Mortgage interest rates were mostly lower versus last week, according to Bankrate data. Average rates for 30-year fixed, 15-year fixed and 5/1 ARM moved lower, while 5/1 ARM jumped.

The Federal Reserve lowered interest rates by a quarter point for the third time this year as it tries to balance rising inflation, along with a weakening labor market.

“It’s really interesting that the Fed has cut rates by 150 basis points since September 2024 and the average 30-year fixed mortgage rate is basically right back where it was [before the rate cuts],” says Ted Rossman, senior industry analyst at Bankrate.

 

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