Core Insights - Mortgage rates have increased slightly, with the 30-year fixed-rate home loan rising to 6.45% and the 15-year fixed-rate mortgage to 5.77% [1] - The 10-year Treasury yield, which serves as a benchmark for mortgage rates, has generally risen following the Federal Reserve's rate cut last week [1] Current Mortgage Rates - The current national average mortgage rates are as follows: - 30-year fixed: 6.45% - 20-year fixed: 6.07% - 15-year fixed: 5.77% - 5/1 ARM: 7.10% - 7/1 ARM: 7.17% - 30-year VA: 5.94% - 15-year VA: 5.44% - 5/1 VA: 5.92% [4] Refinance Rates - Today's mortgage refinance interest rates are also provided, with national averages rounded to the nearest hundredth [2] - Refinance rates can sometimes be higher than purchase mortgage rates, but this is not always the case [2] Factors Influencing Mortgage Rates - Mortgage rates are influenced by both controllable and uncontrollable factors. Controllable factors include comparing lenders and improving credit scores, while uncontrollable factors are primarily economic conditions [9][10] - A struggling economy typically leads to lower mortgage rates to encourage borrowing, whereas a strong economy tends to increase rates to temper spending [10] Types of 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 periodically [7] - The 30-year fixed mortgage is popular for its lower monthly payments but results in higher total interest paid over time, while the 15-year fixed mortgage has higher monthly payments but lower total interest costs [11][12][13] Additional Information - The lowest-ever 30-year fixed mortgage rate recorded was 2.65% in January 2021, and it is unlikely rates will drop below 3% in the near future [16] - Experts suggest refinancing when a new rate is at least 1% to 2% lower than the current rate, depending on individual financial goals [17]