Mortgage And Refi Rates Slide Following Weeks On The Rise

Rates have declined since they hit their peak in late 2022, though remain nearly double what they were during the record-low of the pandemic. Here’s how the week ended, according to CNET:

The average 30-year fixed mortgage interest rate is 7.05 percent, which is a decline of seven basis points from seven days ago. The average rate for a 15-year, fixed mortgage is 6.33 percent, which is the same rate as a week ago. 

A 5/1 adjustable rate mortgage has an average rate of 5.87 percent, up four basis points from this time last week. 

The current average interest rate for a 30-year refinance is 7.09 percent, a decrease of 10 basis points compared to one week ago. The current average interest rate for 15-year refinances is 6.38 percent, a decrease of two basis points compared to one week ago.

The average 10-year fixed refinance rate right now is 6.36 percent, down 16 basis points from what we saw the previous week.