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Today’s Mortgage, Refinance Rates: March 22, 2022

Last week, the average 30-year fixed mortgage rate passed 4% for the first time since 2019, according to Freddie Mac data. Rates are expected to continue to increase throughout 2022, meaning those who are thinking about buying or refinancing may want to get started sooner rather than later. But only if they feel ready to do so.

“For homebuyers, it’s definitely not a time to panic or make any rushed decisions, but the sooner in the process you start tracking your overall mortgage costs and how they might change with the market, the better,” says Robert Heck, vice president of mortgage at Morty. “The crisis in Ukraine has introduced more uncertainty and inflation remains persistent, but those looking at purchasing a home should consider their overall financial situation and evaluate their home buying needs beyond short-term interest rate movements.”

It’s also important to keep in mind that, while rates are increasing, they’re still relatively low historically and are comparable to prepandemic levels.

Mortgage rates today

Mortgage refinance rates today

Mortgage calculator

Use our free mortgage calculator to see how much your current interest rates will affect your monthly payments.

Mortgage Calculator

$1,161
Your estimated monthly payment

  • Paying a 25% higher down payment would save you $ 8,916.08 on interest charges
  • Lowering the interest rate by 1% would save you $ 51,562.03
  • Paying an additional $ 500 each month would reduce the loan length by 146 months

By clicking on “More details,” you’ll also see how much you’ll pay over the entire length of your mortgage, including how much goes toward the principal vs. interest.

Will mortgage rates go up in 2022?

To help the US economy during the COVID-19 pandemic, the


Federal Reserve

was aggressively buying assets, including mortgage-backed securities. This helped keep mortgage rates at historic lows.

However, the Fed has since begun tapering its asset purchases and is expected to increase the federal funds rate six more times in 2022, following last week’s quarter point increase.

Average mortgage rates have ticked up recently, and the Fed’s announcements indicate that mortgage rates will probably continue to gradually increase in 2022. You may want to lock in a rate now instead of risking a higher rate later, but do not rush to buy a home if you are not ready.

What is a fixed-rate mortgage vs. adjustable-rate mortgage?

Historically, adjustable mortgage rates tend to be lower than 30-year fixed rates. When mortgage rates go up, ARMs can start to look like the better deal – but it depends on your situation.

Fixed-rate mortgages lock in your rate for the entire life of your loan. Adjustable-rate mortgages lock in your rate for the first few years, then your rate goes up or down periodically.

Because adjustable rates start low, they are worthwhile options if you plan on selling your home before the interest rate changes. For instance, if you get a 7/1 ARM and want to move before the seven year fixed-rate period is up, you will not risk paying a higher rate later.

But if you want to buy a forever home, a fixed rate could still be a better fit. Fixed rates are still relatively low, and you will not chance your rate increasing in a few years.

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