Mortgage and refinance rates today, May 11, 2022

May 11, 2022 - 7 min read

Today’s mortgage and refinance rates

Average mortgage rates fell again yesterday, bringing worthwhile gains that were similar to Monday’s. You now have to go back to the final days of April to find lower rates.

Following the publication earlier this morning of April’s consumer price index, mortgage rates today look likely to rise. But, of course, these things are never certain.

Current mortgage and refinance rates

Program Mortgage Rate APR* Change
Conventional 30 year fixed
Conventional 30 year fixed 5.485% 5.511% -0.1%
Conventional 15 year fixed
Conventional 15 year fixed 4.672% 4.705% -0.03%
Conventional 20 year fixed
Conventional 20 year fixed 5.534% 5.572% -0.09%
Conventional 10 year fixed
Conventional 10 year fixed 4.565% 4.639% -0.01%
30 year fixed FHA
30 year fixed FHA 5.521% 6.294% -0.06%
15 year fixed FHA
15 year fixed FHA 4.816% 5.103% -0.18%
30 year fixed VA
30 year fixed VA 5.222% 5.435% +0.08%
15 year fixed VA
15 year fixed VA 4.75% 5.094% Unchanged
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions here.

Should you lock a mortgage rate today?

Don't lock on a day when mortgage rates look set to fall. My recommendations (below) are intended to give longer-term suggestions about the overall direction of those rates. So, they don’t change daily to reflect fleeting sentiments in volatile markets.

Unfortunately, I’m still not convinced that this week’s appreciable falls are a turning point for mortgage rates. And I suspect we’ll soon be seeing more rises.

But not everyone agrees with me. See below for a discussion of that debate.

Still, my personal rate lock recommendations for the longer term remain:

  • LOCK if closing in 7 days
  • LOCK if closing in 15 days
  • LOCK if closing in 30 days
  • LOCK if closing in 45 days
  • LOCK if closing in 60 days

>Related: 7 Tips to get the best refinance rate

Market data affecting today’s mortgage rates

Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data, compared with roughly the same time yesterday, were:

  • The yield on 10-year Treasury notes inched up to 2.98% from 2.97%. (Bad for mortgage rates.) More than any other market, mortgage rates normally tend to follow these particular Treasury bond yields
  • Major stock indexes were mostly higher soon after opening. (Bad for mortgage rates.) When investors are buying shares, they’re often selling bonds, which pushes prices of those down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
  • Oil prices increased to $105.08 from $103.06 a barrel. (Bad for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity
  • Gold prices fell to $1,850 from $1,859 an ounce. (Neutral for mortgage rates*.) It is generally better for rates when gold rises and worse when gold falls. Gold tends to rise when investors worry about the economy. And worried investors tend to push rates lower
  • CNN Business Fear & Greed index — fell to 24 from 27 out of 100. (Good for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. So lower readings are better than higher ones

*A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.

Caveats about markets and rates

Before the pandemic and the Federal Reserve’s interventions in the mortgage market, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.

So use markets only as a rough guide. Because they have to be exceptionally strong or weak to rely on them. But, with that caveat, mortgage rates today might rise. However, be aware that “intraday swings” (when rates change direction during the day) are a common feature right now.

Important notes on today’s mortgage rates

Here are some things you need to know:

  1. Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Read ‘How mortgage rates are determined and why you should care
  2. Only “top-tier” borrowers (with stellar credit scores, big down payments and very healthy finances) get the ultralow mortgage rates you’ll see advertised
  3. Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements — though they all usually follow the broader trend over time
  4. When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
  5. Refinance rates are typically close to those for purchases.

A lot is going on at the moment. And nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months.

Are mortgage and refinance rates rising or falling?

Are we finally seeing the start of sustained falls in mortgage rates? Some think we may be.

A “Before the Bell” e-newsletter yesterday morning from CNN Business said:

Many Wall Street analysts think bond prices will begin to rise again soon, noting investors likely got too far ahead of the Fed.

What does that mean? Mortgage rates are determined mainly by a type of bond called a “mortgage-back security” (MBS). And, like every other type of bond, it’s a mathematical certainty that higher prices mean lower yields, which, in the case of MBSs, also means lower mortgage rates.

For the last few months, the MBS market has been trying to anticipate how the Fed’s recent and continuing actions to rein in inflation would affect mortgage rates. And those rates have moved higher in advance of Fed announcements as markets priced in what they expected.

So those Wall Street analysts are suggesting the MBS market’s expectations were worse than the reality the Fed unveiled on May 4. That left MBS prices too low (and mortgage rates too high), and we’re now witnessing its unwinding.

That may be correct, even though mortgage rates rose on the two days following the Fed’s May 4 announcements. But I’m yet to be convinced we’ll see sustained falls for those rates. I suspect upward pressures caused by inflation are too powerful to allow a complete reversal in 2022’s upward trend. But I’m hoping to be proved wrong.

Unfortunately, this morning’s consumer price index for April won’t have helped those Wall Street analysts’ case. The index was a little better than March’s but not as good as economists had forecast. And mortgage rates were rising quite sharply first thing today.

Read the weekend edition of this daily article for more background.

Recent trends

Over much of 2020, the overall trend for mortgage rates was clearly downward. And a new, weekly all-time low was set on 16 occasions that year, according to Freddie Mac.

The most recent weekly record low occurred on Jan. 7, 2021, when it stood at 2.65% for 30-year fixed-rate mortgages.

Rates then bumbled along, moving little for the following eight or nine months. But they began rising noticeably that September. Unfortunately, they’ve been shooting up since the start of 2022.

Freddie’s May 5 report puts that same weekly average for 30-year, fixed-rate mortgages at 5.27% (with 0.9 fees and points), up from the previous week’s 5.10%.

Note that Freddie expects you to buy discount points (“with 0.9 fees and points”) on closing that earn you a lower rate. If you don’t do that, your rate would be closer to the ones we and others quote.

Expert mortgage rate forecasts

Looking further ahead, Fannie Mae, Freddie Mac and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.

And here are their current rate forecasts for the remaining three quarters of 2022 (Q2/22, Q3/22, Q4/22) and the first quarter of next year (Q1/23).

The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie’s were published on Apr. 19, Freddie’s on Apr. 18, and the MBA’s on Apr. 13.

Fannie Mae4.6%4.5% 4.5%4.5%
Freddie Mac4.8%4.8% 5.0%5.0%
MBA4.7%4.8% 4.8%4.8%

Of course, given so many unknowables, the whole current crop of forecasts might be even more speculative than usual. I’m afraid I’m less optimistic than any of them.

Find your lowest rate today

You should comparison shop widely, no matter what sort of mortgage you want. As federal regulator the Consumer Financial Protection Bureau says:

“Shopping around for your mortgage has the potential to lead to real savings. It may not sound like much, but saving even a quarter of a point in interest on your mortgage saves you thousands of dollars over the life of your loan.”

Mortgage rate methodology

The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.