Mortgage Rates Continue Rising - 30-Year Fixed Reaches 8%, ARM Rates Start Lower But Vary

Today's 30-year fixed mortgage rate increased to 8.01%

15-year fixed rate also increased to 7.17%

5/1 adjustable rate mortgage (ARM) increased to 6.93%

ARM rates start lower but can vary after initial period

Choosing loan term depends on preferences for stability vs lower initial rate