Mortgage Rates See Upticks Across the Board This Week

Today's 30-year fixed mortgage rate increased to 8.06%, while 15-year fixed increased to 7.20%.

5/1 adjustable rate mortgages increased to 7.12% this week.

30-year fixed mortgages have a lower monthly payment but higher interest rate than 15-year fixed.

Adjustable rate mortgages have interest rates set for a period before adjusting annually.

Picking the right mortgage term, like 15 or 30 years, is important when taking out a loan.