Mortgage Rates Dip Amid Continuing Banking Woes

This week, a couple of notable purchase and refi rates trailed off, though rates remain high compared to the same time last year. Here’s how a number of popular options looked by week’s end, according to CNET:

For a 30-year, fixed-rate mortgage, the average rate is 7 percent, which is a decrease of five basis points compared to one week ago. The average rate for a 15-year, fixed mortgage is 6.22 percent, down 11 basis points compared to a week ago. 

A 5/1 adjustable-rate mortgage has an average rate of 5.77 percent, a decrease of 10 basis points compared to last week.

Turning to the refi market, the current average rate for a 30-year refinance is 6.97 percent, a decrease of 12 basis points from what we saw one week ago. The average 15-year fixed refi is 6.28 percent, a decrease of 10 basis points from what we saw the previous week.

The current average interest rate for a 10-year refinance is 6.32 percent, a decline of four basis points compared to one week ago.