Mortgage rates are at a low point, with the national average for a 30-year fixed mortgage at 6.00% and a 15-year fixed mortgage at 5.50%. Refinance rates are slightly higher, with a 30-year fixed refinance rate at 6.14%. When choosing between a 15-year and a 30-year mortgage, consider your short-term and long-term goals. Mortgage lenders offer the lowest rates to those with higher down payments, excellent credit scores, and low debt-to-income ratios. Waiting for rates to drop may not be the best strategy to secure a lower rate. Comparing APR, not just interest rates, is crucial when choosing a lender.

Read more at Yahoo Finance.: The 6% 30-year mortgage is back, could 5% be next?