Mortgage Charges Hold Climbing. How Excessive Will They Get?


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Will mortgage rates get much higher? Borrowers need to be prepared for this.

Mortgage rates fell slightly last week. This week they reversed course in a very remarkable way. A first rate hike by the Federal Reserve has already pushed rates higher and we could see that trend continuing as the year progresses.

Here is a summary of mortgage rates for March 18:

mortgage type

Today’s interest rate

30 year fixed mortgage


20 year fixed mortgage


15 year fixed mortgage


5/1 ARM


Data Source: Tracking the national mortgage rate from The Ascent.

30 year mortgage rates

The average 30-year mortgage rate today is 4.457%, up from 4.421% yesterday. At this rate, the 30-year loan could easily hit 5% before 2022 comes to an end.

20 year mortgage rates

The average 20-year mortgage rate is 4.146% today, up from 4.136% yesterday. This is the first week this year that the 20-year loan is up over 4%.

15 year mortgage interest

The average 15-year mortgage rate today is 3.592%, up from 3.570% yesterday. At this rate, 15-year borrowers could expect 4% by the end of 2022.

5/1 arms

The average 5/1 ARM rate is 3.423%, up from 3.378% yesterday. There’s a lot of savings to be had with a 5/1 ARM compared to a 30-year mortgage right now, but there’s also a risk as that rate could adjust upwards after five years.

How high will the mortgage rates get?

Earlier this week, the Federal Reserve implemented its first rate hike of the year, sending the federal funds rate up 0.25%. Meanwhile, the Fed expects six more rate hikes this year alone.

While the Fed doesn’t set mortgage (or consumer) rates, its actions typically dictate how mortgage rates move. As such, it is safe to assume that mortgage rates will continue to rise, partly in response to the Fed’s actions later in the year.

All in all, there’s a good chance that by the end of 2022, mortgage borrowers will be facing some of the highest interest rates in years. So if you’re in the market for a new home, now might be the time to gather quotes from different mortgage lenders and secure a loan – before borrowing gets even more expensive.

A historic opportunity to potentially save thousands on your mortgage

Interest rates are unlikely to remain at multi-decade lows much longer. That’s why it’s crucial to take action today, whether you’re refinancing and cutting your mortgage payment or ready to pull the trigger on a new home purchase.

The Ascent’s in-house mortgage expert recommends this company find a low interest rate – and in fact he’s used them to refect himself (twice!). Click here to learn more and see your plan. While this doesn’t influence our opinions about products, we do receive compensation from partners whose listings appear here. We are always by your side. See The Ascent’s full advertiser disclosure here.