How Will Your Mortgage Rate Compare to the National Average?

Average mortgage rates are rising, but will your rate equal the average?

In 2022, mortgage rates have been steadily rising, with the rates on both the 20-year and 30-year loans now above 5.00%. This is a considerable increase since both loans had rates below 3.00% just last year.

You can check out today's average mortgage rates on April 26 to get an idea of what you might pay for a home loan. But, remember, your personal rates may differ from the national average.

Data source: The Ascent's national mortgage interest rate tracking.

30-year mortgage rates

The average 30-year mortgage rate today is 5.358%. Your rate may be above or below this average depending on your financial credentials and lender.

20-year mortgage rates

The average 20-year mortgage rate today is 5.115%. Again, this is the overall average, but it's unlikely you will be offered a loan at this exact rate.

15-year mortgage rates

The average 15-year mortgage rate today is 4.471%. The rate on this loan will be more affordable than for the loans with longer repayment terms, but you'll need to get quotes from lenders to find out your specific rate if you're interested in this type of mortgage.

5/1 ARMs

The average 5/1 ARM rate is 4.230%. With an ARM, your rate is guaranteed only for a set time. In this case, whatever rate you're offered will be locked in for five years and can then change once annually as it moves with a financial index.

How will your rate compare?

National average mortgage rates affect the rates lenders offer to individual borrowers. If rates trend upward, even well-qualified borrowers will have to pay more than when rates are low. But, your own financial credentials determine the exact rate you get.

People with better credit, higher down payments, and less debt will be offered a loan at the most competitive rates -- which could even be below the national average by a small amount. Those who have low credit scores or who otherwise raise red flags can expect to pay more.

To get an idea of what your own individual rate will be, you should get quotes from at least three of the best mortgage lenders to explore your options.