From Yahoo Finance: 2025-06-01 06:00:00

Mortgage rates are fluctuating, with the average 30-year fixed interest rate at 6.77% and the 15-year fixed rate at 6.02%. The Mortgage Bankers Association predicts rates to remain steady through September, hovering around 6.7%. To secure the lowest mortgage rate, focus on improving credit scores and saving for a down payment.

When considering mortgage options, the 30-year term is popular for its lower monthly payments, while the 15-year term offers a lower interest rate and quicker payoff. With a $300,000 mortgage, the difference in interest paid over the loan’s life can be substantial depending on the term chosen.

Understanding fixed-rate and adjustable-rate mortgages is crucial. Fixed rates stay constant, while adjustable rates can change after an initial period. Rates are influenced by economic factors, and it’s essential to compare rates before making a decision to buy or refinance.

To secure the best mortgage rate, work on improving credit scores, reducing debt, and saving for a higher down payment. While waiting for rates to drop may not yield significant results, focusing on personal finances can lead to better rates. Compare lenders based on APR, which encompasses interest rates, discount points, and fees.



Read more at Yahoo Finance: The 30-year drops while the 15-year edges higher