Mortgage Rates Drop Slightly Across the Board, 30-Year Fixed Rate Average Now at 7.48%
• Average 30-year fixed mortgage rate is 7.48%, decreased 0.33 pts from last week
• Average 15-year fixed rate is 6.71%, decreased 0.34 pts from last week
• Average 5/1 adjustable rate mortgage is 6.79%, decreased 0.04 pts
• You usually get lower rates with adjustable-rate mortgages initially
• Fixed-rate mortgages have set interest rates for the full loan term