Is It Really Possible for Mortgage Rates to Climb Much Higher?

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You may be surprised at the answer.

Mortgage rates have been rising all year, making it much more expensive to buy a home. They are up considerably since the start of 2022, and many homeowners are wondering if they'll continue at this current trajectory or if there's an upper limit.

Take a look at how rates are trending on Friday, April 22:

Mortgage Type Today's Interest Rate
30-year fixed mortgage 5.326%
20-year fixed mortgage 5.191%
15-year fixed mortgage 4.419%
5/1 ARM 4.119%

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

30-year mortgage rates

The average 30-year mortgage rate today is 5.326%. This is compared with a rate of 3.369% on Jan. 3 of this year. Obviously, that's a considerable increase.

20-year mortgage rates

The average 20-year mortgage rate today is 5.191%. Compared with the 3.101% average rate on Jan. 3, this rate is also up considerably.

15-year mortgage rates

The average 15-year mortgage rate today is 4.419%. Like the other loans, this rate is much higher than on Jan. 3 when the average 15-year mortgage rate was 2.537%.

5/1 ARMs

The average 5/1 ARM rate is 4.119%. Like the fixed-rate loan options, this is up substantially from the average rate of 2.943% on Jan. 3.

Can rates really continue going up?

Rates have been rising quickly, which has caused some would-be borrowers to wonder whether they have hit their peak.

The reality is, rates can and likely will continue to climb at least for the foreseeable future. Although they are much higher than they were last year and at the start of this year, they are still reasonable by historical standards. And many factors suggest they will continue going up, including the fact that the Federal Reserve plans to raise rates several more times this year.

If you don't want to take the risk of rates rising, you may wish to lock in at the current rate. Be sure to compare rates from at least three of the best mortgage lenders before locking in to make sure you get the best deal if you decide to take this approach.

Our Research Expert

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