Home Mortgage Rates See Slight Decrease
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Average 30-year fixed mortgage rate decreased to 7.94% this week, down from 8.04% last week.
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Average 15-year fixed rate is 7.16%, down slightly from 7.19% last week.
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Average 5/1 adjustable rate mortgage fell to 7.09% from 7.15% last week.
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30-year fixed rates have lower monthly payments but higher interest than 15-year fixed.
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Adjustable rate mortgages have variable rates that change annually based on the market after an initial fixed period.