Mortgage rates dipped slightly, with the average 30-year fixed rate at 6.07% and 15-year fixed at 5.54%. Current rates also include 20-year fixed at 5.99%, 5/1 ARM at 6.21%, and 30-year VA at 5.60%. Refinance rates are slightly higher than purchase rates, averaging 6.20% for 30-year fixed and 5.74% for 15-year fixed.

Mortgage rates vary by state and ZIP code, with the national average at 6.07%. Economists predict rates may not significantly drop by year-end. Secure a low refinance rate by improving credit score, lowering debt-to-income ratio, and considering a shorter term for a lower rate.

Consider the pros and cons of different mortgage terms. A 30-year fixed offers lower, predictable monthly payments, while a 15-year fixed comes with lower interest rates and faster loan payoff. Adjustable-rate mortgages (ARMs) offer lower initial rates but carry the risk of rate increases later on.

Read more at Yahoo Finance: Rates take small steps lower