While this week’s interest rate hike by the Fed caught some by surprise, there appears to be no immediate effect on mortgage and refinance rates. According to the latest averages from Bankrate, most of the popular loan options remained virtually unchanged compared to last week.
The average 30-year fixed mortgage rate is 6.90 percent with an APR of 6.92 percent. The average 15-year fixed mortgage rate is 6.22 percent with an APR of 6.25%.
The average 5/1 adjustable-rate mortgage rate is 5.80 percent with an APR of 7.35 percent.
On the refinance front, the average 30-year fixed refi is 6.96 percent, down from 7.03 percent, with an APR of 6.98 percent. The average 15-year fixed refi was up slightly this week to 6.30 percent, with an APR of 6.33 percent.