Home Loan Rates Continue Climbing Upward

Today's 30-year fixed mortgage rate increased to 8.09% from last week's 8.00%

The 15-year fixed mortgage rate rose to 7.20%, up from 7.15% last week

Adjustable rate mortgages also increased, with the 5/1 ARM now at 7.05% versus 6.88% last week

30-year mortgages have lower monthly payments but higher interest rates compared to 15-year mortgages

Mortgage rates can be fixed for the full loan term or adjustable and change annually based on market conditions