Average mortgage rates are higher for all loan types today with the 30-year mortgage rate crossing above 5%.
- The latest rate on a 30-year fixed-rate mortgage is 5.17%. ⇑
- The latest rate on a 15-year fixed-rate mortgage is 4.197%. ⇑
- The latest rate on a 5/1 ARM is 3.974%. ⇑
- The latest rate on a 7/1 ARM is 4.135%. ⇑
- The latest rate on a 10/1 ARM is 4.245%.
Fed Chair Jerome Powell is done sitting idly on the sidelines as inflation burns away Americans’ purchasing power. The plan? Draw upon the central bank's decades-old inflation playbook by increasing rates until demand pulls back, and price growth slows.
This is already presenting a test for runaway inflation's poster child: the U.S. housing market.