Looking at today’s mortgage rates a number of rates inched up. The averages for both 30-year fixed and 15-year fixed mortgages both saw an increase. At the same time, average rates for 5/1 adjustable-rate mortgages (ARM) also had an upswing.
The average mortgage rates are as follows:
- The average 30-year fixed-rate mortgage currently sits at 3.05%
- 20-year mortgage rate: 2.91%
- 15-year mortgage rate: 2.34%
- 10-year fixed mortgage rates are averaging 2.32%
- The average 5/1 adjustable mortgage currently sits at 2.79%
What this means for borrowers:
Qualified borrowers continue to have access to low mortgage interest rates. But for many buyers, getting a good rate isn’t making it any easier to find a home. Exceptionally low inventory has led to a rise in bidding wars and pushed home prices higher at a rapid pace. So if you’re shopping for a home, be prepared to move quickly as the few homes on the market are moving fast.