Core Insights - Today's mortgage rates have slightly decreased, with the average 30-year fixed mortgage rate at 6.28% and the 15-year fixed rate at 5.56% [1][6][20] - Current mortgage rates may already reflect anticipated Federal Reserve rate cuts, suggesting that now could be a favorable time to buy a home [2][18] Mortgage Rates Overview - The current national average mortgage rates are as follows: - 30-year fixed: 6.28% - 20-year fixed: 5.90% - 15-year fixed: 5.56% - 5/1 ARM: 6.52% - 7/1 ARM: 6.63% - 30-year VA: 5.88% - 15-year VA: 5.39% - 5/1 VA: 5.76% [6][20] Refinance Rates - Mortgage refinance rates are generally higher than purchase rates, but this is not always the case [4][21] Market Timing - The current housing market is relatively stable compared to the volatility seen during the COVID-19 pandemic, making it a reasonable time to purchase a home [18][19] - Mortgage rates have generally fallen since late May, with the 30-year fixed rate down over half a point [22] Future Expectations - Economists do not anticipate significant drops in mortgage interest rates before the end of the year, although minor decreases may occur [21][22]

Mortgage rates are taking a pause. According to Zillow, the average 30-year fixed mortgage rate is down one basis point to 6.28%, and the 15-year fixed rate is unchanged at 5.58%. Read more: The best mortgage lenders for first-time buyers Today's mortgage rates Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.28% 20-year fixed: 5.79% 15-year fixed: 5.58% 5/1 ARM: 6.69% 7/1 ARM: 6.79% 30-year VA: 5.67% 15-year VA: 5.20% 5/1 VA: 5.46% Remember, these ...