This weekly report provides an overview of current interest rates, offering insights on what the current market is like and how borrowers can take advantage of these rates.
The current national average mortgage rate stands at 3.75%. This rate is up slightly from the previous week’s average of 3.73%. This is the highest national average mortgage rate since June, when the average was 4.01%. The current average is still lower than the average mortgage rate in April, when the average was 4.14%.
The current average 15-year fixed mortgage rate, meanwhile, stands at 3.18%, up from last week’s 3.17%. Despite this slight increase, the average 15-year fixed mortgage rate remains below levels seen in April, when the average was 3.30%.
The current average 30-year fixed mortgage rate, on the other hand, stands at 3.73%, up from 3.71% in the previous week. The current average is higher than the April average of 3.53%, however.
In addition, the current average 5/1 ARM rate stands at 3.33%, down from 3.35% in the previous week. The 5/1 ARM rate is still lower than the April average of 3.41%, however.
The current interest rates suggest that borrowers may be able to get a better deal than they did several months ago. However, the current rates may not be the best available on the market, so it's important for borrowers to shop around to make sure they're getting the best rate possible. Those looking to purchase or refinance should also keep an eye on the Weekly Interest Rate Tracker to stay informed of any changes or developments in the current market.
This article was contributed on Jul 16, 2023
