Following this week’s news from Redfin that saw the average mortgage payment rise by $50 with recent rate increases, our weekly Mortgage Minute found a number of the major rates slid by week’s end, according to CNET.
The average 30-year fixed rate mortgage is 3.15 percent, a decrease of three basis points from one week ago. The average rate for a 15-year fixed mortgage is 2.41 percent, down five basis points this time last week.
Meanwhile, a 5/1 adjustable-rate mortgage has an average rate of 3.15 percent, a decrease of five basis points from last week.
The current average interest rate for a 30-year refinance is 3.13 percent, two basis points less than last week’s average. The average 15-year fixed refinance rate is 2.39 percent, a decrease of five basis points.
The current average interest rate for a 10-year refinance is 2.35 percent, down three basis points over last week.