A couple of notable rates ticked downward this week, though rates still remain high compared to a year ago. Here’s how the week shook out, acceding to CNET:
The average interest rate for a standard 30-year fixed mortgage is 6.32 percent, which is a decrease of 13 basis points compared to one week ago. The average rate for a 15-year, fixed mortgage is 5.54 percent, down nine basis points from last week.
A 5/1 adjustable-rate mortgage has an average rate of 5.42 percent, the same rate as seven days ago.
On the refi front, the current average interest rate for a 30-year refinance is 6.38 percent, a decrease of 11 basis points compared to one week ago. The average rate for a 15-year fixed refinance loan is currently 5.58 percent, down six basis points over last week.
The average rate for a 10-year fixed refinance loan is currently 5.63 percent, a decrease of six basis points from what we saw the previous week.