Today’s mortgage rates for June 22, 2022 – NJ.com

July 12, 2022 By admin

Looking for the most up-to-date mortgage rates to empower your purchasing or refinancing decisions? We’ve got you covered.
Here, you can view today’s mortgage interest rates, updated daily according to data from Bankrate, so you can have the most current data when purchasing or refinancing your home.
30-year fixed rate mortgages
The average mortgage interest rate for a standard 30-year fixed mortgage is 6.04%, an increase of 0.07 percentage points from last week’s 5.97%.
Thirty-year fixed mortgages are the most commonly sought out loan term. A 30-year fixed rate mortgage has a lower monthly payment than a 15-year one, but usually has a higher interest rate.
15-year fixed rate mortgages
The average mortgage interest rate for a standard 15-year fixed mortgage is 5.30%, an increase of 0.15 percentage points from last week’s 5.15%.
Fifteen-year fixed rate mortgages come with a higher monthly payment compared to its 30-year counterpart. However, usually interest rates are lower and you will pay less total interest because you are paying off your loan at a faster rate.
5/1 adjustable rate mortgages
The average rate on a 5/1 adjustable rate mortgage (ARM) is 4.20%, an increase of 0.18 percentage points from last week’s 4.02%. With an ARM, you will most often get a lower interest rate than a fixed mortgage for say, the first five years.
But you could end up paying more or less after that time depending on your loan terms and how that rate follows the market.
What is the best term for a loan?
When picking a mortgage, it is important to pick out a loan term or payment schedule. Usually you will be offered a 15 or 30-year loan term, but it is not uncommon to see 10, 20, or 40-year mortgages, according to CNET.
Mortgages can be fixed-rate or adjustable-rate. Interest rates in fixed-rate mortgages are set in stone for the duration of the loan.
Adjustable-rate mortgages only have interest rates set for a certain period of time before the rate adjusts annually based on the market.
Our journalism needs your support. Please subscribe today to NJ.com.
Katherine Rodriguez can be reached at [email protected]. Have a tip? Tell us at nj.com/tips.
Note to readers: if you purchase something through one of our affiliate links we may earn a commission.
Registration on or use of this site constitutes acceptance of our User Agreement,Privacy Policy and Cookie Statement, and Your California Privacy Rights (User Agreement updated 1/1/21. Privacy Policy and Cookie Statement updated 7/1/2022).
Cookie Settings
© 2022 Advance Local Media LLC. All rights reserved (About Us).
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local.
Community Rules apply to all content you upload or otherwise submit to this site.
Ad Choices LogoAd Choices

source