As economists debate whether the U.S. is officially in recession mode or not, the mortgage industry is attempting to adjust on the fly. While the unusual fall in 30-year fixed mortgage rates this week is noteworthy, most popular lending options remain historically high. Here’s how the week ended according to CNET:
The average 30-year fixed mortgage is 5.40 percent, a decrease of 40 basis points compared to one week ago. The average rate for a 15-year, fixed mortgage is 4.71 percent, down 27 basis points compared to the same time last week.
A 5/1 adjustable-rate mortgage has an average rate of 4.11 percent, a decline of 10 basis points from last week.
On the refi front, the current average interest rate for a 30-year refinance is 5.38 percent, a decrease of 31 basis points over last week. The average rate for a 15-year fixed refi is 4.68 percent, down 29 basis points from one week ago.
A 10-year fixed refi is currently averaging 4.58 percent, a decrease of 32 basis points compared to one week ago.