Core Insights - Mortgage interest rates are expected to remain stable until the Federal Reserve's announcement on short-term interest rates, with current rates at 6.28% for 30-year fixed mortgages and 5.49% for 15-year fixed mortgages [1][16][17] - The average mortgage refinance rates are generally higher than purchase rates, indicating a potential cost consideration for homeowners looking to refinance [2][4] Current Mortgage Rates - The current national average mortgage rates are as follows: - 30-year fixed: 6.28% - 20-year fixed: 5.78% - 15-year fixed: 5.49% - 5/1 ARM: 6.58% - 7/1 ARM: 6.55% - 30-year VA: 5.69% - 15-year VA: 5.16% - 5/1 VA: 5.81% [4][5] Refinance Interest Rates - Today's mortgage refinance rates are also provided as national averages, which are typically higher than purchase rates [2][4] Mortgage Payment Calculations - For a $300,000 mortgage at a 30-year term with a 6.28% rate, the monthly payment would be approximately $1,853, resulting in $367,083 in interest over the loan's life. In contrast, a 15-year term at a 5.49% rate would have a monthly payment of $2,450, with total interest of $140,939 [9] 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 [10][11] - ARMs typically start with lower rates than fixed-rate mortgages, but rates may increase after the initial period [12] Strategies for Lower Mortgage Rates - To secure lower mortgage rates, borrowers should focus on improving their credit scores, increasing down payments, and reducing debt-to-income ratios [12][13] - It is advised to apply for mortgage preapproval with multiple lenders within a short timeframe to facilitate accurate comparisons [15] Market Expectations - Mortgage rates are not expected to drop significantly in the near future, although minor fluctuations may occur [18]

Mortgage rates are continuing to march lower. According to Freddie Mac, the 30-year fixed-rate mortgage fell in the past week to 6.35%. The 15-year fixed rate dropped 10 basis points to 5.50%. “The 30-year fixed-rate mortgage fell 15 basis points from last week, the largest weekly drop in the past year,” Sam Khater, Freddie Mac’s chief economist, said in a release. “Mortgage rates are headed in the right direction and homebuyers have noticed, as purchase applications reached the highest year-over-year gro ...