Core Insights - Mortgage rates are experiencing slight fluctuations, with the average 30-year fixed mortgage rate decreasing to 6.09% and the 15-year fixed term increasing to 5.44% [1][18] Current Mortgage Rates - The current national average mortgage rates are as follows: - 30-year fixed: 6.09% - 20-year fixed: 5.75% - 15-year fixed: 5.44% - 5/1 ARM: 6.22% - 7/1 ARM: 6.53% - 30-year VA: 5.58% - 15-year VA: 5.01% - 5/1 VA: 5.48% [5] Refinance Rates - Today's mortgage refinance rates are generally higher than purchase rates, with the national averages rounded to the nearest hundredth [3] Market Trends - Mortgage rates have gradually decreased, with the 30-year fixed rate dropping by over half a point since early July [20] - Current rates are lower than they have been in over a year, making it a relatively good time to buy a house compared to previous years [16] Economic Outlook - Economists do not expect significant drops in mortgage interest rates before the end of the year, indicating a stable but cautious outlook for potential homebuyers [19]