The average 30-year fixed mortgage rate in the US slipped to 7.00% on Wednesday, declining 2 basis points from Tuesday according to Zillow data.
The 15-year fixed mortgage rate moved in the opposite direction, rising 4 basis points from Tuesday to 6.36%, while the 5/1 adjustable-rate mortgage fell 12 basis points to 7.21%.
The rate movements occurred as financial markets awaited the Federal Reserve's conclusion of its two-day rate-setting meeting.