Mortgage Rates Continue Steady Climb, With 30-Year Fixed Reaching 7.98%

Today's 30-year fixed mortgage rate increased to 7.98%, up from 7.92% last week.

The 15-year fixed mortgage rate rose to 7.19%, up from 7.06% last week.

The 5/1 adjustable rate mortgage increased to 6.97%, up from 6.88% last week.

30-year mortgages have lower monthly payments but higher interest rates than 15-year mortgages.

Adjustable rate mortgages have interest rates set for a period before rates adjust annually based on the market.