Current Mortgage Rates - The average 30-year fixed mortgage rate is currently 6.28%, while the 15-year fixed rate remains at 5.58% [1][14] - Other mortgage rates include 20-year fixed at 5.79%, 5/1 ARM at 6.69%, and 7/1 ARM at 6.79% [3] Mortgage Refinance Rates - Today's mortgage refinance rates are generally higher than purchase rates, with the average 30-year fixed refinance rate at 6.41% [4][2] Comparison of Mortgage Types - A 30-year mortgage offers lower monthly payments but results in higher total interest paid over the life of the loan compared to a 15-year mortgage, which has a lower interest rate but higher monthly payments [6][7] - For a $300,000 mortgage, the total interest paid over 30 years at 6.28% would be approximately $489,444, while for a 15-year term at 5.58%, it would be about $191,361 [8] Fixed vs. Adjustable-Rate Mortgages - Fixed-rate mortgages lock in the interest rate for the entire loan term, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting based on market conditions [9][10] - ARMs typically start with lower rates than fixed rates, but there is a risk of rate increases after the initial period [11] Factors Influencing Mortgage Rates - Lenders offer the best rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [11][12] - It is suggested that focusing on personal finances may be more effective than waiting for rates to drop [12] Choosing a Mortgage Lender - It is advisable to apply for mortgage preapproval with multiple lenders within a short time frame to ensure accurate comparisons [13] - When comparing lenders, the annual percentage rate (APR) should be considered as it reflects the true cost of borrowing [14]