Mortgage Rates Dip Slightly; 30-Year Fixed at 7.00%, 15-Year Fixed at 6.33%
- Average 30-year fixed mortgage rate is 7.00%, decreased by 0.11 percentage points
- Average 15-year fixed rate is 6.33%, decreased by 0.13 percentage points
- Average 5/1 adjustable rate mortgage is 6.36%, decreased by 0.05 percentage points
- You'll often get a lower rate with an ARM vs fixed mortgage initially
- Consider loan term - 15yr and 30yr most common; 10, 20, 40yrs also available