Mortgage Rates Dip Slightly Across Loan Terms
• Today's 30-year fixed mortgage rate average is 7.18%, down 0.27 percentage points from last week • 15-year fixed mortgage rates average 6.47%, a 0.31 percentage point decrease • 5/1 adjustable rate mortgages average 6.60%, down 0.10 percentage points • Lower rates over shorter loan terms, but higher monthly payments • Consider different loan terms 15-year, 30-year, adjustable-rate options