Mortgage rates are on the decline, with the national average 30-year fixed rate dropping to 6.19%, 35 basis points lower than a year ago. Refinancings are high, making up over half of all mortgage activity. Zillow data shows current rates ranging from 5.12% for a 15-year VA loan to 6.41% for a 7/1 ARM. Fixed-rate mortgages lock in rates for the loan term, while adjustable-rate mortgages change periodically. Monthly payments initially go towards interest, then shift to the principal. Industry forecasts predict rates to remain stable or decrease slightly in the coming months.

Read more at Yahoo Finance.: Now at a more than a one-year low