The 30-year mortgage rate will be 5.05%, down 5 basis points from last week's average.
Mortgage rates for 30-year permanent homes nationwide dropped to 5.00%.
The current average rate on a 30-year fixed-rate mortgage fell 5 basis points to 5.00% on Monday from 5.05%, according to Zillow.
On August 15, 2022, the 30-year mortgage rate was 5.05%, down 5 basis points from the previous week's average.
In addition, the current 15-year national median fixed rate fell 3 basis points to 4.32% from 4.35%.
The current 5-year ARM rate fell 12 basis points to 4.64% from the national average of 4.76%.
A 30-year fixed rate home loan is called a 30-year mortgage rate.
For example, monthly payments on a 30-year mortgage on a $300,000 home
A 20% down payment and 3.75% interest rate is about $1,111.