Posted 1/22/2024, 2:10:00 PM
Mortgage Rates Tick Up With 30-Year Fixed Reaching 7.03%
- Average 30-year fixed mortgage rate is 7.03%, up 0.10 percentage points from last week
- Average 15-year fixed rate is 6.49%, up 0.17 percentage points from last week
- Average 5/1 adjustable rate mortgage (ARM) is 6.38%, unchanged from last week
- When picking a mortgage, important to consider loan term usually 15 or 30 years
- Mortgages can be fixed-rate or adjustable-rate; fixed rates don't change, adjustable rates change annually