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Today’s Mortgage, Refinance Rates: Sept. 22, 2022


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As expected, the Federal Reserve decided to enact another 75-basis-point hike to the federal funds rate at its meeting yesterday. This is the third time in a row the central bank has increased its benchmark rate this much, and more hikes are likely coming at its November and December meetings.

Borrowers should expect mortgage rates to remain elevated as the Fed continues tightening monetary policy.

Mortgage rates aren’t directly influenced by the federal funds rate, but they are impacted by investor expectations. Right now, most investors expect the Fed to continue aggressively raising rates until inflation shows sustained signs of slowing.

So far, prices have remained relatively stubborn, so the cost of borrowing — including for mortgages — is likely to remain high for the foreseeable future. But rates may start to come down later next year.

Mortgage rates today

Mortgage type Average rate today

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This information has been provided by
Zillow. See more
mortgage rates on Zillow

Mortgage refinance rates today

Mortgage type



Read More: Today’s Mortgage, Refinance Rates: Sept. 22, 2022

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