Today 's mortgage and refinancing rates: 17 May 2022 |  Rates may decrease slightly

Today ‘s mortgage and refinancing rates: 17 May 2022 | Rates may decrease slightly


After months of rapid growth, mortgage rates appear to be easing somewhat. Today they are slightly lower than a week ago. Although rates are unlikely to fall sharply in the near future, it is less clear whether they have stopped growing.

In January 2021, the average 30-year fixed rate mortgage was the lowest ever: 2.65%. According to Freddie Mac, rates remained at historic lows until December, when they began to rise rapidly. Last week, the average 30-year rate reached 5.3%, the highest since 2009.

Today’s mortgage rates

Today’s refinancing rates

Mortgage calculator

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

Mortgage calculator

$1,161 th most common
Your estimated monthly payment

  • Payment and 25% a higher deposit would save you $ 8,916.08 on interest charges
  • Interest rate reduction by 1% would save you $ 51,562.03
  • Surcharge $ 500 each month would shorten the length of the loan by 146 months

By clicking on “More details” you will also see how much you will pay for the entire length of the mortgage, including how much goes on the principal vs. interest.

Are mortgage rates rising?

Mortgage rates started to tick from historical lows in the second half of 2021 and may continue to rise during 2022.

The consumer price index rose by 8.3% year on year in April, which is a slight slowdown compared to the March rate. The


Federal Reserve System

is working to bring inflation under control, and plans to raise the federal funds target five times this year after a 0.25% increase at the March meeting and a 0.5% increase in May.

Although it is not directly tied to the federal funds rate, mortgage rates are often pushed up due to the Fed’s rate hikes. As the central bank continues to tighten monetary policy in order to reduce inflation, mortgage rates are likely to remain elevated.

What do high rates mean for the housing market?

When mortgage rates rise, the purchasing power of home buyers decreases because most of their projected housing budget has to go to pay interest. If rates rise high enough, buyers can completely exclude prices from the market, which cools demand and puts downward pressure on house prices.

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

Although high rates are slowing demand, low inventories will continue to push prices up, says Ralph DiBugnara, president of Home Qualified and senior vice president of Cardinal Financial.

“There is such a shortcoming that even if 50% of people stop looking today, you would still have high demand,” he says. “So I just think that because of this demand, you will see a rise in prices for at least another 18 to 24 months.”

What is a good mortgage rate?

It can be difficult to find out if a lender offers you a good rate, so it’s so important to get more approved in advance


mortgage lenders

and compare individual offers. Ask for at least two or three creditors for prior approval.

Your rate is not the only thing that matters. Be sure to compare your monthly costs as well as your initial costs, including any loan fees.

Although mortgage rates are strongly influenced by economic factors that you cannot control, there are several things you can do to ensure 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 plan to move before the end of the initial period. But a fixed rate could be better if you are buying a permanent home because you will not run the risk of raising your rate later. Take a look at the rates your lender offers and consider your options.
  • Look at your finances. The better your financial situation, the lower the mortgage rate should be. Look for ways to increase your credit score or reduce your debt-to-income ratio, if necessary. It also helps to save on a higher deposit.
  • Choose the right lender. Each lender charges different mortgage rates. Choosing the right one for your financial situation will help you get a good rate.



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