you would save yourself a higher down payment $8,916.08 on interest charges
  • interest rate reduction 1% would save you $51,562.03
  • pay surcharge $500 each month would shorten the loan term by 146 Months

By entering different terms and interest rates, you can see how your monthly payment might change.

Are mortgage rates rising?

Mortgage rates started rising from historic lows in the second half of 2021 and have risen significantly so far in 2022.

In the last 12 months, the consumer price index rose by 8.2%. The Federal Reserve has been working to bring inflation under control and plans to raise the federal funds rate twice more this year after raising it at its last five meetings.

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

Inflation remains high but has gradually slowed, which bodes well for mortgage rates and the broader economy.

What do high rates mean for the housing market?

When mortgage rates rise, homebuyers’ purchasing power falls because more of their expected housing budget has to be devoted to paying interest. If interest rates get high enough, buyers can be squeezed out of the market entirely, dampening demand and putting pressure on home price growth.

So far this year, home prices have risen overall, but at a slower pace than in previous years.

What is a good mortgage rate?

It can be difficult to know if a lender is offering you a good rate, which is why it’s so important to get pre-approved by multiple mortgage lenders and compare each offer. Apply for pre-approval from at least two or three lenders.

Your fare isn’t the only thing that matters. Be sure to compare both your monthly costs and your upfront costs, including any lender fees.

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Although mortgage rates are heavily influenced by economic factors beyond your control, there are some things you can do to ensure you’re getting a good rate:

  • Consider fixed vs adjustable rates. You may be able to get a lower introductory rate with an adjustable rate mortgage, which can be good if you want to move before the end of the introductory period. But a fixed rate might be better if you’re buying a forever home because you don’t risk your interest rate going up later. Look at the interest rates your lender is offering and weigh your options.
  • Look at your finances. The better your financial situation, the lower your mortgage rate should be. Look for ways to improve your credit score or reduce your debt-to-income ratio, if necessary. Saving up for a higher down payment also helps.
  • Choose the right lender. Each lender charges different mortgage rates. Choosing the right one for your financial situation will help you get a good interest rate.


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