Mortgage interest rates dropped slightly this week according to one survey of national mortgage lenders. Interest rates for a fixed thirty year mortgage dropped slightly to 6.26%. This is down from 6.28% the previous week.
Interest rates for fixed rate fifteen year mortgages did not change this week. Mortgage interest rates appear to be holding their ground as the market decides what inflation is doing; until this happens mortgage interest rates are expected to stay where there are. One year ago the fixed thirty year mortgage rate was 5.81% and 5.23% for the fifteen year fixed rate mortgage.
Interest rates for Adjustable Rate Mortgages (ARM) crept up slightly this week to 5.16% from 5.14% the week before for a one year loan. Hybrid 5/1 Adjustable Rate Mortgage loans (ARM) are up to 5.76% this week from 5.75% last week.