Despite the interest rate increase announced by the FED on May 4, 2022, mortgage rates have declined slightly as of the date this is being written. However, when put into the larger perspective, they have increased.
Compared to a week ago, the mortgage rates were as follows:
Loan term Rate Change Rate last week
30-Year Mortgage Rate 5.54% 0.04% 5.50%
15-Year Fixed-Rate 4.76% 0.02% 4.74%
30-Year Jumbo Mortgage Rate 5.45% 0.07% 5.38%
5/1 ARM Rate 3.78% 0.11% 3.67%
While interest rates are no longer at the historic lows of the past few years, as this graph from the Federal Reserve shows, they are not as high as they have been in recent years.