New week, new (high) rates on the mortgage front. With the average 30-year fixed loan well past 7 percent, we’re taking a look at all the popular options with an assist from CNET:
The 30-year, fixed-rate mortgage stands at 7.17 percent, which is an increase of 20 basis points from one week ago. The average rate for a 15-year, fixed mortgage is 6.39 percent, up 27 basis points compared to last week.
A 5/1 adjustable-rate mortgage moved up slightly, just five points, to an average rate of 5.38 percent.
Turning to refinancing, the average 30-year fixed refi rate is 7.15 percent, an increase of 20 basis points from one week ago. The average 15-year fixed refinance rate is 6.42 percent, up 30 basis points compared to last week.
The average 10-year fixed refinance rate stands at 6.53 percent, an increase of 39 basis points from what we saw the previous week.