Weekly Mortgage Rates Decrease

The latest mortgage rate trends are as follows: For fixed-rate mortgages, the average 30-year fixed rate fell to 6.625% this week, down from last week’s 6.844%. The 15-year fixed rate declined to 5.625%, a decrease of 16 basis points from the previous week. For adjustable-rate mortgages, the 5/1 arm average dropped to 6.0%, a reduction of 20 basis points. The 7/1 arm average fell to 6.25%, down 18 basis points. The drop in rates is attributed to decreasing inflation expectations and strengthening labor markets, which have led to a slight decrease in long-term interest rates. However, the rate cuts are still not enough to revive the market for new mortgages.