May 2022 Interest Rate Update
The Federal Reserve announced yesterday that the annual Consumer Price Index (CPI) moved from 8.5% to 8.3% with core CPI (CPI without the volatile food and energy components) rising to 6.2%. After digesting this information, the benchmark 10-year treasury moved from its annual high on Friday of 3.20% to the yield at today’s close of 2.86%.
Rates are still low from a historical standpoint. This becomes transparent when reviewing the charts below. The current market for fixed-rate loans looks like the following:
- 3-year fixed from 3.50-5.00%
- 5-year fixed from 4.25-5.50%
- 10-year fixed from 4.25-5.50%
- 15-year fixed from 4.25-5.50%
- 20-year fixed from 4.50-5.50%