Mortgages ended the week slightly under last week’s averages, marking the first time in seven weeks perspective buyers and refinancers saw downward movement.
The average interest rate for a standard 30-year fixed-rate mortgage is 3.18 percent, which is a decrease of 8 basis points week-over-week.
The average rate for a 15-year fixed-rate mortgage is 2.43 percent—a decrease of 8 basis points compared to a week ago.
A 5/1 adjustable-rate mortgage has an average rate of 3.18 percent, a 9-basis-points fall compared to a week ago. CNET notes that for the first five years, you’ll typically get a lower interest rate with a 5/1 ARM compared to a 30-year fixed mortgage.
The media’s nonstop reference to “rising rates” stems from the record low of 2.65 percent set the first week of 2021.