"August 2, 2023: Current Mortgage Rates Revealed"

Today's mortgage rates for August 2, 2023, show an average interest rate of 7.31% for 30-year fixed rate mortgages, 6.58% for 15-year fixed rate mortgages, and 6.33% for 5/1 adjustable rate mortgages. Choosing the best loan term and payment schedule is important when selecting a mortgage, with options ranging from 15 to 40 years. Fixed-rate mortgages have a set interest rate for the entire loan duration, while adjustable-rate mortgages have rates that adjust annually based on the market.