Today's Mortgage Rates & Trends - July 21, 2022: Rates bobbing

30-year average yo-yoing below 6% threshold

The 30-year mortgage average added just a few points Wednesday, but is still down for the week. The flagship average has been swinging mildly under the 6% threshold, which it had topped again last week.

National Averages of Lenders' Best Rates
Loan Type Purchase Refinance
30-Year Fixed 5.90% 6.18%
FHA 30-Year Fixed 6.03% 6.28%
Jumbo 30-Year Fixed 4.94% 5.03%
15-Year Fixed 5.07% 5.30%
5/6 ARM 5.76% 5.92%
National averages of the lowest rates offered by more than 200 of the country's top lenders, with a loan-to-value ratio (LTV) of 80%, an applicant with a FICO credit score of 700-760, and no mortgage points.
2022.07.21 morts

Today's National Mortgage Rate Averages

Rates on 30-year loans have been bobbing up and down this week, with the latest move being a three-point increase Wednesday to 5.90%. The average is still down vs. last week. A month ago, 30-year rates notched a 14-year peak average of 6.38%.

Meanwhile, 15-year mortgage rates gave up ground, shedding seven basis points Wednesday to lower the average to 5.07%. Like 30-year loans, 15-year rates registered their highest level since 2008 in mid-June, when they touched 5.41%.

Jumbo 30-year rates marked time Wednesday, holding at 4.94%. They have been yo-yoing above and below the 5% threshold since early June.

After a major rate dip last summer, mortgage rates have since skyrocketed, with the 30-year average peaking in mid-June by an eye-popping 3.49 percentage points above its August 2021 low of 2.89%.

Meanwhile, mid-June saw the 15-year and Jumbo 30-year averages shoot 3.21 and 2.38 percentage points higher, respectively, than their summer 2021 valleys.

Refinancing rates mostly moved lower Wednesday, with the 30-year refi average subtracting two basis points, the 15-year average giving up four points, and the Jumbo 30-year refi average remaining flat. The cost to refinance with a fixed-rate loan is currently nine to 28 points more expensive than a new purchase loan.


The rates you see here generally won’t compare directly with teaser rates you see advertised online, since those rates are cherry-picked as the most attractive. They may involve paying points in advance, or may be selected based on a hypothetical borrower with an ultra-high credit score or taking a smaller-than-typical loan given the value of the home.

National Averages of Lenders' Best Rates - New Purchase
New Purchase Daily Change
30-Year Fixed 5.90% +0.03
FHA 30-Year Fixed 6.03% No change
VA 30-Year Fixed 6.07% +0.05
Jumbo 30-Year Fixed 4.94% No change
20-Year Fixed 5.46% -0.07
15-Year Fixed 5.07% -0.07
Jumbo 15-Year Fixed 4.94% No change
10-Year Fixed 5.03% -0.04
10/6 ARM 5.97% -0.05
7/6 ARM 5.88% No change
Jumbo 7/6 ARM 4.75% No change
5/6 ARM 5.76% +0.02
Jumbo 5/6 ARM 4.61% No change
National Averages of Lenders' Best Rates - Refinance
Loan Type Refinance Daily Change
30-Year Fixed 6.18% -0.02
FHA 30-Year Fixed 6.28% -0.04
VA 30-Year Fixed 6.37% -0.02
Jumbo 30-Year Fixed 5.03% No change
20-Year Fixed 5.92% -0.05
15-Year Fixed 5.30% -0.04
Jumbo 15-Year Fixed 5.03% No change
10-Year Fixed 5.26% -0.04
10/6 ARM 6.13% -0.05
7/6 ARM 6.00% +0.01
Jumbo 7/6 ARM 4.92% No change
5/6 ARM 5.92% -0.03
Jumbo 5/6 ARM 4.69% No change

Calculate monthly payments for different loan scenarios with our Mortgage Calculator.

Lowest Mortgage Rates by State

The lowest mortgage rates available vary depending on the state where originations occur. Mortgage rates can be influenced by state-level variations in credit score, average mortgage loan term, and size, as well as individual lenders' varying risk management strategies.

These rates are surveyed directly from over 200 top lenders.

What Causes Mortgage Rates to Rise or Fall?

Mortgage rates are determined by a complex interaction of macroeconomic and industry factors, such as the level and direction of the bond market, including 10-year Treasury yields; the Federal Reserve's current monetary policy, especially as it relates to funding government-backed mortgages; and competition between lenders and across loan types. Because fluctuations can be caused by any number of these at once, it's generally difficult to attribute the change to any one factor.

Macroeconomic factors have kept the mortgage market relatively low for much of this year. In particular, the Federal Reserve has been buying billions of dollars of bonds in response to the pandemic's economic pressures, and continues to do so. This bond-buying policy (and not the more publicized federal funds rate) is a major influencer on mortgage rates.

On May 4, the Fed announced that it will begin reducing its balance sheet on June 1. Identical sizable reductions will occur in June, July, and August, and then be doubled beginning in September. This will be on top of its existing move to reduce new bond purchases by an increment every month, the so-called taper, which began in November.

The Fed's rate and policy committee, called the Federal Open Market Committee (FOMC), meets every 6-8 weeks. Their next scheduled meeting takes place July 26-27.


The national averages cited above were calculated based on the lowest rate offered by more than 200 of the country's top lenders, assuming a loan-to-value ratio (LTV) of 80% and an applicant with a FICO credit score in the 700-760 range. The resulting rates are representative of what customers should expect to see when receiving actual quotes from lenders based on their qualifications, which may vary from advertised teaser rates.

For our map of the best state rates, the lowest rate currently offered by a surveyed lender in that state is listed, assuming the same parameters of an 80% LTV and a credit score between 700-760.