Mortgage Rates Mixed - 30-Year Fixed Dips Slightly as 5/1 ARMs Tick Up
- Average 30-year fixed mortgage rate is 7.83%, down 0.05 points from last week
- 15-year fixed rates unchanged at 7.04%
- 5/1 adjustable rate mortgages averaged 6.79%, up 0.09 points
- 30-year mortgages have lower monthly payments but higher interest rates than 15-year loans
- Adjustable rate mortgages have interest rates set for a period before adjusting annually
