For the week ending May 4, most interest rates on mortgages and refinancing were slightly higher. Here’s how CNET reported on the average:
The average 30-year fixed mortgage interest rate is 3.10 percent, which is a two basis point increase over last week. The average rate for a 15-year, fixed mortgage is 2.37 percent, relatively unchanged.
For the first five years, CNET notes that rate shoppers can typically get a lower interest rate with a 5/1 adjustable-rate mortgage compared to a 30-year fixed. A 5/1 ARM had an average rate of 3.12 percent, up two basis points week-over-week.
Refinance rates were a mixed bag by week’s end. The current average interest rate for a 30-year refinance is 3.16 percent, an increase of three basis points.
Like the mortgage rate, the average interest rate for 15-year refinance remained steady at 2.42 percent. Likewise, the 10-year refi rate was unmoved, holding at 2.43 percent.