Mortgage Rate Overview - Today's mortgage rates show a slight increase in the 30-year fixed rate to 6.47% and a decrease in the 15-year fixed rate to 5.66% [1][4] - The 5/1 adjustable-rate mortgage (ARM) has decreased for three consecutive days, making it potentially advantageous for buyers who plan to sell before the introductory rate period ends [2][4] Current Mortgage Rates - Current national average mortgage rates include: - 30-year fixed: 6.47% - 20-year fixed: 6.10% - 15-year fixed: 5.66% - 5/1 ARM: 6.66% - 7/1 ARM: 6.88% - 30-year VA: 5.89% - 15-year VA: 5.59% - 5/1 VA: 5.32% [4] Mortgage Comparison - A 30-year mortgage at 6.47% results in a monthly payment of approximately $1,890 for a $300,000 loan, with total interest paid over the loan's life being $380,504 [9] - A 15-year mortgage at 5.66% would have a monthly payment of about $2,477, with total interest paid being $145,823 [9] Fixed vs. Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages have a fixed rate for an initial period before adjusting based on market conditions [10][11] - Adjustable rates typically start lower than fixed rates, but there is a risk of increases after the initial period [12] Factors Influencing Mortgage Rates - Lenders offer lower rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [12] - It is suggested that focusing on personal finances rather than waiting for rates to drop may be a better strategy for securing lower mortgage rates [13] Choosing a Mortgage Lender - To find the best mortgage lender, it is recommended to apply for preapproval with multiple companies within a short time frame to minimize the impact on credit scores [14] - When comparing lenders, the annual percentage rate (APR) should be considered as it reflects the true annual cost of borrowing [15]