Today’s Mortgage, Refinance Rates: March 13, 2022


After a couple of weeks of


due to the ongoing Russian invasion of Ukraine, mortgage rates have been on a steady upward climb.

The 30-year fixed-rate mortgages tend to be favored among borrowers thanks to their affordability. But when rates go up like this, other options, such as shorter fixed-rate terms and adjustable-rate mortgages, can start to look more attractive.

However, it’s important to consider what you can afford — not just right now, but in the future. Shorter mortgage terms come with higher monthly payments because the payments are spread out over a shorter period of time. ARMs can be risky because it’s hard to know where rates will be when your rate resets. If rates have gone up, you could end up with an unexpectedly higher monthly payment.

Mortgage rates today

Mortgage refinance rates today

Mortgage Calculator

You can plug today’s mortgage interest rates into our free mortgage calculator to see how different rates will impact your monthly payments.

Mortgage Calculator

Your monthly estimated payment

  • payment to 25% higher down payment would save you $8,916.08 on interest charges
  • Lowering the interest rate by 1% would save you $51,562.03
  • Pay an additional $500 each month would reduce the loan length by 146 months

You can plug today’s mortgage interest rates into our free mortgage calculator to see how different rates will impact your monthly payments.

How do mortgage rates work?

A mortgage interest rate is the fee a lender charges for borrowing money, expressed as a percentage. For example, you get a mortgage for $200,000 with an interest rate of 2.75%.

Mortgage rates can be either fixed or adjustable. A fixed-rate mortgage keeps your rate the same for the entire length of your loan. An adjustable-rate mortgage locks in your rate for the first few years or so, then changes it periodically. With a 7/1 ARM, your rate would stay steady for the first seven years, then shift annually.

The longer your mortgage term, the higher your rate will be. For instance, you’ll pay more on a 30-year mortgage than a 15-year mortgage. Longer terms do come with lower monthly payments, though, because you’re spreading out the repayment process.

How do I get the best mortgage rate?

Here are a few steps you can take to get the lowest mortgage rate possible:

  • Consider fixed vs. adjustable rates. You may be able to get a lower introductory rate with an adjustable-rate mortgage, which can be good if you plan to move before the intro period ends. But a fixed rate could be better if you’re buying a forever home because you won’t risk your rate going up later. Look at the rates your lender offers and weigh your options.
  • Look at your finances. The stronger your financial situation, the lower your mortgage rate should be. Look for ways to increase your credit score or lower your debt-to-income ratio, if necessary. Saving for a higher down payment also helps.
  • Choose the right lender. Each lender charges different mortgage rates. Picking the right one for your financial situation will help you land a good rate.