Mortgage rates held steady today. The average rate for a 30-year fixed rate mortgage was 4.11%

Rates have dipped a bit in recent weeks as Russia’s invasion of Ukraine contributed more volatility to global financial markets.

Experts tell us the recent dip in rates could be short-lived as wider economic trends point to increases. Those trends include high inflation and the anticipation that the Federal Reserve will take action this month to address it. The inflation is driven by a variety of factors, including supply chain issues and the economy’s recovery from the pandemic, including strong job growth. The Bureau of Labor Statistics reported the U.S. added 678,000 jobs in February, with the unemployment rate dropping to 3.8%.

Take a look at today’s rates:

• The average 30-year fixed-rate mortgage currently sits at 4.11%
• The average 20-year fixed-rate mortgage currently sits at 3.97%
• The average 15-year fixed-rate mortgage currently sits at 3.37%
• The average 10-year fixed-rate mortgage currently sits at 3.25%
• 5/1 ARM rate: 2.93%

Mortgage Rate Forecast for 2022

Mortgage rates dramatically increased in recent weeks. Two of the factors causing rates to increase are high inflation and a recovering economy. Nevertheless, new Coronavirus variants such as Omicron have injected uncertainty into the markets. Among experts, there is nearly a consensus that mortgage rates will rise; the Federal Reserve actions to address inflation may aid in this process.

What the Mortgage Rate Forecast Means for You

Despite the dramatic increases, mortgage rates remain at low levels and are considered historically favorable mortgage rates.

Low interest rates can help offset rising home prices for first-time homebuyers. The housing market is cooling down, but high home values can overshadow the possible savings from a low mortgage rate. A rising interest rate will also contribute to the rising cost of home ownership along with rising home prices.

Today’s Mortgage Refinance Rates

There’s good news if you’ve been considering a refinance because the average rates for 15-year fixed and 30-year fixed refinance loans shrank. Shorter term, 10-year fixed-rate refinance mortgages also slumped.

The refinance averages for 30-year, 15-year, and 10-year loans are:

• The average 30-year fixed-rate refinance currently sits at: 4.08%
• 20-year fixed refinance rate: 3.92%
• 15-year fixed refinance rate: 3.33%
• 10-year fixed-rate refinance: 3.25%

Check out mortgage rates that meet your distinct needs.

30-Year Fixed Mortgage Interest Rates

The average 30-year fixed mortgage interest rate is 4.11%, which is a decline of 18 basis points from last week.

15-Year Mortgage Interest Rates

The median rate for a 15-year fixed mortgage is 3.37%, which is a decrease of 13 basis points from the same time last week.

A 15-year, fixed-rate mortgage’s monthly payment is larger and will take up a bigger chunk of your monthly budget than a 30-year mortgage would. However, 15-year loans have some considerable benefits: You’ll pay thousands less in interest and pay off your loan much sooner.