The Fed’s interest rate hikes had an almost immediate effect on the purchase and refinance market, with multiple popular lending options spiking this week. Here’s how the averages are looking according to CNET:
The average interest rate for a standard 30-year fixed mortgage is 6.61 percent, which is an increase of 29 basis points from one week ago. The average rate for a 15-year, fixed mortgage is 5.96 percent, which is an increase of 42 basis points compared to last week.
A 5/1 adjustable-rate mortgage has an average rate of 5.48 percent, up six basis points from the same time last week.
Turning to refis, a 30-year fixed refinance is currently at 6.69 percent, an increase of 31 basis points from what we saw one week ago. The average 15-year fixed refinance rate is 6.01 percent, an increase of 43 basis points from what we saw the previous week.
For 10-year fixed refinances, the average rate is currently at 5.96 percent, up 33 basis points from what we saw the previous week.