Core Insights - Current mortgage rates have shown minimal fluctuations, with the 30-year fixed mortgage rate at 6.11% and the 15-year fixed rate at 5.62% according to Zillow data [1][19][20] Current Mortgage Rates - The national average for the 30-year fixed mortgage rate is 6.11% and for the 15-year fixed mortgage rate is 5.62% [19][20] - Other mortgage rates include: - 20-year fixed: 5.94% - 5/1 ARM: 6.17% - 7/1 ARM: 6.08% - 30-year VA: 5.58% - 15-year VA: 5.33% - 5/1 VA: 5.32% [5] Refinance Rates - Current mortgage refinance rates are generally higher than purchase rates, although this is not always the case [3] Fixed vs. Adjustable Rates - 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 [11][12] - ARMs typically start with lower rates than fixed rates, but there is a risk of increases after the initial period [13] Choosing a Mortgage - To secure lower mortgage rates, borrowers should aim for higher down payments, excellent credit scores, and low debt-to-income ratios [14][20] - It is advisable to apply for mortgage preapproval with multiple lenders within a short timeframe for accurate comparisons [16] Market Outlook - Mortgage rates have been gradually decreasing but are not expected to drop significantly in the near future [21]