Today’s Mortgage Rates & Trends, May 24, 2022

On May 24, 2022, mortgage shoppers woke up to a familiar headline: rates were up
(again), the housing market was still running hot, and the dream of a low-3%
mortgage felt like ancient history. If you were trying to buy or refinance a
home around then, you were basically speed-dating lenders while watching rates
jump around like a heart monitor.

In this deep dive, we’ll walk through what mortgage rates looked like on May 24,
2022, why they had climbed so quickly, what it meant for buyers and homeowners,
and how smart borrowers navigated that rising-rate moment. Then we’ll wrap with
real-world–style “experience” stories and practical lessons you can still use
today.

Snapshot of Mortgage Rates on May 24, 2022

On May 24, 2022, national average mortgage rates were in firmly “higher but not
yet shocking by historical standards” territory. After several days of easing,
both 30-year and 15-year averages edged up again.

Key Averages for Fixed-Rate Loans

Based on national lender surveys from that day, here’s the approximate landscape
for a well-qualified borrower (good credit score, 20% down, conventional loan):

• 30-year fixed mortgage: Around the high-5% range (about
  5.7%), up slightly from the prior business day and not far below a recent
  monthly peak above 6%.
• 15-year fixed mortgage: Just under 4.8%, also ticking a bit
  higher after a short dip.
• FHA 30-year fixed: In the low- to mid-5% range, typically a
  bit cheaper than a comparable conventional loan for borrowers with smaller
  down payments or modest credit.
• VA 30-year fixed: Generally similar to or slightly below FHA
  rates, often in the low-5% zone for eligible service members and veterans.
• Jumbo 30-year fixed: Surprisingly competitive, with some
  averages under 4.8%a reminder that “jumbo” doesn’t always mean “more
  expensive.”
• 30-year refinance: A notch higher than purchase loans, around
  the low-6% mark, reflecting the typical premium for refi transactions.

If we zoom out a bit, weekly data from major mortgage market surveys had the
30-year fixed hovering a little above 5% in mid- to late May 2022, confirming
that daily moves in the high-5% range were very much in line with the broader
trend.

How We Got Here: From Pandemic Lows to 2022 Spikes

The May 24 snapshot only makes sense if you remember what came before it. At
the end of 2021, the average 30-year fixed mortgage rate sat near 3.1%a level
that felt pretty normal after the pandemic-era plunge into the high-2% range.
Then 2022 showed up with coffee and chaos.

In just a few months, 30-year rates surged by more than two full percentage
points, crossing 5% in the spring. That kind of jump is extremely rare; many
analysts called it one of the sharpest upward moves in roughly four decades.
The result: buyers who had budgeted for a 3%–3.5% mortgage found themselves
suddenly shopping in a 5%–6% world.

The Inflation–Fed–Mortgage Rate Connection

So what happened? In a word: inflation.

• Consumer prices were rising at the fastest pace in decades, squeezing
  households and rattling financial markets.
• The Federal Reserve responded by signalingand then deliveringmultiple
  interest rate hikes to cool demand and bring inflation under control.
• Investors started demanding higher yields on bonds, including the 10-year
  Treasury note, which is a key reference point for long-term mortgage rates.

Mortgage lenders, watching those bond yields climb and expecting more Fed
tightening, raised rates quickly to keep up. By May 2022, the market had pivoted
from “How low can they go?” to “How high will this get?” in record time.

Housing Market Side Effects

While rates were jumping, home prices were also hitting record highs. New home
sales fell to multi-year lows, as many would-be buyers were priced out by the
double whammy of higher monthly payments and still-elevated listing prices.

The result was an awkward transition period: demand cooled a bit, but inventory
was still tight, and sellers were slow to adjust their expectations. Buyers in
May 2022 weren’t getting the “cheap mortgage” of 2020 or the “discounted home”
of a true buyer’s marketthey were stuck in between.

What May 24, 2022 Rates Meant for Homebuyers

A move from 3% to around 5.7% might sound like a small change on paper, but for
a real borrower, it can feel huge.

Payment Shock in Real Numbers

Consider a simplified example with a 30-year fixed mortgage and 20% down:

• At roughly 3.0%, borrowing $400,000 produces a principal and
  interest payment of about $1,686 per month.
• At around 5.7%, the same $400,000 loan jumps to roughly
  $2,325 per month.

That’s a difference of more than $600 per month, or roughly
$7,000 a yearenough to break many carefully planned budgets. Some buyers in
May 2022 responded by:

• Lowering their price range.
• Moving farther from city centers to find cheaper homes.
• Delaying their purchase altogether and hoping for better conditions.

Affordability and Qualification

Higher rates don’t just change how a house “feels” monthlythey also change how
much you can qualify to borrow. Lenders use your income, existing debts, and
the projected mortgage payment to calculate debt-to-income (DTI) ratios. As the
payment climbs, the maximum loan amount they’re willing to approve shrinks.

That’s why many shoppers in spring 2022 found that homes they were preapproved
for in December suddenly no longer fit the lender’s guidelines by May, even
though nothing about their paychecks or credit scores had changed.

Refinancing in a Higher-Rate World

By May 24, 2022, the refinance party was basically over for homeowners who had
locked in ultra-low rates earlier in the pandemic. Average 30-year refi rates
were crossing into the low-6% range, which meant:

• If you already had a 2.5%–3.5% mortgage, refinancing just to get a new rate
  made little sense.
• Refinancing could still be attractive if you were consolidating higher-rate
  debt, changing loan terms (for example, 30-year to 15-year), or removing a
  co-borrower.
• Cash-out refis became more of a niche tooluseful for some, but no longer a
  default strategy.

Homeowners who missed the rock-bottom window often shifted to alternatives like
home equity lines of credit (HELOCs) or personal loans for specific projects,
especially if their existing first mortgage rate was too good to give up.

Strategies for Borrowers When Rates Are Rising

Even in a higher-rate environment like May 2022, borrowers still had plenty of
levers to pull. Rates matter, but they’re not the only thing that determines
your total cost of borrowing.

1. Shop Aggressively Across Multiple Lenders

One of the biggest mistakes buyers make is accepting the first quote they see.
Lenders price loans differently based on their funding costs, appetite for
risk, and even how busy they are that week. Getting three to five quotes can
easily shave a few tenths of a percentage point off your rateenough to save
thousands over the life of your loan.

2. Improve Your Credit Profile

On May 24, 2022, national averages were designed around a borrower with
“good-to-very-good” credit. With a stronger credit score and lower debt
levels, many borrowers could qualify for rates at or below the average. Tactics
included:

• Paying down revolving debts to lower utilization.
• Fixing errors on credit reports before applying.
• Avoiding new credit inquiries right before house hunting.

3. Consider Your Loan Type and Term

In 2022, some borrowers looked at:

• 15-year fixed loans, which carried lower rates than
  30-year loans but higher monthly payments.
• Adjustable-rate mortgages (ARMs), such as 5/1 or 7/1
  structures, which could offer lower initial rates in exchange for future
  adjustment risk.
• Government-backed loans (FHA, VA), which can be more
  forgiving on credit or down-payment requirements.

The right move depended on how long the borrower expected to stay in the home,
their risk tolerance, and their comfort with payment changes down the road.

4. Use Points and Rate Locks Strategically

In a fast-moving environment, borrowers often paired their shopping strategy
with tools like:

• Discount points: paying an upfront fee to permanently lower
  your ratesmart if you plan to keep the loan long enough to hit the
  “break-even” point.
• Rate locks: freezing a quoted rate for a set period (for
  example, 30–60 days) to avoid surprises right before closing.

What Experts Expected After May 24, 2022

At the start of 2022, many forecasts had predicted that 30-year mortgage rates
would drift toward roughly 4% by year-end. By late May, those cautious
predictions were already out of date: rates had blown past 4% and were spending
time in the 5%–6% range.

As the year unfolded, rates continued to climb, eventually touching levels not
seen in about 20 years. Looking back, May 24, 2022 now feels like a midpoint in
a much larger story: the rapid transition from an ultra-low-rate world to a
“new normal” where mid-single-digit mortgage rates once again became standard.

The takeaway for borrowers is simple: forecasts are useful, but they’re not
guarantees. The best time to buy or refinance is when:

• Your personal finances are ready.
• The payment fits comfortably in your budget.
• You’ve comparison-shopped and understand your options.

Real-Life–Style Experiences from the Spring 2022 Mortgage Market

To bring all this down to earth, imagine a few types of borrowers navigating
mortgage rates around May 24, 2022. These aren’t specific individuals, but they
reflect the situations many homebuyers and homeowners faced that spring.

1. The First-Time Buyer on a Deadline

Alex and Jordan had been saving for a down payment for years. They finally hit
their target in late 2021, got preapproved at just over 3%, and started
house-hunting after the holidays. By the time their offer was accepted in May,
the preapproval they’d built their budget around was ancient history. Their new
quote? A rate in the high-5% range.

Suddenly, that “perfect” house put their payment a few hundred dollars above
what they were comfortable with. Instead of panicking, they:

• Re-ran the numbers with their lender at different price points.
• Shopped two additional lenders and found a slightly better rate.
• Increased their down payment by trimming nonessential renovation plans for
  year one.

They ended up buying a slightly smaller home in a neighboring suburb, with a
payment that fit their budget. The lesson: even when rates move against you,
you still have room to adjust location, price, loan type, and lenderand you
don’t have to force an unaffordable deal just because you “finally found
something.”

2. The Homeowner Who Missed the Refi Window

Taylor bought a home in 2019 with a 4.25% rate. They watched friends refinance
into the 2% range during 2020–2021 but kept putting it off, assuming the
opportunity would stick around. By the time Taylor got serious in spring 2022,
30-year refi rates had moved into the 5%–6% bracket.

Refinancing to a higher rate obviously didn’t make sense. Instead, Taylor:

• Refocused on paying extra principal when possible.
• Used a small home equity line of credit, rather than a full refinance, to
  fund a needed roof repair.
• Put reminders in place to act more quickly if interest rates dropped again in
  the future.

The emotional side of this is important: it’s easy to feel like you “missed
the boat.” But Taylor’s story shows that if your existing mortgage is still
manageable, the best move might simply be to optimize what you already have and
stay ready for the next opportunity instead of forcing a bad one now.

3. The Move-Up Buyer with Equity on Their Side

Priya bought a starter home years earlier and had watched its value soar
through the pandemic boom. By May 2022, she wanted more space and a better
school district for her kids. The catch: selling a home with a sub-3% rate and
taking on a new mortgage in the high-5% range felt painful.

What tipped the balance was the equity she’d built. Thanks to rising home
prices and years of payments, she could:

• Use a much larger down payment on the next house.
• Choose a 15-year loan with a lower rate, keeping her payment within a
  comfortable range.
• Avoid private mortgage insurance (PMI) altogether because of her high
  down-payment percentage.

Her story illustrates that higher rates don’t affect everyone equally.
Homeowners with strong equity and secure income can often “trade up” more
gracefully, even when headline rates are moving in the wrong direction.

4. The “Wait and See” Renter

Finally, there’s Chris, a renter who watched rates spike in early 2022 and
simply decided to pause. Rather than stretching into a home they weren’t ready
for, Chris:

• Extended the lease for another year.
• Boosted savings and paid down credit card debt.
• Used the extra time to learn more about mortgages, down payments, and closing
  costs.

When rates move quickly, “do nothing for now” is a perfectly valid strategyif
it’s intentional. By the time Chris was ready to buy, they had a stronger
financial foundation and a much clearer sense of what monthly payment felt
truly comfortable.

Bottom Line

On May 24, 2022, mortgage rates were higher than buyers had seen in years but
still well below the double-digit levels of the 1980s and early 1990s. For many
people, the bigger shock was not the absolute level, but the speed of the
climb.

The key lessons from that moment still apply: control what you can (your credit
profile, budget, and lender choice), run the numbers carefully, and make a move
only when the payment and the property truly match your long-term plans. You
can’t predict every twist in mortgage ratesbut you can make calm, informed
decisions no matter where they are today.