This could be an interesting week for mortgage rates. While they have moved lower in recent weeks, the last time the Federal Reserve cut interest rates, mortgage rates actually moved higher. According to Zillow, the current 30-year fixed mortgage rate is 6.28%. The 15-year fixed rate is 5.49%. If you can get a similar rate from a lender, this might be a good time to buy a house and lock in a relatively low rate. Read next: The best mortgage lenders for low and no down payments Current mortgage rates ...

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]

The 30-year mortgage rate has moved slightly higher. According to Zillow, the 30-year fixed mortgage rate rose eight basis points to 6.28%, while the 15-year rate is up 10 basis points to 5.49%. With a Fed Rate cut expected Wednesday, any further moves lower may already be baked in. 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: 5.78% 15-year fixed: 5.49% ...

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 ...