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Mortgage Interest Rates Today for Aug. 17, 2022: 30-Year Fixed Rate Eases

Mortgage Interest Rates Today for Aug. 17, 2022: 30-Year Fixed Rate Eases

Today rates followed a split path. While 15-year fixed mortgage rates saw an increase along with 5/1 adjustable-rate mortgages, interest rates on 30-year fixed-rate mortgages sank a bit. 

Though mortgage rates have been rather consistently going up since the start of this year, what happens next depends on whether inflation continues to climb or begins to retreat. Interest rates are dynamic and unpredictable -- at least on a daily or weekly basis -- and they respond to a wide variety of economic factors. Right now, they're particularly sensitive to inflation and the prospect of a US recession. With so much uncertainty in the market, if you're looking to buy a home, trying to time the market may not play to your favor. If inflation rises and rates climb, this could translate to higher interest rates and steeper monthly mortgage payments. For this reason, you may have better luck locking in a lower mortgage interest rate sooner rather than later. No matter when you decide to shop for a home, it's always a good idea to seek out multiple lenders to compare rates and fees to find the best mortgage for your specific situation.

30-year fixed-rate mortgages

The average 30-year fixed mortgage interest rate is 5.54%, which is a decrease of 3 basis points from one week ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most frequently used loan term. A 30-year fixed rate mortgage will usually have a lower monthly payment than a 15-year one -- but often a higher interest rate. Although you'll pay more interest over time -- you're paying off your loan over a longer timeframe -- if you're looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 4.89%, which is an increase of 2 basis points from seven days ago. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a larger monthly payment. But a 15-year loan will usually be the better deal, as long as you can afford the monthly payments. You'll most likely get a lower interest rate, and you'll pay less interest in total because you're paying off your mortgage much quicker.

5/1 adjustable-rate mortgages

A 5/1 adjustable-rate mortgage has an average rate of 4.21%, an increase of 2 basis points from the same time last week. You'll typically get a lower interest rate (compared to a 30-year fixed mortgage) with a 5/1 adjustable-rate mortgage in the first five years of the mortgage. But since the rate changes with the market rate, you might end up paying more after that time, as described in the terms of your loan. Because of this, an ARM could be a good option if you plan to sell or refinance your house before the rate changes. If not, shifts in the market may significantly increase your interest rate.

Mortgage rate trends

Though mortgage rates were historically low at the beginning of 2022, they have been increasing somewhat steadily since then. The Federal Reserve recently raised interest rates by another 0.75 percentage points in an attempt to curb record-high inflation. The Fed has raised rates a total of four times this year, but inflation still remains high. As a general rule, when inflation is low, mortgage rates tend to be lower. When inflation is high, rates tend to be higher.

Though the Fed does not directly set mortgage rates, the central bank's policy actions influence how much you pay to finance your home loan. If you're looking to buy a house in 2022, keep in mind that the Fed has signaled it will continue to raise rates, and mortgage rates could increase as the year goes on. Whether rates follow their upward projection or begin to level out hinges on if inflation actually slows.

We use data collected by Bankrate, which is owned by the same parent company as CNET, to track rate changes over time. This table summarizes the average rates offered by lenders across the country:

Current average mortgage interest rates

Loan type	Interest rate	A week ago	Change
30-year fixed rate	5.54%	5.57%	-0.03
15-year fixed rate	4.89%	4.87%	+0.02
30-year jumbo mortgage rate	5.53%	5.56%	-0.03
30-year mortgage refinance rate	5.50%	5.53%	-0.03

Updated on Aug. 17, 2022.

How to find personalized mortgage rates

You can get a personalized mortgage rate by reaching out to your local mortgage broker or using an online calculator. When researching home mortgage rates, consider your goals and current financial situation. Specific mortgage rates will vary based on factors including credit score, down payment, debt-to-income ratio and loan-to-value ratio. Generally, you want a good credit score, a larger down payment, a lower DTI and a lower LTV to get a lower interest rate. The interest rate isn't the only factor that affects the cost of your home — be sure to also consider additional factors such as fees, closing costs, taxes and discount points. Make sure you talk to multiple lenders -- like local and national banks, credit unions and online lenders -- and comparison shop to find the best loan for you.

What is a good loan term?

One important thing to consider when choosing a mortgage is the loan term, or payment schedule. The most common mortgage terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. The interest rates in a fixed-rate mortgage are fixed for the duration of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only stable for a certain amount of time (commonly five, seven or 10 years). After that, the rate fluctuates annually based on the market interest rate.

One important factor to take into consideration when choosing between a fixed-rate and adjustable-rate mortgage is how long you plan on living in your home. If you plan on staying long-term in a new house, fixed-rate mortgages may be the better option. Fixed-rate mortgages offer greater stability over time compared to adjustable-rate mortgages, but adjustable-rate mortgages might offer lower interest rates upfront. If you don't have plans to keep your new house for more than three to 10 years, though, an adjustable-rate mortgage may give you a better deal. There is no best loan term as a rule of thumb; it all depends on your goals and your current financial situation. It's important to do your research and know your own priorities when choosing a mortgage.

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Mortgage Interest Rates for Sept. 1, 2022: Rates Climb

Mortgage Interest Rates for Sept. 1, 2022: Rates Climb

Some important mortgage rates increased today. The average 15-year fixed and 30-year fixed mortgage rates both grew. For variable rates, the 5/1 adjustable-rate mortgage also floated higher.

Though mortgage rates have been rather consistently going up since the start of this year, what happens next depends on whether inflation continues to climb or begins to retreat. Interest rates are dynamic and unpredictable -- at least on a daily or weekly basis -- and they respond to a wide variety of economic factors. Right now, they're particularly sensitive to inflation and the prospect of a US recession. With so much uncertainty in the market, if you're looking to buy a home, trying to time the market may not play to your favor. If inflation rises and rates climb, this could translate to higher interest rates and steeper monthly mortgage payments. For this reason, you may have better luck locking in a lower mortgage interest rate sooner rather than later. No matter when you decide to shop for a home, it's always a good idea to seek out multiple lenders to compare rates and fees to find the best mortgage for your specific situation.

30-year fixed-rate mortgages

The average 30-year fixed mortgage interest rate is 5.95%, which is an increase of 3 basis points compared to one week ago. (A basis point is equivalent to 0.01%.) The most common loan term is a 30-year fixed mortgage. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one -- but usually a higher interest rate. You won't be able to pay off your house as quickly and you'll pay more interest over time, but a 30-year fixed mortgage is a good option if you're looking to minimize your monthly payment.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 5.19%, which is an increase of 11 basis points from the same time last week. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a higher monthly payment. But a 15-year loan will usually be the better deal, if you're able to afford the monthly payments. These include typically being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

5/1 adjustable-rate mortgages

A 5/1 ARM has an average rate of 4.42%, a climb of 9 basis points compared to a week ago. For the first five years, you'll usually get a lower interest rate with a 5/1 adjustable-rate mortgage compared to a 30-year fixed mortgage. But you could end up paying more after that time, depending on the terms of your loan and how the rate adjusts with the market rate. If you plan to sell or refinance your house before the rate changes, an adjustable-rate mortgage could make sense for you. If not, shifts in the market could significantly increase your interest rate.

Mortgage rate trends

Though mortgage rates were historically low at the beginning of 2022, they have been rising somewhat steadily since then. The Federal Reserve recently raised interest rates by another 0.75 percentage points in an attempt to curb record-high inflation. The Fed has raised rates a total of four times this year, but inflation still remains high. As a general rule, when inflation is low, mortgage rates tend to be lower. When inflation is high, rates tend to be higher.

Though the Fed does not directly set mortgage rates, the central bank's policy actions influence how much you pay to finance your home loan. If you're looking to buy a house in 2022, keep in mind that the Fed has signaled it will continue to raise rates, and mortgage rates could increase as the year goes on. Whether rates follow their upward projection or begin to level out hinges on if inflation actually slows.

We use data collected by Bankrate, which is owned by the same parent company as CNET, to track changes in these daily rates. This table summarizes the average rates offered by lenders across the country:

Current average mortgage interest rates

Loan type	Interest rate	A week ago	Change
30-year fixed rate	5.95%	5.92%	+0.03
15-year fixed rate	5.19%	5.08%	+0.11
30-year jumbo mortgage rate	5.94%	5.93%	+0.01
30-year mortgage refinance rate	5.92%	5.85%	+0.07

Updated on Sept. 1, 2022.

How to find personalized mortgage rates

When you are ready to apply for a loan, you can reach out to a local mortgage broker or search online. When researching home mortgage rates, take into account your goals and current financial situation. A range of factors -- including your down payment, credit score, loan-to-value ratio and debt-to-income ratio -- will all affect your mortgage interest rate. Generally, you want a higher credit score, a larger down payment, a lower DTI and a lower LTV to get a lower interest rate. Apart from the mortgage rate, additional costs including closing costs, fees, discount points and taxes might also impact the cost of your home. Be sure to comparison shop with multiple lenders -- including credit unions and online lenders in addition to local and national banks -- in order to get a mortgage that's the right fit for you.

What's the best loan term?

One important thing to consider when choosing a mortgage is the loan term, or payment schedule. The most common mortgage terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are set for the life of the loan. Unlike a fixed-rate mortgage, the interest rates for an adjustable-rate mortgage are only set for a certain amount of time (commonly five, seven or 10 years). After that, the rate adjusts annually based on the current interest rate in the market.

One thing to think about when deciding between a fixed-rate and adjustable-rate mortgage is how long you plan on staying in your house. Fixed-rate mortgages might be a better fit if you plan on staying in a home for quite some time. Fixed-rate mortgages offer greater stability over time in comparison to adjustable-rate mortgages, but adjustable-rate mortgages might offer lower interest rates upfront. If you aren't planning to keep your new house for more than three to 10 years, though, an adjustable-rate mortgage might give you a better deal. The best loan term is entirely dependent on your personal situation and goals, so be sure to think about what's important to you when choosing a mortgage.

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Today's Mortgage Rates for Aug. 23, 2022: 30-Year Fixed Rate Soars Higher

Today's Mortgage Rates for Aug. 23, 2022: 30-Year Fixed Rate Soars Higher

A variety of notable mortgage rates increased today. There's been a staggering gain in 30-year fixed mortgage rates, and 15-year fixed rates cruised higher as well. At the same time, average rates for 5/1 adjustable-rate mortgages also were boosted.

Though mortgage rates have been rather consistently going up since the start of this year, what happens next depends on whether inflation continues to climb or begins to retreat. Interest rates are dynamic and unpredictable -- at least on a daily or weekly basis -- and they respond to a wide variety of economic factors. Right now, they're particularly sensitive to inflation and the prospect of a US recession. With so much uncertainty in the market, if you're looking to buy a home, trying to time the market may not play to your favor. If inflation rises and rates climb, this could translate to higher interest rates and steeper monthly mortgage payments. For this reason, you may have better luck locking in a lower mortgage interest rate sooner rather than later. No matter when you decide to shop for a home, it's always a good idea to seek out multiple lenders to compare rates and fees to find the best mortgage for your specific situation.

30-year fixed-rate mortgages

The 30-year fixed-mortgage rate average is 5.87%, which is an increase of 40 basis points from one week ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most frequently used loan term. A 30-year fixed mortgage will typically have a higher interest rate than a 15-year fixed rate mortgage -- but also a lower monthly payment. You won't be able to pay off your house as quickly and you'll pay more interest over time, but a 30-year fixed mortgage is a good option if you're looking to minimize your monthly payment.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 5.04%, which is an increase of 17 basis points from the same time last week. You'll definitely have a larger monthly payment with a 15-year fixed mortgage compared to a 30-year fixed mortgage, even if the interest rate and loan amount are the same. However, as long as you can afford the monthly payments, there are several benefits to a 15-year loan. These include typically being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.

5/1 adjustable-rate mortgages

A 5/1 ARM has an average rate of 4.31%, an addition of 9 basis points from the same time last week. For the first five years, you'll typically get a lower interest rate with a 5/1 adjustable-rate mortgage compared to a 30-year fixed mortgage. However, you might end up paying more after that time, depending on the terms of your loan and how the rate shifts with the market rate. If you plan to sell or refinance your house before the rate changes, an ARM may make sense for you. But if that's not the case, you could be on the hook for a significantly higher interest rate if the market rates shift.

Mortgage rate trends

Though mortgage rates were historically low at the beginning of 2022, they have been increasing somewhat steadily since then. The Federal Reserve recently raised interest rates by another 0.75 percentage points in an attempt to curb record-high inflation. The Fed has raised rates a total of four times this year, but inflation still remains high. As a general rule, when inflation is low, mortgage rates tend to be lower. When inflation is high, rates tend to be higher.

Though the Fed does not directly set mortgage rates, the central bank's policy actions influence how much you pay to finance your home loan. If you're looking to buy a house in 2022, keep in mind that the Fed has signaled it will continue to raise rates, and mortgage rates could increase as the year goes on. Whether rates follow their upward projection or begin to level out hinges on if inflation actually slows.

We use rates collected by Bankrate, which is owned by the same parent company as CNET, to track changes in these daily rates. This table summarizes the average rates offered by lenders across the country:

Today's mortgage interest rates

Rates accurate as of Aug. 23, 2022.

How to find the best mortgage rates

You can get a personalized mortgage rate by reaching out to your local mortgage broker or using an online calculator. In order to find the best home mortgage, you'll need to take into account your goals and overall financial situation. Things that affect what the interest rate you might get on your mortgage include: your credit score, down payment, loan-to-value ratio and your debt-to-income ratio. Having a good credit score, a higher down payment, a low DTI, a low LTV, or any combination of those factors can help you get a lower interest rate. The interest rate isn't the only factor that affects the cost of your home — be sure to also consider other factors such as fees, closing costs, taxes and discount points. You should comparison shop with multiple lenders -- including credit unions and online lenders in addition to local and national banks -- in order to get a mortgage loan that works best for you.

How does the loan term impact my mortgage?

When picking a mortgage, you should consider the loan term, or payment schedule. The most common mortgage terms are 15 years and 30 years, although 10-, 20- and 40-year mortgages also exist. Another important distinction is between fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are stable for the life of the loan. For adjustable-rate mortgages, interest rates are the same for a certain number of years (typically five, seven or 10 years), then the rate fluctuates annually based on the market interest rate.

One thing to take into consideration when deciding between a fixed-rate and adjustable-rate mortgage is how long you plan on living in your home. Fixed-rate mortgages might be a better fit if you plan on staying in a home for quite some time. Fixed-rate mortgages offer greater stability over time in comparison to adjustable-rate mortgages, but adjustable-rate mortgages can sometimes offer lower interest rates upfront. If you don't have plans to keep your new home for more than three to 10 years, however, an adjustable-rate mortgage might give you a better deal. There is no best loan term as a general rule; it all depends on your goals and your current financial situation. Make sure to do your research and know what's most important to you when choosing a mortgage.

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Source

Inflation, Interest Rates and Jobs: How Today's Economy Compares to Recessions of the Past

Inflation, Interest Rates and Jobs: How Today's Economy Compares to Recessions of the Past

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

What's happening

There's still debate about whether the US economy is officially headed into a recession, but the economic downturn is causing widespread stress.

Why it matters

Periods of financial volatility and market decline can drive people to panic and make costly mistakes with their money.

What's next

Examining what's happening now -- and comparing it with the past -- can help investors and consumers decide what to do next.

Facing the aftershocks of a rough economy in the first half of 2022, with sky-high inflation, rising mortgage rates, soaring gas prices and a bear market for stocks, leading indicators of a recession have moderated slightly in the past month. That could mean the economic downturn won't be as long or brutal as expected. 

Still, the majority of Americans are feeling the sting of rising prices and anxiety over jobs. The country has experienced two consecutive quarters of economic slowdown -- the barometer for measuring a recession -- even though the National Bureau of Economic Research hasn't made the "official" recession call.  

At a time like this, we should consider what happens in a recession, look at the data to determine whether we're in one and try to maintain some historical perspective. It's also worth pointing out that down periods are temporary and that, over time, both the stock market and the US economy bounce back. 

I don't mean to minimize the gravity and hardship of the times. But it can be useful to review how the economy has behaved in the past to avoid irrational or impulsive money moves. For this, we can largely blame recency bias, our inclination to view our latest experiences as the most valid. It's what led many to flee the stock market in 2008 when the S&P 500 crashed, thereby locking in losses and missing out on the subsequent bull market. 

"It's our human tendency to project the immediate past into the future indefinitely," said Daniel Crosby, chief behavioral officer at Orion Advisor Solutions and author of The Laws of Wealth. "It's a time-saving shortcut that works most of the time in most contexts but can be woefully misapplied in markets that tend to be cyclical," Crosby told me via email. 

Before you make a knee-jerk reaction to your portfolio, give up on a home purchase or lose it over job insecurity, consider these chart-based analyses from the last three decades. We hope this data-driven overview will offer a broader context and some impetus for making the most of your money today.

What do we know about inflation? 

Historical inflation rate by year

Macrotrends.net

Current conditions: The US is experiencing the highest rate of inflation in decades, driven by global supply chain disruptions, the injection of federal stimulus dollars and a surge in consumer spending. In real dollars, the 8.5% rise in consumer prices over the past year is adding about $400 more per month to household budgets. 

The context: Policymakers consider 2% per year to be a "normal" inflation target. The country's still experiencing over four times that figure. The 9.1% annual rate in July was the largest jump in inflation since 1980 when the inflation rate hit 13.5% following the prior decade's oil crisis and high government spending on defense, social services, health care, education and pensions. Back then, the Federal Reserve increased rates to stabilize prices and, by the mid-1980s, inflation fell to below 5%.

The upside: As overall inflation rates rise, the silver lining might be increased rates of return on personal savings. Bank accounts are starting to offer more attractive yields, while I bonds -- federally backed accounts that more or less track inflation -- are attracting savers, too. 

What's happening with mortgage rates? 

30-year fixed-rate mortgage averages in the US

Current conditions: As the Federal Reserve continues its rate-hike campaign to cool spending and try to tame inflation, the rate on a 30-year fixed mortgage has grown significantly. In June, the average rate jumped annually by nearly 3 percentage points to almost 6%. In real dollars, that means that after a 20% down payment on a new home (let's use the average sale price of $429,000), a buyer would roughly need an extra $7,300 a year to afford the mortgage. Since then, rates have cooled a bit, even dipping back down below 5%. What happens next with rates depends on where inflation goes from here.

The context: Three years ago, homebuyers faced similar borrowing costs and, at the time, rates were characterized as "historically low." And if we think borrowing money is expensive today, let's not forget the early 1980s when the Federal Reserve jacked up rates to never-before-seen levels due to hyperinflation. The average rate on a 30-year fixed-rate mortgage in 1981 topped 16%. 

The upside: For homebuyers, a potential benefit to rising rates is downward pressure on home prices, which could cause the housing market to cool slightly. As the cost to borrow continues to increase with mortgages becoming more expensive, homes could experience fewer offers and prices would slow in pace. In fact, nearly one in five sellers dropped their asking price during late April through late May, according to Redfin. 

On the flip side, less homebuyers mean more renters. Rent prices have skyrocketed, and housing activists are asking the White House to take action on what they call a "national emergency."

What about the stock market? 

Dow Jones Industrial Average stock market index for the past 30 years

Macrotrends.net

Current conditions: Year-to-date, the Dow Jones Industrial Average -- a composite of 30 of the most well-known US stocks such as Apple, Microsoft and Coca-Cola -- is about 8.5% below where it started in January. Relative to the broader market, technology stocks are down much more. The Nasdaq is off almost 19% since the start of the year. 

The benchmark S&P 500 stock index hit lows in June that marked a more than 20% drop from January, which brought us officially into a bear market. Since then, it's bounced back up a little, but some experts warn that a current bear market rally is at odds with expected earnings and we could see even lower stock prices in the near future.

The context: Stock price losses in 2022 are not nearly as swift and steep as what we saw in March 2020, when panic over the pandemic drove the DJIA down by 26% in roughly four trading days. The market reversed course the following month and began a bull run lasting more than two years, as the lockdown drove massive consumption of products and services tied to software, health care, food and natural gas. 

Prior to that, in 2008 and 2009, a deep and pervasive crisis in housing and financial services sank the Dow by nearly 55% from its 2007 high. But by fall 2009, it was off to one of its longest winning streaks in financial history. 

The upside: Given the cyclical nature of the stock market, now is not the time to jump ship.* "Times that are down, you at least want to hold and/or think about buying," said Adam Seessel, author of Where the Money Is. "Over the last 100 years, American stocks have been the surest way to grow wealthy slowly over time," he told me during a recent So Money podcast.

*One caveat: If you're closer to or living in retirement and your portfolio has taken a sizable hit, it may be worth talking to a professional and reviewing your selection of funds to ensure that you're not taking on too much risk. Target-date funds, a popular investment vehicle in many retirement accounts that auto-adjust for risk as you age, may be too risky for pre- or early retirees. 

What does unemployment tell us? 

US unemployment rates

Current conditions: The July jobs report shows the unemployment rate holding steady, slightly dropping to 3.5%. The Great Resignation of 2021, where millions of workers quit their jobs over burnout, as well as unsatisfactory wages and benefits, left employers scrambling to fill positions. However, that could be changing as economic challenges deepen: More job losses are likely on the horizon, and an increasing number of workers are concerned with job security. 

The context: The rebound in theunemployment rate is an economic hallmark of the past two years. But the ongoing interest rate hike may weigh on corporate profits, leading to more layoffs and hiring freezes. For context, during the Great Recession, in a two-year span from late 2007 to 2009, the unemployment rate rose sharply from about 5% to 10%. 

Today, the tech sector is one to watch. After benefiting from rapid growth led by consumer demand in the pandemic, companies like Google and Facebook may be in for a "correction." Layoffs.fyi, a website that tracks downsizing at tech startups, logged close to 37,000 layoffs in Q2, more than triple from the same period last year. 

The upside: If you're worried about losing your job because your employer may be more vulnerable in a recession, document your wins so that when review season arrives, you're ready to walk your manager through your top-performing moments. Offer strategies for how to weather a potential slowdown. All the while, review your reserves to see how far you can stretch savings in case you're out of work. Keep in mind that in the previous recession, it took an average of eight to nine months for unemployed Americans to secure new jobs.

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What's happening

Home prices overall are up by 37% since March 2020.

Why it matters

Surging home prices and higher interest rates make monthly mortgage payments less affordable.

What's next

Rising mortgage rates will make borrowing money more expensive, which will lessen competition to buy homes and eventually flatten prices.

Home prices continued to skyrocket in March as buyers tried to stay ahead of rising mortgage rates. 

Prices increased by 20.6% this March compared to last year, according to the S&P CoreLogic Case-Shiller Indices, the leading measures of US home prices. This was the highest year-over-year increase in March for home prices in more than 35 years of data. Seven in 10 homes sold for more than their asking price, according to CoreLogic. 

Out of the 20 cities tracked by the 20-city composite index, Tampa, Phoenix and Miami saw the highest year-over-year gains in March. Tampa saw the greatest increase, with an almost 35% increase in home prices year-over-year. All 20 cities experienced double-digit price growth for the year ending in March.

The strongest price growth was seen in the south and southeast, with both regions posting almost 30% gains in March. Seventeen of the 20 metro areas also saw acceleration in their annual gains since February. 

"Those of us who have been anticipating a deceleration in the growth rate of US home prices will have to wait at least a month longer," said Craig Lazzara, managing director at S&P DJI, in the release. "The strength of the Composite indices suggests very broad strength in the housing market, which we continue to observe."

Since the start of the pandemic in March 2020, home prices overall are up by 37%. The current surge in home prices is a result of tight competition between buyers in a low-inventory market as they attempt to lock in lower mortgage rates before rates jump even higher throughout the year, as experts predict they will.

If you're considering buying a new home -- or are actively in the market -- the news isn't all bad. Interest rates are at their highest point in more than 40 years, and one potential benefit of that may, eventually, be downward pressure on home prices. As it becomes increasingly expensive to borrow money, fewer people will seek to do so, and homes for sale may receive fewer offers leading to, eventually, lower prices. In fact, nearly one in five sellers lowered their asking price during a four-week period in May and April, according to Redfin.

"Mortgages are becoming more expensive as the Federal Reserve has begun to ratchet up interest rates, suggesting that the macroeconomic environment may not support extraordinary home price growth for much longer," said Lazzara. "Although one can safely predict that price gains will begin to decelerate, the timing of the deceleration is a more difficult call."

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10-Year Mortgage Rates for September 2022

10-Year Mortgage Rates for September 2022

You've probably heard of 30-year and 15-year mortgages, but have you heard of a 10-year mortgage? This little-known mortgage type could save you big in interest -- if you can afford a hefty monthly payment.

A 10-year mortgage is less common than other kinds of mortgages, but it has its own unique advantages. Though your monthly payments will be higher than other mortgage types, you could save a significant amount in interest over the course of your home loan.

Plus, 10-year mortgage rates are still relatively low compared to mortgage rates overall, which means they offer valuable financial benefits in the current economic climate.

Here's everything you need to know about what a 10-year mortgage is, how it works and how to find the lowest mortgage rates possible. 

What is a 10-year mortgage?

Ten-year mortgages work exactly the same way as other kinds of mortgages, but instead of repaying your mortgage in 15 or 30 years, you'll repay it in 10. This may make sense when buying a home if you can afford a larger monthly payment, want to save big in interest payments and don't want to pay off your mortgage over several decades. You apply and qualify for a 10-year mortgage the same way you do with other types of mortgages. 

While 10-year mortgages aren't that popular, the homebuying process won't change whether you have a 10-or a 30-year mortgage. You should expect to pay all the same fees, including closing costs and origination fees.

It's important to speak with multiple lenders and do your research before choosing one. Interviewing more than one lender will help you find the lowest rate and fees for your personal financial situation. The more lenders you gather information from, the better your chances of securing yourself a lower rate. 

10-year fixed-rate mortgage rate trends

Currently, rates for a 10-year mortgage are idling around 5%, while 30-year mortgage rates are in the mid-to-upper 5% range. Since the beginning of this year, mortgage rates have slowly been increasing from around 3%. While it's uncertain where rates will land over the rest of the year -- if inflation continues to rise, mortgage rates could climb -- locking in a 10-year mortgage rate while it hovers below 5% could save you tens of thousands in interest. Even one or two percentage points can make a significant difference in the interest you pay on your mortgage. 

Current mortgage and refinance rates

We use information collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. The above table summarizes the average rates offered by lenders across the country.

Pros of a 10-year mortgage

• Lower interest rate: You'll pay a lower interest rate for a 10-year mortgage than other types of mortgages because the bank is taking less of a risk loaning you the money over a shorter period of time. Plus, you cut down the total interest you'll pay overall. 

• Pay off your loan faster: You could save tens of thousands of dollars over the life of your loan by paying it off years faster than other kinds of mortgages, allowing you to build equity in your home more quickly. 

Cons of a 10-year mortgage

• High monthly payments: If you can't afford high monthly payments, a 10-year mortgage probably isn't right for you. 

FAQs

What's the difference between a 15- and 10-year mortgage?

With a 10-year loan, you'll receive a slightly lower interest rate and therefore pay less in interest over time. This means your monthly mortgage payment will be higher, though the overall loan will be more affordable in the long run. You'll also pay off the loan in 10 years, rather than 15.

What is the difference between a 10- and 30-year mortgage?

It will take you one third of the time to pay off a 10-year mortgage compared to a 30-year mortgage, saving you tens of thousands of dollars in interest over the years. You will also pay a lower interest rate than for a 30-year loan. Expect a higher monthly payment, though you'll still save money overall. 

How do you qualify for a 10-year fixed-rate mortgage?

Qualifying for a 10-year mortgage is the same as qualifying for other types of mortgages, but income and credit score requirements will be stricter to ensure you can afford to make the higher monthly payments. 

Make sure you have all of your financial documents like tax returns and pay stubs in order because the lender will factor in almost every aspect of your financial life to determine whether or not you can pay back the loan. Things like your income, credit score, how much debt you're carrying and your loan-to-value ratio all affect the rate a lender will offer you.

Other mortgage tools and resources

You can use CNET's mortgage calculator to help you determine how much house you can afford. CNET's mortgage calculator takes into account things like your monthly income, expenses and debt payments to give you an idea of what you can manage financially. Your mortgage rate will depend in part on those income factors, as well as your credit score and the zip code where you are looking to buy a house.

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Compare 15-Year Mortgage Rates for August 2022

Compare 15-Year Mortgage Rates for August 2022

Buying a home is a major financial decision, and interest rate levels have a major impact on how much your mortgage will cost you over the years. When you become a homeowner, you'll want to secure the right type of mortgage at the lowest possible rate. If you can manage a higher monthly payment, a 15-year mortgage is an attractive option if you're looking to pay off your home loan sooner while saving on interest.

Current 15-year mortgage rate trends

Rates for the 15-year mortgage are currently in the mid-to-upper 4% range, having dropped slightly since the Federal Reserve's most recent interest rate hike to combat inflation. Although rates had been steadily increasing since the beginning of 2022, they dropped because the Fed's increase was in line with market expectations. Interest rates typically go up when inflation soars, and the pressure on rates and prices has been most apparent in the real estate industry.

Even though mortgage rates dipped slightly, home prices will remain high in 2022. The more expensive homes get, the bigger the mortgage you'll need to afford that home. Make sure you shop around for mortgage lenders that can make worthwhile rates available to you. You should always meet with multiple lenders to figure out which loan offers make the most sense for your personal financial situation. 

Here's what you need to know to lock in the best mortgage rate possible for a new home.

The pros of a 15-year fixed mortgage

• Shorter loan term: The obvious benefit of a 15-year fixed mortgage is that it takes half the length of time to pay off compared to a 30-year mortgage. You will have higher monthly payments, but you'll pay this home loan off twice as fast, resulting in less interest over time. 
• Lower interest rates: Usually, 15-year fixed interest rates are lower than 30-year rates because the lender does not have to predict rates for an additional 15 years into the future, like they do for a 30-year loan. 
• Build equity in your home much faster: A 15-year fixed mortgage allows you to build more equity in your home faster. This means you can enjoy some of the advantages of homeownership, such as refinancing your home loan when rates go down again, sooner. Typically, to get a good refi rate, lenders like to see at least 20% in home equity.

The cons of a 15-year fixed mortgage

• Higher monthly payments: One downside to a 15-year mortgage is that you're stuck with high monthly payments for the duration of the home loan. For example, say you make a 20% down payment on a $500,000 mortgage at a 4% interest rate with a 15-year fixed mortgage, your monthly payment will be about $3,350, compared to just $2,300 with a 30-year fixed mortgage.
• The maximum mortgage amount you can borrow is smaller: Since you're making high payments every month, lenders will offer you a smaller mortgage amount than they might with a 30-year loan. This reduces the risk to the lender that you will default on the loan.
• Less financial flexibility overall: If you put all of your eggs into a 15-year mortgage, it could limit your opportunity to spend your money in other ways. For example, you may have less available to contribute to investment or retirement accounts. You may also have less of a financial cushion to fall back on if you run into difficulties.

Something to consider 

If you like the idea of paying off your mortgage sooner, but are worried about committing to higher monthly payments, there's an alternative to consider. If you choose a 30-year mortgage over a 15-year mortgage, you can make additional payments throughout the year, which will help shorten your loan term. This allows you to effectively pay off your 30-year mortgage sooner, without locking yourself into the higher monthly payments that are attached to a 15-year mortgage.

Current mortgage and refinance rates

We use information collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. The above table summarizes the average rates offered by lenders across the country. 

FAQs

What is a 15-year fixed mortgage?

A 15-year fixed mortgage is a loan to buy a house that you will pay off over 15 years with a set interest rate. Since it has a shorter loan term than a 30-year mortgage, the monthly payments are much higher than with a fixed 30-year loan.

Who can qualify for a 15-year mortgage?

You must be able to afford higher monthly payments to qualify for a 15-year loan and confirm your ability to pay. That means your salary, credit score and debt-to-income ratio -- that is, how much debt you carry each month divided by your monthly income before taxes -- play a bigger role in a 15-year mortgage than they do for a 30-year mortgage. So if you have high-interest debt you're trying to pay down, a lender will factor in those payments when considering approving you for the loan.

What is the difference between a 15-year mortgage and a 30-year mortgage?

The main difference between a 15-year mortgage and a 30-year mortgage is that a 15-year mortgage will ultimately cost you less by saving you up to tens of thousands of dollars over the lifetime of the loan. You also pay a lower interest rate for a shorter amount of time, thereby lessening the overall cost of your loan. But paying off the loan in half the time means that your monthly payments can be almost double what they are for a 30-year loan.

More mortgage tools and resources

You can use CNET's mortgage calculator to help determine how much you can afford for a house and work out how to manage financially. The tool takes into account your monthly income, expenses and debt payments. In addition to those factors, your mortgage rate will depend on your credit score and the zip code where you are looking to buy a house.

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How to save, invest and earn more for a better 2022

How to save, invest and earn more for a better 2022

This story is part of The Year Ahead, CNET's look at how the world will continue to evolve starting in 2022 and beyond.

Trying to forecast the future can be a fool's errand, but recent trends in the money world and expert financial predictions offer a window into what 2022 may have in store for us. From rising interest rates to inflation pressures to new IRS rules, here's an overview of what we can expect - and how to make the most of our money.

1.) In debt? Make pay down a priority

If you're saddled with high-interest debt, the new year may be a smart time to prioritize knocking down those balances, as the threat of rising interest rates looms.  

"The U.S. Federal Reserve lowered interest rates in response to the pandemic to help stimulate the economy, which made borrowing money far less expensive for consumers. But as the economy continues to improve and the inflation we're seeing now becomes more of a concern, it's likely the Fed will raise interest rates, which will make borrowing more expensive... which can affect everything from mortgages to credit card debt," says Stefanie O'Connell Rodriguez, host of Real Simple's Money Confidential podcast. 

"If you have credit card debt, this might be a good time to prioritize getting that balance down as much as possible so you're not just paying the minimums and subject to higher interest rates on your remaining balance as rates rise," she advises.

To ease the rate burden, you may want to consider transferring card balances to cards offering 0% introductory interest rates but only if you can pay down the balance before the promotional rate expires, which is often between 12 and 18 months.

Finally, the threat of rising rates may give some homeowners incentive to refinance. If your current mortgage has a variable interest rate -- which means it could periodically adjust with the market -- 2022 may be a wise time to consider switching to a fixed rate mortgage.  

2.) Focused on saving? Shop around  

In recent years we saw the personal saving rate in this country reach record highs - and for good reason. The uncertainties and life shifts brought upon us from the pandemic led those of us fortunate to still have income streams to save more. The stimulus checks also helped in some cases.

Now, if inflation continues to rear its head as it has in recent months, we may need our savings to pay for the increases in groceries, gas, homes and cars. Mapping out a budget for the new year to factor in some of these price hikes can prove essential, as could parking a little more money in the bank if you've yet to build up savings.  

"If you do not have an emergency fund, aim to save at least three to six months of necessary living expenses in a high-yield savings account," recommends Cindy Zuniga-Sanchez, founder of Zero-Based Budget Coaching LLC in New York. "The emergency fund serves as your financial cushion in the event of a job loss, decrease in income or other life change." 

Start with as little as you can but commit to saving consistently. An app like Digit is popular for helping users save small amounts incrementally. It uses machine learning to figure out the easiest amount you can save here and there and makes the transfers for you. Digit's website says the average user saves $2,200 a year through its app. Membership is $5 per month after a free 30-day trial.

And it's a good time to save, theoretically. While rising rates can spell bad news for those carrying debt, it's typically encouraging for those looking to earn more than the near zero percent rate or return they've been accustomed to in their bank accounts. And as more digital-only financial institutions with higher savings rates enter the marketplace vying for our deposits, more consumers may be incentivized to switch banks.

3.) Behind on retirement savings? Bank on new contribution limits  

If 2022 is the year you want to bump up your retirement savings, good news: In November the IRS announced that savers can set aside an extra $1,000 in their workplace retirement account. This includes the 401(k), 403(b), most 457 plans and Thrift Savings Plans. The new contribution limit - which is tax deductible - will be $20,500.

As a reminder to those who may have taken advantage of the CARES Act and taken a coronavirus-related withdrawal from their retirement plan in 2020 at no penalty, you can repay the full amount in 2022 and claim a refund on the taxes you paid. If you haven't done so already, remember that this may be the last eligible year to repay your retirement account to earn back the taxes you may have paid. 

4.) Eyeing a new house? Avoid knee-jerk reactions to rising rates

Prospective homeowners concerned about rising interest rates may be inclined to either sit back on the sidelines or speed up a purchase. But, as always when considering what's probably going to be the biggest financial purchase of your life, consider all of your expenses - and have some perspective. 

"Rates will tick up," says Kathy Braddock, Managing Director of William Raveis NYC. "But most younger buyers need to know that in the late 1970s and early 1980s, rates were close to 20 percent and people still bought homes."  

Braddock's advice to homebuyers is to first do the math to see which move - renting or buying - offers more financial and lifestyle benefits. If you do decide to buy in 2022, it's all the more important to have a strong credit score to bank on the best possible rate. Shop around for a quality loan, and to help ride out market fluctuations, lock your rate and have at least a three-year commitment to staying in the home before needing to sell, says Braddock. Our CNET mortgage calculator can also help you better determine how much house you can afford.

If it's any comfort, the National Realtors Association predicts more housing supply in the next year based on expectations of new construction and the expiration of the mortgage forbearance program prompting some owners to sell. This could help to reduce the rising pace of home prices in the previous year and lessen the sting of rising rates.

5.) Want to make more money? Engage your employer

With 2021's Great Resignation leaving some companies scrambling for new talent, the new year may be a fertile time for you to finally get that promotion or raise. That is, assuming you've been adding value and plan to stay with your company. 

While higher pay may be top of mind, don't forget that there are other financial benefits your employer may be able to address. Financial wellness programs that provide credit counseling and help workers budget and save are increasingly becoming a valuable employer benefit that prospective workers are seeking out. In fact, close to 70 percent of workers say it's their employer's responsibility to help them become financially healthy and secure, according to a 2021 survey by the Employee Benefit Research Institute.  

If you have student loan debt or are considering going back to school, remember that a lesser-known provision in the CARES Act temporarily allows employers to provide up to $5,250 in tax-exempt student loan repayment contributions or tuition assistance each year, through the end of 2025. "With four full years remaining, it's the perfect time for employees to be proactive by asking if their employers are aware of their ability to offer this financial wellness benefit and whether they are willing to do so," says Patricia Roberts, financial aid expert and author of Route 529.   

In summary, 2022 poses some unique financial challenges and opportunities led by the likelihood of inflation and rising interest rates. They're worth considering, as we aim to manage our money well and achieve our short and long-term goals. If you've yet to knock down high-interest credit card debt, start there, then focus on bulking up your emergency fund. Rising mortgage rates may fuel more anxiety in the housing market, but prospective homeowners should have a long-term view and consider all their expenses. Finally, if you're hoping to make more money or get some financial assistance, don't forget: talking to your employer may be a great place to start. 

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