What is the average mortgage rate in 2022?

The average mortgage rate for a 30-year fixed is 7.09%, nearly double its 3.22% level in early 2022. The average cost of a 15-year, fixed-rate mortgage has also surged to 6.54%, compared to 2.43% in January 2022. In the current environment, ARMs might be more affordable than those with fixed rates. The latest average for a 5/1 ARM was 6.00%.

What is the average 30-year fixed mortgage rate in 2023?

The average 30-year fixed mortgage rate has continued to bounce between 6% and 7% in early 2023. However, by the end of the first quarter, rates gradually cooled off, bringing borrowers back to the market in time for the spring homebuying season.

Why have fixed-rate mortgages declined since November 2022?

Fixed-rate mortgages, on the other hand, have actually declined since November 2022 - despite numerous base rate rises. This is because rates rose significantly as a result of economic turbulence following the mini-budget in September 2022. Once economic conditions calmed, lenders started reducing rates again.

What happened to Wednesday's average mortgage rate?

Wednesday's average is down to 7.29%, erasing much of those gains. Wednesday's 15-year average mortgage rate dropped as well, now down another 12 basis points to 6.49%. Though 15-year rates had also soared for two weeks, the average still sits well under its October peak, which was a 15-year high of 7.03%.