Stay Informed with Today’s Mortgage Rates
Looking to make informed decisions about purchasing or refinancing your home? Access the latest mortgage interest rates, updated daily, to empower your journey.
30-Year Fixed Rate Mortgages
The average mortgage interest rate for a 30-year fixed mortgage has risen to 7.29%, a 0.24 percentage point increase from last week’s 7.05%. This type of loan offers lower monthly payments compared to 15-year mortgages but typically has higher interest rates.
15-Year Fixed Rate Mortgages
For those seeking a shorter loan term, the average mortgage interest rate for a 15-year fixed mortgage is 6.74%, up 0.20 percentage points from 6.54% last week. This loan offers higher monthly payments than its 30-year counterpart but lower interest rates and the potential for significant interest savings over time.
5/1 Adjustable Rate Mortgages (ARMs)
Consider 5/1 ARMs for potentially lower starting interest rates compared to fixed mortgages. The average rate for a 5/1 ARM is 6.68%, an increase of 0.10 percentage points from 6.58% last week. Keep in mind that interest rates may fluctuate after the initial fixed period, potentially impacting your monthly payments.
Loan Term Considerations
Depending on your financial situation and long-term goals, you may choose a 15 or 30-year loan term. Additionally, fixed-rate mortgages offer stability in interest rates throughout the loan period, while adjustable-rate mortgages have interest rates that change periodically based on market conditions.
