Both 15- and 30-year mortgage rates, along with popular refi options, sharply fell following weeks of small raises. Here’s how the week ended, according to CNET:
For a 30-year, fixed-rate mortgage, the average rate is 6.31 percent, which is a decline of 32 basis points from last week. The average rate for a 15-year, fixed mortgage is 5.68 percent, down 41 basis points from one week ago.
A 5/1 adjustable-rate mortgage has an average rate of 5.47 percent, a decrease of four basis points from the same time last week.
Turning to refis, the average rate for a 30-year fixed refinance loan is 6.32 percent, a decrease of 38 basis points compared to one week ago. The current average interest rate for 15-year refinances is 5.74 percent, a decrease of 40 basis point from what we saw the previous week.
The current average interest rate for a 10-year refinance is 5.82 percent, a decrease of 55 basis points over last week.