Ralph DiBugnara - "Home prices will start to decline slightly, but competition for these homes will be less. This will make bidding wars less likely, giving homebuyers a decent chance to get their offers accepted at a reasonable price."
The average mortgage interest rate for a standard 30-year fixed mortgage is 5.54%, which is about a 0.08% increase from last week’s 5.46%
30-year fixed rate mortgages
The average mortgage interest rate for a standard 15-year fixed mortgage is 4.75%, Which is a 0.06% increase from last week’s 4.69%.
15-year fixed rate mortgages
The average rate on a 5/1 adjustable-rate mortgage (ARM) is 3.91%, which is a 0.01% increase from last week’s 3.90%
5/1 adjustable rate mortgages
Longer repayment terms is the most popular because they make more comfortable a homeowners’ payment for a longer period of time