Mortgage Interest Rates Update for August 10, 2022
Here are Some of the most unbelievable things happening in the mortgage industry today.
As we all know mortgage interest rates have been climbing since the beginning of the year and hit its peak back in June.
Interest rates since then have come down substantially. So maybe now is the right time to lock in a low interest rate before interest rates start to climb up again.
Let’s take a look at the current average mortgage interest rates for this week.
The current average rate on a 30-year fixed mortgage is 5.57, compared to 5.26 a week earlier.
The 20 year mortgage rate is at a 5.58%
For borrowers who want a shorter mortgage, the average rate on a 15-year fixed mortgage is 4.87, up 0.25 from the previous week.
The average 10 year fixed rate mortgage currently sits at a 4.90%
And the average 5/1 adjustable mortgage currently sits at a 4.19%