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For much of 2021, it was more than possible to sign a 30-year mortgage at under or around 3%. But those days are long gone. Mortgage rates have risen at a rapid clip since the start of 2022. And at this point, borrowers are looking at somewhere in the ballpark of 7% for a 30-year mortgage.

You might be able to snag a lower rate on a mortgage by signing a shorter-term loan. But you also might not be able to swing the higher monthly payments that come with a 15-year loan (especially given today’s inflated home prices).

Another option for saving some money on your mortgage rate is to sign an adjustable-rate mortgage (ARM). But that can be a risky proposition. If the rate on your mortgage increases over time, it could make your monthly payments difficult to keep up with. And while you might be able to refinance out of an ARM, there’s no guarantee that you’ll be able to do so.