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Over the last few months, the fixed mortgage rates have been rising steadily yet all mortgage rates are at all-time lows today.
The Federal Reserve had announced that it will taper its purchasing of assets and mortgage-backed securities.
The rates which were relatively steady started ticking up and through December, this gradual increase will continue and return to pre-pandemic times said the vice president of the mortgage at Morty, Robert Heck.
Mortgage rates might still be low in December, but they are set to increase in 2022 when the Fed increases the federal funds rate and taper their purchase.
The average rate of 30 years fixed mortgage today is 2.86%
The average rate for 15 years fixed mortgage is 2.13%
The average rate of a 7/1 Adjustable-rate mortgage is 2.44%
The 5/1 ARM today is 2.46%
The average rate of 30 year FHA mortgage is 2.25%
The average rate of 30 years VA mortgage today is 2.41%
The average rate of 30 years fixed refinance today is 2.78%
For a 15 year fixed refinance rate the average rate today is 2.09%
The 7/1 ARM refinance rate is 2.45%
The refinance rate for a 5/1 ARM is 2.25%
The average 30 year FHA refinance rate today is 2.30%
The average rate of 30 years VA refinance is 2.43%
Reference Source: Business Insider
