Mortgage rates have dropped significantly since January, with the current average 30-year fixed rate at 6.07% and 15-year fixed rate at 5.54%, according to Zillow. Refinance rates are slightly higher, with the 30-year fixed at 6.20% and the 15-year fixed at 5.74%. Adjustable-rate mortgages (ARMs) offer lower initial rates, but rates can increase later. Lenders offer the lowest rates to those with higher down payments, good credit scores, and low debt-to-income ratios. Consider different mortgage terms and rates with the free Yahoo Finance mortgage calculator to find the best option for your financial situation.

Read more at Yahoo Finance: With rates this low, will you go with a 30- or 15-year term?