Today, mortgage rates shifted slightly with the 30-year fixed rate dropping to 6.16% and the 15-year fixed rate rising to 5.43%. 10-year Treasury yields, influencing rates, remained unstable. Current national averages include: 30-year fixed: 6.16%, 15-year fixed: 5.43%, 5/1 ARM: 6.44%, and more.

Mortgage refinance rates differ slightly from purchase rates. Today’s refinance rates include: 30-year fixed: 6.21%, 15-year fixed: 5.73%, 5/1 ARM: 6.77%, and more. Refinance rates can be higher but the national averages are rounded to the nearest hundredth for simplicity.

For those considering a 30-year fixed mortgage, benefits include lower monthly payments and rate predictability. However, higher interest costs over time are a major disadvantage. In contrast, a 15-year fixed rate offers lower interest rates and faster loan repayment, though monthly payments are higher.

Adjustable-rate mortgages (ARMs) provide initial lower rates but can increase after a set period. While monthly payments may be lower initially, uncertainty about future rates can be a downside. Moving before the rate adjustment can be advantageous.

National average mortgage rates are at 6.16%, but rates can vary by location. Mortgage rates are expected to remain stable in the coming months despite potential Federal Reserve rate cuts. Rates have generally decreased since last year, according to Freddie Mac data.

Securing a low mortgage refinance rate involves improving credit score and reducing debt-to-income ratio. Refinancing into a shorter term can also yield lower rates, even though monthly payments may increase. It’s essential to consider the long-term benefits of refinancing.

Read more at Yahoo Finance: Drifting without a solid direction