Happy May Everyone! The year is almost half over. Rates have been on a steep rise for the year thus far. Conventional 30 year rates have topped out at 5.5% and have been holding steady for about a week. In this uncertain market be sure to look at other financing options like a 10/1 ARM in which the rate is fixed for 10 years and adjusts thereafter. These products may sound scary, but considering 93% of people refinance their mortgages every 7 years a longer term ARM can make sense. With a strong jobs market and rising inflation expect that rates are not going down anytime soon. Lock sooner rather than later and look for lenders offering longer lock periods.
May 2022 Interest Rates
May 19, 2022