Mortgage Rates Dip Slightly Across the Board
• Today's 30-year fixed mortgage rate averages 7.43%, down 0.26 percentage points from last week • 15-year fixed mortgage rates average 6.73%, decreasing 0.22 percentage points week-over-week • 5/1 adjustable rate mortgages currently average 6.73%, down 0.09 percentage points from last week • 30-year mortgages have lower monthly payments but higher interest overall compared to 15-year mortgages • Adjustable rate mortgages have interest rates set for a period before rates start fluctuating annually