Mortgage interest rates have shifted today, with the 30-year fixed rate at 6.60% and the 15-year fixed rate at 5.76%. Consider a rate buydown option to re-lock your rate before buying a house if rates drop. National averages for various mortgage rates are provided, rounded to the nearest hundredth.

For those considering mortgage refinance, rates are slightly higher, with the 30-year fixed rate at 6.66% and the 15-year fixed rate at 5.39%. Refinance rates are typically higher than rates for purchasing a home. Consider using a mortgage calculator to estimate monthly payments based on current rates and factors like insurance and taxes.

A 30-year fixed mortgage offers lower and predictable monthly payments due to a longer repayment period. However, the main disadvantage is higher interest rates over the long term. In contrast, a 15-year fixed mortgage may have higher monthly payments but offers lower interest rates and earlier loan payoff, saving money in the long run.

Adjustable-rate mortgages (ARMs) provide a lower introductory rate, resulting in lower initial monthly payments. However, rates can fluctuate after the intro period, leading to unpredictable payments. Consider your future plans before choosing between a fixed or adjustable rate mortgage.

Experts suggest now is a relatively good time to buy a house due to stable home prices. Mortgage rates are expected to remain high, so base your decision on more than just interest rates. Timing the real estate market is challenging, so buy when it makes sense for your situation.

National average mortgage rates are currently at 6.60%, but rates can vary by state and ZIP code. Rates are expected to decrease slightly in 2025, with minor daily fluctuations. Stay informed on current rates and factors affecting your mortgage decisions.

Read more at Yahoo Finance: Mortgage and refinance interest rates today, August 2, 2025: Fixed rates waver