Today’s Mortgage, Refinance Rates: September 20, 2022 and More News

Published by
Peter Kavinsky

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Mortgage rates were raised ahead of the Federal Reserve meeting this week.

Another very large federal funds rate hike is likely to come on Wednesday, with most investors expecting a 75 basis point hike, although there is also the possibility that the Fed could raise the rate by 100 basis points, equal to a full percentage point. dot.

With Fed tightening, mortgage rates could rise again this week, especially if the central bank opts for a 100 bp hike.

Looking ahead, mortgage rates are unlikely to begin to decline until inflation occurs. While prices have slowed down a bit, they are still stubbornly high and it may take a few more raises from the Fed before we start to see a sustained decline. This means that mortgage borrowers will likely not see significantly lower rates until the second half of 2023.

Today’s mortgage rates

Mortgage type Average rate today
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Zillow. To learn more
mortgage rates on Zillow

Properties on Zillow

Today’s refinancing rates

Mortgage type Average rate today
This information was provided
Zillow. To learn more
mortgage rates on Zillow

Properties on Zillow

Mortgage Calculator

Use our free mortgage calculator to find out how current interest rates will affect your monthly payments:

Mortgage Calculator

Your estimated monthly payment

  • Payment 25% a higher down payment will save you $8,916.08 for the calculation of interest
  • Reducing the interest rate on one% would save you $51,562.03
  • Additional payment 500 dollars each month will reduce the loan term by 146 months

By clicking on “More” you will also see how much you will pay for the entire term of the mortgage, including how much goes towards paying off the principal versus interest.

Are mortgage rates going up?

Mortgage rates started to rise from historic lows in the second half of 2021 and rose significantly in 2022. Rates have been relatively volatile lately.

Over the past 12 months, the consumer price index has risen by 8.3%. The Federal Reserve is working to bring inflation under control and plans to raise its target federal funds rate three more times this year, following increases in March, May, June and July.

While not directly related to the federal funds rate, mortgage rates sometimes rise as a result of Fed rate hikes and investor expectations of how those hikes will affect the economy.

Inflation remains high, but has started to slow down, which is a good sign for mortgage rates and the economy as a whole.

What do high rates mean for the housing market?

When mortgage rates rise, the purchasing power of homebuyers declines as much of their expected housing budget must go towards interest payments. If rates get high enough, buyers could be squeezed out of the market entirely, reducing demand and putting downward pressure on house price increases.

However, this does not mean that house prices will fall – in fact, they are expected to rise even more this year, just at a slower pace than we have seen in the last couple of years.

What is a good mortgage rate?

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

Your bet isn’t the only thing that matters. Be sure to compare both your monthly expenses and your initial expenses, including any lender fees.

While mortgage rates are heavily influenced by economic factors that you have no control over, there are some things you can do to ensure you get a good rate:

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

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