Mortgage Rates Hold Steady With Slight Increases This Week
• Today’s 30-year fixed mortgage rate averages 7.05%, a slight increase from last week
• 15-year fixed rates average 6.41%, unchanged from last week
• 5/1 adjustable rate mortgages now average 6.39%, a small increase over last week
• Picking a 30-year vs 15-year mortgage involves a tradeoff between lower monthly payments and lower total interest paid
• Mortgages can be fixed-rate or adjustable-rate; fixed rates don't change and adjustable rates are set for a period before adjusting based on market rates