Mortgage Rates Flat, ARMs Tumble Average set mortgage rates primarily held in place from the other day early morning while the more unpredictable 5/1 adjustable rate took a big step down. Today's market data, led by another day of declining Treasury yields, need to put down pressure on rate of interest in the near-term. Current mortgage and re-finance rates > Related: 7 Tips to get the very best re-finance rate 30-year fixed rate mortgage At the time this was released, the typical 30-year fixed mortgage rate reached 6.62%. The typical 30-year set rate mortgage (FRM) hit a record weekly low of 2.65% on Jan. 7, 2021, and a record weekly high of 8.89% on Dec. 16, 1994, according to Freddie Mac. A 30-year FRM provides debtors an inexpensive alternative however you pay more interest over the life of the loan compared to much shorter mortgages. 15-year set rate mortgage Today, the typical 15-year set mortgage rate went to 5.85%. The average 15-year FRM struck a record weekly low of 2.1% on July 29, 2021, and a record weekly high of 18.63% on Sep. 10, 1981, according to Freddie Mac. The 15-year FRM provides debtors a briefer term with less accumulated interest, however the regular monthly payments will be much greater. 5/1 adjustable-rate mortgage Today's 5/1 adjustable rate mortgage averaged 5.76%. Adjustable-rate mortgages (ARMs) typically have lower preliminary interest rates compared to fixed loans. Once that initial duration ends, the rate of interest gets used to the current market conditions. In this case, the initial duration is five years and the adjustments depend on as soon as every year. Homeowners with shorter term lending plans tend to see these as advantageous. Market data affecting today's mortgage rates Here's a photo of the state of play as this short article was released.